[RP TownTalk] m-utc report from this week

[David Hiles]

begin snip

"- lot coverage:  zoning calls for 60 percent of the lot to be covered
with occupied space.  the bank would cover a minimal amount of the
lot.  The bank plan was for a 4,000 sf building and 5 drive through
lanes."

end snip

			Some problems have solutions.




PROBLEM: There is a lot of underused property in our area.

The bank proposal puts a minimum cost structure on the property.  It 
will be easy to clear when the the time is right to reap speculative 
gains.  The town center may be being held back for the higher rents 
that will result when EYA is built out.  Add on the Dumms Corner 
project and the Villas at Erco Place and you can see a lot of new 
customers for tenants of local space.  Why fill the space now?




SOLUTION: Tax property in Riverdale Park as if it is fully used.

A parking lot or a five story condo with underground parking would have 
the same tax valuation, if valuation was based on the highest use of 
the property.  This approach pressures speculative property holders to 
sell to people who will fully build out the property. If you don't 
build out the property, you still pay a fair share of the cost of local 
government.

This tax strategy is legal for towns and cities in Maryland.  It is 
called the Land Value Tax (LVT).  Your Riverdale Park Council could 
change to the LVT as part of the next budget cycle.  Alternatively, it 
could be phased in over a few years.  Each year's phase could follow a 
nonbinding plan laid out by this council.  Councilman Kiernan may raise 
technical reasons for it being impossible to implement or phase in. He 
is mistaken, yet loud.

You have an LVT expert living in Riverdale Park.  His name is Jack 
Jones.