[RP TownTalk] Cafritz

[Joe Kelly]

I will not try to rebut any studies about single family vs. commercial
vs. mixed use economics. However, since the town council approved Tax
Increment Financing (TIF) to pay its share of the infrastructure
improvements, I will point out some facts.

Under the terms of the TIF, the town will receive in its treasury the
same amount of tax dollars from the parcel in question that it does now
and has received for many years, that is, tax on unimproved land. Once
the land is improved, 100% of the increase in tax revenue will be
dedicated to the TIF until all infrastructure improvements are paid in
full. Depending on final costs of said infrastructure, it may be
10,15,or even 20 years before the town is able to put an additional dime
in the treasury over the amount it currently receives from the property.

As unimproved land, the parcel currently does not warrant snow plowing,
trash removal, much police or fire protection, and to my knowledge,
there has not been a single traffic accident on the land in fifty years.
With improvement, it's a good bet that all those levels of service will
increase. And yet, those services will need to be provided without ANY
increase in tax money to the town for years to come. It is a fact that
services will increase, and revenues will stay the same for the property
under the adopted financing structure.

I am certainly aware of the long and arduous negotiations that have been
going on for years, but I am not so certain that the town and its
taxpayers have ended up winners.

-- 
  Joe Kelly
  mrjoekelly at operamail.com

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