[RP TownTalk] Fwd: Friends and neighbors,

[Jeffrey Yorke]

Thanks for the added details. This sounds like an acceptable plan,
especially the 18 month time table for a bridge. Cafritz' 50% or $5m is
better than I would have guessed and you and the council should be
commended for that. Feds&MD need to pony up, too.

Where does Purple Line fit into this story?
On Jan 9, 2012 4:05 PM, "Vernon Archer" <varcher at gmail.com> wrote:

> Friends and neighbors,
>
> Based on several postings today it is clear that I need to give an
> overview of what is to be proposed regarding building and financing a
> crossing of the CSX railroad if the Calvert tract goes forward.
>
> First, the bridge proposal sets a series of triggers that will insure
> that a bridge will not just get built, but will be completed promptly
> after the first businesses open--within 18 months of Whole Foods Opening
> the bridge will be open.
>
> Second, we now have a good/dependable estimate of what the crossing
> will cost--while the developer's numbers are $8.6 million, the county PW
> office says we should plan on 10.6 so that is what we will
> utilize.
>
> Third, the developer had to agree to pay a substantial portion of the
> cost out of their pocket directly. The number on the table is $5
> million or 50% of the cost.
>
> Regarding the other half or $5.6 million, we and the county have
> agreed that a Tax Increment Financing (TIF) is in principal a way to
> pay the difference, though we expect that the developer will seek other
> funding
> sources as a TIF will be very cumbersome for them.
> Should it come to a TIF, how would it work? Here is an outline:
>
>    - A TIF utilizes the increased tax revenue from ONLY the new
>    development to finance infrastructure that is associated with that new
>    development.
>    - There is no change to any one's tax rates; the developer pays the
>    exact same amount of tax as they would anyway, it's just a portion of it is
>    earmarked to be spent in or immediately adjacent to the project.
>    - While I cannot speak for the county, it is clear that Riverdale Park
>    would still bring in substantially more new revenue than we would ever
>    commit to a TIF *and* the increased services the development will
>    require. Thus the town would still bring in substantially more revenue than
>    it would expend.
>
> While this is an abbreviated outline, I hope it lays to rest any concerns
> or misunderstandings regarding this matter.
>
> I would again encourage any and all to join us tonight at town hall.
>
> Best wishes,
>
> Vern
>
>
>
> Sent from my iPad
>
>
>
>
> --
> Vernon Archer, Mayor
> Town of Riverdale Park, Maryland
>
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