Why Economic Development is Important
Vibrant cities that continually attract new residents and businesses do so because they are always adapting and improving. Yes, the UACIC believes that new income tax revenue is an important goal for our economic development program; it is equally important, however, to ensure that we continue to be a preferred community for families and companies that are looking for a home. We do that by keeping our neighborhoods and commercial districts fresh and aesthetically pleasing while providing the best mix of businesses for the community.
As our city moves toward its 100th anniversary, we must consider how best to preserve and enhance our excellent quality of life. With limited revenue growth projected for our future, and the inevitable rising costs of providing services, the challenge is before us. The only way to substantially expand revenue without placing an additional burden on residents is through an increase in income tax. And the best way to raise income tax dollars is to redevelop our commercial property to include more office and medical uses. Right now, less than 1% of our commercial space is for office use.
Many people don't realize that residents who live in UA but work in other suburbs contribute minimally to the City treasury. It’s true. Consider this: while most of us pay substantial property taxes, in 2007 less than 10% of those dollars went to the City. Without substantial pockets of vacant land, the only property tax growth will come from reappraisals, increases in home values due to remodeling, and updates in millage requests. It doesn’t add up to much.
Help maintain a strong UA today and ensure an equally bright future by staying informed on the economic development efforts of our city and the UACIC.
