I am writing this open letter to the West Covina City Council in hopes of focusing community attention on the proposed renovation and expansion of West Covina Fashion Plaza.
Under the current plan, the Redevelopment Agency will recommend maintaining tax revenues generated by Fashion Plaza and May Co. at their present levels. However, this plan will limit the growth of future tax revenues to 15% for about 15 years. Essentially, the renovation and expansion plan will place limits on the future growth of city revenues, normally dependent on an expanding commercial tax base.
Basically, the Redevelopment Agency fears the loss of current tax revenues, resulting from the inability of local merchants to compete with other regional mall venues. I agree with the recognition of this problem; yet, I do not agree with the proposed solution.
Rather, I believe the Redevelopment Agency must seek out a new plan that would allow the future tax revenues of Fashion Plaza to reduce the already excessive tax burden placed on the citizens of West Covina. As the council is aware, the residents of this community are required to pay a high price (through tax dollars) for funding city services. A more prudent plan could actually reduce the tax burden placed on the residents of West Covina.
Therefore, I am encouraging my neighbors to attend the Redevelopment Agency board meeting on Monday, so our voices can be heard.