<p>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.</p>
<p>Where does Purple Line fit into this story?</p>
<div class="gmail_quote">On Jan 9, 2012 4:05 PM, "Vernon Archer" <<a href="mailto:varcher@gmail.com">varcher@gmail.com</a>> wrote:<br type="attribution"><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
<div class="gmail_quote">Friends and neighbors,<br>
<br>
Based on several postings today it is clear that I need to give an<br>
overview of what is to be proposed regarding building and financing a<br>
crossing of the CSX railroad if the Calvert tract goes forward.<br>
<br>
First, the bridge proposal sets a series of triggers that will insure<br>
that a bridge will not just get built, but will be completed promptly<br>
after the first businesses open--within 18 months of Whole Foods Opening the bridge will be open.<br>
<br>
Second, we now have a good/dependable estimate of what the crossing<br>
will cost--while the developer's numbers are $8.6 million, the county PW<br>
office says we should plan on 10.6 so that is what we will<br>
utilize.<br>
<br>
Third, the developer had to agree to pay a substantial portion of the<br>
cost out of their pocket directly. The number on the table is $5<br>
million or 50% of the cost.<br>
<br>
Regarding the other half or $5.6 million, we and the county have<br>
agreed that a Tax Increment Financing (TIF) is in principal a way to<br>
pay the difference, though we expect that the developer will seek other funding </div><div class="gmail_quote">sources as a TIF will be very cumbersome for them.<br>
</div><div class="gmail_quote">Should it come to a TIF, how would it work? Here is an outline:</div><div class="gmail_quote"><ul><li>
A TIF utilizes the increased tax revenue from ONLY the new development to finance infrastructure that is associated with that new development.</li><li>
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.</li><li>
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 <u><em><strong>and</strong></em></u> the increased services the development will require. Thus the town would still bring in substantially more revenue than it would expend.</li>
</ul><div>
While this is an abbreviated outline, I hope it lays to rest any concerns or misunderstandings regarding this matter.</div><div> </div><div>I would again encourage any and all to join us tonight at town hall.</div><div> </div>
<div>Best wishes,</div><div> </div><div>Vern</div><div>
</div><div>
</div><div>
</div><div>
Sent from my iPad</div><div>
</div></div><br><br clear="all"><br>-- <br>Vernon Archer, Mayor<br>Town of Riverdale Park, Maryland<br>
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