[RP TownTalk] taxes

[Roland Walker]

> Roland, do you have any broadbrush numbers on this - would be
> interesting to see the relative magnitudes

It has to be broadbrush when something has not happened yet.  I'm
really just looking at square footage to get an idea.  M-Square is a 2
million square-foot office park oriented toward high-tech business and
research.

What most people call "Town Center" (6202-6212 Rhode Island Ave) is
less than 25,000 square feet.

Obviously the tax revenue potential of M-Square dwarfs that of Town
Center -- it is 100 times bigger than Town Center.  Guessing the
revenue is complicated by the involvement of public entities in
M-Square, but assuming our tax deal gives us fair payments that match
what we would have received from a purely private office park, the
tangible property tax on high-tech businesses should have a higher
yield than on the type of retail operations we might see in Town
Center.

Now, one single nice business (Riggs/PNC) brought in $75,000 per year
to the town.  A single nice house might bring in $2000/year.

I'd be interested to know what square footage PNC occupied at 5700
Rivertech Ct, so as to roughly estimate commercial tax revenues per
square foot occupied.  If PNC took up half of that building, then we
collected about $1/square foot in taxes.

That rate would lead to a ballpark guess $1,000,000/year in tax
revenues from M-Square, on the assumption that half gets built in
College Park and half in Riverdale Park.

Maybe we could get half of that amount in revenues from the Cafritz
development -- I don't know.

A more informed person to ask about revenue numbers is Gerard Kiernan.

R

On 6/3/07, Dwight Holmes <dwightrholmes at gmail.com> wrote:
> Roland, do you have any broadbrush numbers on this - would be
> interesting to see the relative magnitudes... thnx
>
> On 5/16/07, Roland Walker <walker at pobox.com> wrote:
> > > Why don't we find a
> > > way to address this lack of revenue?  It doesn't always have to be on the
> > > backs of the residents.
> >
> > We have a way: M-Square.
> >
> > The M-Square Research Park on the north side of town is going to bring
> > in a huge amount of commercial tax revenue (technically payments in
> > lieu of taxation).
> >
> > This is our future:
> >
> >    http://www.msquare.umd.edu
> >
> > The amounts generated by M-Square will dwarf the tax revenues from a
> > filled town center, redeveloped MUTC zone, and developed Cafritz
> > property -- combined.
> >
> > R
> >
> > On 5/16/07, ABragg7393 at aol.com <ABragg7393 at aol.com> wrote:
> > > With all the talk about raising taxes, it occurred to me that this happens
> > > all the time when we talk the budget.  Seems like our elected officials
> > > always want to raise taxes and It doesn't matter who those elected officials
> > > are.  (Whoever is in office at the time of the budget meetings)  The
> > > question is always "If you don't want to raise taxes, what services do you
> > > want to cut?"  For over 30 years I have heard that same question and I
> > > always have the same answer.  "I want my services and I don't want a raise
> > > in taxes."  It always comes down to the residents having to cough up more
> > > money, or small businesses taking the brunt of it.  I have a novel idea!
> > > What about all those buildings in Town Center - vacant.  What about those
> > > buildings on Kenilworth Ave. - vacant.  How about the Old Suntrust bank
> > > building - semi vacant.  What if they were rented out to businesses and
> > > brought revenue to the town.  Why don't we go there.  Why don't we find a
> > > way to address this lack of revenue?  It doesn't always have to be on the
> > > backs of the residents.
> > >
> --
> Riverdale Park Coffee House (blog)
> http://rpcoffeehouse.blogspot.com/
> ~~
> Map of Riverdale Park MD Trolley Hiker-Biker Trail and Cafritz Property
> http://tinyurl.com/2wsfql
> ~~
> Tracking the Washington Nationals' 2007 season (will they catch the '62 Mets?):
> http://tinyurl.com/2m6f43
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