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Post by Venter on May 3, 2014 10:45:39 GMT -5
Also since Pennsylvania does not tax retirement income, this will be a loss to the school system rather than a gain wouldn’t it? Or maybe the 1 percent increase in the sales tax will help offset this loss. I think they would end up paying revenue to the school, I was kind of surprised to find that the school wasn't pushing for it. They may not, however, believe the 200 townhouses per year, and they also probably prefer houses with kids in them because that brings additional taxes AND monies from census-based allocations. Of course they want the Students, like a Farmer wants his Crops. But, sometimes Farmers are Paid to NOT Raise Crops. Discovery Gettysburg will not "Raise any Crops", yet still pays the District. [ I think something in this statement makes sense, just not sure I worded it right]
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HoneyBadger
Poster Child
HoneyBadger don't give a shit.
Posts: 373
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Post by HoneyBadger on May 6, 2014 13:02:45 GMT -5
I can't believe this discussion is still ongoing.
I'm still anti TIF, anti the proposed development and anti facts and statistics that bore me to tears. I just can't keep law books, dictionaries, a thesaurus, etc by me when I try to read facts and statistics.
No offense meant and I hope that none is taken.
At present - and I have no more control over the situation than I have control over TIF - I care more about hundreds of school girls being taken from schools and sold into the human trafficking trade.
Perhaps I'll stop by in a few months (after construction begins) and see what's new.
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Post by ravensgirl21 on Jun 3, 2014 18:32:21 GMT -5
Mark your calendar for June 11th Wednesday at 5 pm! The Links at Gettysburg in the Clubhouse Gettysburg Adams Area Chamber of Commerce is hosting this event for Discovery Gettysburg Development. Robert H Karen the developer for Discovery Gettysburg, has announced that a TIF representative will be present at this meeting to address any concerns or questions you may have regarding TIF. Keenan Rice, president of MuniCap. A nationally recognized municipal finance specialty firm. This company has done many T I F projects in Pa, and across the United States. www.municap.com/ This has been confirmed. For all of you who have asked for the rep to be present, he will be there. This meeting will be a huge event. All of Adams County area has been sent invitations in the mail by the Gettysburg Adams Chamber of Commerce. It is time for everyone to get involved and voice their own opinions and concerns and hear the answers they need. Pro Growth Adams County supports Discovery Gettysburg Development and the Crossings project. We ask all 3 taxing bodies to support economic growth and say yes! T I F is the topic, find out the real truth about this tool and why it is needed to bring this project to reality.
We, the residents and business owners of Adams County no longer want, nor can afford to be the "deep pockets" for the taxing bodies to dip into! Instead, we can have these projects provide thousands of jobs and millions in revenue to sustain the budgets for our schools, county and help reduce tax burdens to us.
The future is up to us, the voters, to make sure our voices are represented and not squashed by the few who want us to live in their "bubble" burg.
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Post by SpellChecker on Jun 3, 2014 21:24:00 GMT -5
Mark your calendar for June 11th Wednesday at 5 pm! The Links at Gettysburg in the Clubhouse Gettysburg Adams Area Chamber of Commerce is hosting this event for Discovery Gettysburg Development. Robert H Karen the developer for Discovery Gettysburg has confirmed they are having the T I F representative present. Keenan Rice, president of MuniCap. A nationally recognized municipal finance specialty firm. This company has done many T I F projects in Pa, and across the United States. www.municap.com/ This has been confirmed. For all of you who have asked for the rep to be present, he will be there. This meeting will be a huge event. All of Adams County area has been sent invitations in the mail by the Gettysburg Adams Chamber of Commerce. It is time for everyone to get involved and voice their own opinions and concerns and hear the answers they need.
Pro Growth Adams County supports Discovery Gettysburg Development and the Crossings project. We ask all 3 taxing bodies to support economic growth and say yes! T I F is the topic, find out the real truth about this tool and why it is needed to bring this project to reality.
We, the residents and business owners of Adams County no longer want, nor can afford to be the "deep pockets" for the taxing bodies to dip into! Instead, we can have these projects provide thousands of jobs and millions in revenue to sustain the budgets for our schools, county and help reduce tax burdens to us.
The future is up to us, the voters, to make sure our voices are represented and not squashed by the few who want us to live in their "bubble" burg. Is this a joke? People asked for a tif rep not someone from yet another private company making money from this. IMO this move goes even further to discredit this project.
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Post by Alex Oreilly on Jun 3, 2014 22:19:46 GMT -5
Mark your calendar for June 11th Wednesday at 5 pm! The Links at Gettysburg in the Clubhouse Gettysburg Adams Area Chamber of Commerce is hosting this event for Discovery Gettysburg Development. Robert H Karen the developer for Discovery Gettysburg has confirmed they are having the T I F representative present. Keenan Rice, president of MuniCap. A nationally recognized municipal finance specialty firm. This company has done many T I F projects in Pa, and across the United States. www.municap.com/ This has been confirmed. For all of you who have asked for the rep to be present, he will be there. This meeting will be a huge event. All of Adams County area has been sent invitations in the mail by the Gettysburg Adams Chamber of Commerce. It is time for everyone to get involved and voice their own opinions and concerns and hear the answers they need.
Pro Growth Adams County supports Discovery Gettysburg Development and the Crossings project. We ask all 3 taxing bodies to support economic growth and say yes! T I F is the topic, find out the real truth about this tool and why it is needed to bring this project to reality.
We, the residents and business owners of Adams County no longer want, nor can afford to be the "deep pockets" for the taxing bodies to dip into! Instead, we can have these projects provide thousands of jobs and millions in revenue to sustain the budgets for our schools, county and help reduce tax burdens to us.
The future is up to us, the voters, to make sure our voices are represented and not squashed by the few who want us to live in their "bubble" burg. Is this a joke? People asked for a tif rep not someone from yet another private company making money from this. IMO this move goes even further to discredit this project. Spellchecker, who do you want to hear from then?
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Post by lifesaver on Jun 4, 2014 2:44:27 GMT -5
Is this a joke? People asked for a tif rep not someone from yet another private company making money from this. IMO this move goes even further to discredit this project. Spellchecker, who do you want to hear from then? . Ummmm, spellchecker, who do you think manages the TIF funding once it is approved? Wouldn't you think this man could speak intelligently on TIF, what it is, how projects like Discovery qualify for TIF, and most important, why taxpayers aren't on the hook if TIF financing is provided. Who better to speak on the success of TIF then a firm who has done numerous successful projects using this type of financing. The fact that he makes money, and probably lots of it, doesn't matter to me. Why does it matter so much to you?
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Post by ravensgirl21 on Jun 4, 2014 7:47:10 GMT -5
Spellchecker....your comment is this a joke .... this IS a TIF representative ! Expert at that! I am in the belief that you can't please everyone every time, no matter how hard you try. I have revised my answer to you after giving thought to it. The developer has hired a finance specialist who is absolutely a specialist and representative for the TIF program. MuniCap. www/municap.com/ Please see my new comments.
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Post by SpellChecker on Jun 4, 2014 13:21:15 GMT -5
Spellchecker....your comment is this a joke .... this IS a TIF representative ! Expert at that! I am in the belief that you can't please everyone every time, no matter how hard you try. I also am so sick and tired of the negative attempts to discredit real viable projects that, I might add have already been approved. Come, don't come no matter. This project will move forward regardless of the few constant naysayers who want to live in "bubble burg". You want expert rep for TIF, well, come and get your facts straight once and for all. Ravensgirl, I am not opposed to TIF, I have read about TIF and it works.......what I am opposed to is the speculation this developer is trying to push as facts. I don't think he can do what he's trying to say he can, period. As a matter of fact he nor anyone else here can actually point to how he will sell 200+ homes a year for x amount of years other than saying he's going to market this to people in Baltimore. Second, when it was asked before for TIF rep I assumed they would be getting someone from the state of PA who works in the TIF program NOT someone from a corporation who was hired by the developer to help him apply for TIF. This guy isn't goin tell people any more than the developer has because he isn't going to shit in his kitchen so to speak. SO theres your answer, that's why this is a joke. All this is, is a dog and pony show to make people think that a TIF rep is "endorsing" this project. BTW, I'm guessing when the developer said earlier it was "suggested" he use TIF that this guy (that he hired) is the one who suggested, am I right? I'm not so sure why you or lifesaver care so much any way. Me, Paul and Moose aren't going to stop this we are just giving our opinion. If I had to guess I would say this guy will get this done. I don't even see where anyone is really fighting it so whats the big concern any way.
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Post by SpellChecker on Jun 4, 2014 13:22:44 GMT -5
Spellchecker, who do you want to hear from then? . Ummmm, spellchecker, who do you think manages the TIF funding once it is approved? Wouldn't you think this man could speak intelligently on TIF, what it is, how projects like Discovery qualify for TIF, and most important, why taxpayers aren't on the hook if TIF financing is provided. Who better to speak on the success of TIF then a firm who has done numerous successful projects using this type of financing. The fact that he makes money, and probably lots of it, doesn't matter to me. Why does it matter so much to you? I could care less how rich this guy is. I do care about who is paying him to tell us why TIF and this project specifically is good for us.
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Post by SpellChecker on Jun 4, 2014 13:23:43 GMT -5
Is this a joke? People asked for a tif rep not someone from yet another private company making money from this. IMO this move goes even further to discredit this project. Spellchecker, who do you want to hear from then? someone NOT being paid to push TIF and this project.
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Post by lifesaver on Jun 5, 2014 9:55:32 GMT -5
Spellchecker....your comment is this a joke .... this IS a TIF representative ! Expert at that! I am in the belief that you can't please everyone every time, no matter how hard you try. I also am so sick and tired of the negative attempts to discredit real viable projects that, I might add have already been approved. Come, don't come no matter. This project will move forward regardless of the few constant naysayers who want to live in "bubble burg". You want expert rep for TIF, well, come and get your facts straight once and for all. Ravensgirl, I am not opposed to TIF, I have read about TIF and it works.......what I am opposed to is the speculation this developer is trying to push as facts. I don't think he can do what he's trying to say he can, period. As a matter of fact he nor anyone else here can actually point to how he will sell 200+ homes a year for x amount of years other than saying he's going to market this to people in Baltimore. Second, when it was asked before for TIF rep I assumed they would be getting someone from the state of PA who works in the TIF program NOT someone from a corporation who was hired by the developer to help him apply for TIF. This guy isn't goin tell people any more than the developer has because he isn't going to shit in his kitchen so to speak. SO theres your answer, that's why this is a joke. All this is, is a dog and pony show to make people think that a TIF rep is "endorsing" this project. BTW, I'm guessing when the developer said earlier it was "suggested" he use TIF that this guy (that he hired) is the one who suggested, am I right? I'm not so sure why you or lifesaver care so much any way. Me, Paul and Moose aren't going to stop this we are just giving our opinion. If I had to guess I would say this guy will get this done. I don't even see where anyone is really fighting it so whats the big concern any way.
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Post by ravensgirl21 on Jun 5, 2014 13:11:36 GMT -5
Spellchecker... I have contacted Pa Dept of Community and Economic Development. Re TIF, who to contact, who administers the program. I rec'd a call from them today. Mr Brian Deeme (I believe how it is spelled) He has advised me that he is part of the TIF Guarantee program. The TIF guarantee program does not apply here nor is this developer applying for that type. That in due process of applying for TIF once all of the applications are filled it is reviewed to make sure all of the qualifications are met. He does not personally do that. It is administered by a board, that then sends to the local municipalities to consider TIF by the taxing bodies. There is not one representative that can hold meetings to groups for Q & A as they all have to remain unbiased and have no stake in the process. No rep in this dept can endorse any project. It is just that simple! It is up to the applicant to have representation. That would be MuniCap. Hired by Robert H karen the Developer and group. This company is an expert specialist in finance regarding TIF, how it works and what you have to have to qualify. Since the TIF was approved to be sent to the 3 local taxing bodies, it becomes their decision especially GASD. The school districts are usually the one taxing body that is more strapped for cash for budgets and would greatly benefit from the TIF for the school district.
Having said that, I am not an expert on this. I am just repeating the research done on this. I am an average resident struggling to meet the demands of financial burdens including increased taxes. That is the stake I have in this.
I am happy to know you are not against TIF. I am somewhat weary about your saying this developer loses credibility because he is bringing his TIF expert."dog and pony show to make us think this rep endorses this project"? Anyone can call the Pa Dept of Community and Economic Development and ask them about TIF and details as I have done. It is no secret and has been a great tool for investors and communities to bring growth to their struggling areas. I have invited Brian Deemer to the meeting, as an unbiased observer.
I believe this developer has our best interests at heart for our Historic Gettysburg area. I also have done much research on his company and have attended several meetings. I absolutely believe he will deliver what he says and be sucessful at what he has been doing for over 30 years. He has an excellent track record, has won many awards and is successful . He is a businessman. Yes he will make a great profit as the investors who hold the bonds will. Do we fault them for this? This is America. Our area will also profit and prosper because of this. This investor is not giving up on this dream for us. His marketing team has done years of research and demographs to determine location, size, quality and who the target market will be, which is Md, DC N Va as well as in Pa and locally. It is not done on just a whim.
I am excited for this area to begin this journey for economic growth and better advantages for our future and families. GASD has shown us they are truly interested in investors that will bring revenue to our schools. We have the best schools in Pa. I am confident the board members will see this as a terrific opportunity as well as Adams County and Straban Twp.
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Post by SpellChecker on Jun 5, 2014 14:08:47 GMT -5
Spellchecker... I have contacted Pa Dept of Community and Economic Development. Re TIF, who to contact, who administers the program. I rec'd a call fro them today.Mr Brian Deeme (I believe how it is spelled) He has advised me that he is part of the TIF Guarantee program. That in due process of applying for TIF once all of the applications are filled it is reviewed to make sure all of the qualifications are met. He does not personally do that. It is administered by a board, that then sends to the local municipalities to consider TIF. There is not one representative that can hold meetings to groups for Q & A as they all have to remain unbiased and have no stake in the process.No rep in State of Pa can endorse any project. It is just that simple! It is up to the applicant to have representation. That would be MuniCap. Hired by Robert H karen the Developer and group. This company is an expert specialist in finance regarding TIF, how it works and what you have to have to qualify. Since the TIF was approved to be sent to the 3 local taxing bodies, it becomes their decision especially GASD. The school districts are usually the one taxing body that is more strapped for cash for budgets and would greatly benefit from the TIF for the school district. Having said that, I am not an expert on this. I am just repeating the research done on this. I am an average resident struggling to meet the demands of financial burdens including increased taxes. That is the stake I have in this. I am happy to know you are not against TIF. I am somewhat weary about your saying this developer loses credibility because he is bringing his TIF expert."dog and pony show to make us think this rep endorses this project"? Anyone can call the Pa Dept of Community and Economic Development and ask them about TIF and details as I have done. It is no secret and has been a great tool for investors and communities to bring growth to their struggling areas. I have invited Brian Deemer to the meeting, as an unbiased observer. I believe this developer has our best interests at heart for our Historic Gettysburg area. I also have done much research on his company and have attended several meetings. I absolutely believe he will deliver what he says and be sucessful at what he has been doing for over 30 years. He has an excellent track record, has won many awards and is successful . He is a businessman. Yes he will make a great profit as the investors who hold the bonds will. Do we fault them for this? This is America. Our area will also profit and prosper because of this. This investor is not giving up on this dream for us. His marketing team has done years of research and demographs to determine location, size, quality and who the target market will be, which is Md, DC N Va as well as in Pa and locally. It is not done on just a whim. I am excited for this area to begin this journey for economic growth and better advantages for our future and families. GASD has shown us they are truly interested in investors that will bring revenue to our schools. We have the best schools in Pa. I am confident the board members will see this as a terrific opportunity as well as Adams County and Straban Twp. I understand all of this....my point again is some of the statements being said are misleading be it intentional or not (to be quite frank I think he does want people to think this guy is a TIF rep). When you make statements like it was suggested by a TIF representative we use TIF and a TIF representative will be at this meeting. I think there are people who will take that as a someone who is not involved with this project and is from the state working for the TIF program. This man is not a representative of TIF he is a representative of a corporation being paid to help the developer meet the criteria needed to get TIF and apply for it. There is a significant difference there. After all, you said it yourself no actual TIF representative would ever come out I also think if the developer really has the best interest of the people in mind and this is on the up and up he should make that clear with people and Stop calling him a TIF representative. An expert, yea I can agree with that but he in no way represents Pennsylvania's state run TIF program. My comment about this being a dog and pony show are because this man isn't going to tell people anything that the developer hasn't already........you know that and I know that. After all, you said it yourself no actual TIF representative would ever come out one of these meetings.
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Post by paulkellett on Jun 5, 2014 16:18:13 GMT -5
I think the confusion on this comes from the fact that some folks believe that the TIF financing is somehow overseen at the state level. It is not. The TIF loan guarantee program is for TIFs up to $5 million, so obviously this one would not qualify. It is up to the municipalities to decide if it meets the law and is in their best interest. There will be no review of their decision. Hence, there is no such thing as an unbiased TIF rep for this project.
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Post by lifesaver on Jun 5, 2014 20:26:24 GMT -5
I think the confusion on this comes from the fact that some folks believe that the TIF financing is somehow overseen at the state level. It is not. The TIF loan guarantee program is for TIFs up to $5 million, so obviously this one would not qualify. It is up to the municipalities to decide if it meets the law and is in their best interest. There will be no review of their decision. Hence, there is no such thing as an unbiased TIF rep for this project. Must respectfully disagree. I think the reason why people are opposed to TIF is that they are under the mistaken impression that the taxpayers are on the hook if something goes awry. This article explains TIF pretty well. Taken from the Facebook Borovent Page. Bias acknowledgement: Lots of lawyers names at the end of the article.
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Post by ravensgirl21 on Jun 5, 2014 21:55:53 GMT -5
I need to make the correction to the statement re Mr karen stating a TIF rep would be present. At no time has Mr Karen ever stated there would be a TIF rep present. It was our group and others who made that statement asking for a TIF rep. It was our error because we did not understand that there really is not a single TIF rep to go to. It is not how the process works. We apologize for our lack of knowledge on this and especially to Mr Robert Karen and Discovery Gettysburg Development partners. Mr Karen has clarified his comments to me today in a conversation, that a representative would be present who is an expert in TIF. Who better to answer the questions and bring clarity to the program? Experts who in fact have done TIF in Pa and across the United States. Would you go to have your eyes examined by a general practitioner or an Optometrist/Opthalmologist? I have every confidence that he has never, nor ever would intentionally mis-lead anyone person or group. He is matter of fact and forthcoming. What would be his gain, to lose his reputation as a business leader and developer recognized nationally? I am pretty sure that is not how Mr Karen operates his company nor any of his employees. His outstanding record speaks for itself. He is entitled to be successful and make a profit! The member that I spoke to this morning Mr Brian Deene, explained what the State of Pa does to help fund communities by way of TIF which is an excellent tool to finance areas that are underdeveloped or considered blithe areas or hazardous areas. However their level is the Guarantee program. The projects such as Crossings and Discovery must be qualified to apply for TIF and once qualified it then goes to the taxing bodies to determine if they support it. Thank you lifesaver for posting this article that is actually copied from the State of Pa Dept of Community and Economic Development, on this web site. It is not a bias acknowlegement. It is facts on what, why, and how TIF is used and qualifications are. Paul, I agree with you about the confusion that some folks think it is the State that is overseeing this. Lifesaver, I also agree that some folks are mistaken thinking this will come out of their pockets. Since this is a law firm as you have acknowledged Paul, wouldn't you think they would make sure all the T's and I's are crossed and dotted when publishing info on their site that must be accurate to the public? Now, "can't we all just get along?"
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Post by SpellChecker on Jun 6, 2014 2:54:16 GMT -5
I need to make the correction to the statement re Mr karen stating a TIF rep would be present. At no time has Mr Karen ever stated there would be a TIF rep present. It was our group and others who made that statement asking for a TIF rep. It was our error because we did not understand that there really is not a single TIF rep to go to. It is not how the process works. We apologize for our lack of knowledge on this and especially to Mr Robert Karen and Discovery Gettysburg Development partners. Mr Karen has clarified his comments to me today in a conversation, that a representative would be present who is an expert in TIF. Who better to answer the questions and bring clarity to the program? Experts who in fact have done TIF in Pa and across the United States. Would you go to have your eyes examined by a general practitioner or an Optometrist/Opthalmologist? I have every confidence that he has never, nor ever would intentionally mis-lead anyone person or group. He is matter of fact and forthcoming. What would be his gain, to lose his reputation as a business leader and developer recognized nationally? I am pretty sure that is not how Mr Karen operates his company nor any of his employees. His outstanding record speaks for itself. He is entitled to be successful and make a profit! The member that I spoke to this morning Mr Brian Deene, explained what the State of Pa does to help fund communities by way of TIF which is an excellent tool to finance areas that are underdeveloped or considered blithe areas or hazardous areas. However their level is the Guarantee program. The projects such as Crossings and Discovery must be qualified to apply for TIF and once qualified it then goes to the taxing bodies to determine if they support it. Thank you lifesaver for posting this article that is actually copied from the State of Pa Dept of Community and Economic Development, on this web site. It is not a bias acknowlegement. It is facts on what, why, and how TIF is used and qualifications are. Paul, I agree with you about the confusion that some folks think it is the State that is overseeing this. Lifesaver, I also agree that some folks are mistaken thinking this will come out of their pockets. Since this is a law firm as you have acknowledged Paul, wouldn't you think they would make sure all the T's and I's are crossed and dotted when publishing info on their site that must be accurate to the public? Now, "can't we all just get along?" We can certainly get along I thought all involved were having a civil discussion even though we disagree. I do have another question though in light of the last few posts im still left with the question, who then was the TIF rep who suggested the developer use TIF and wasnt the developer himself the one who made that statement?
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Post by Alex Oreilly on Jun 6, 2014 22:21:59 GMT -5
Not sure where you came up with that information Spellchecker but nobody ever said that, what the Developer said is that someone within the PA State Government told him to use the TIF program.
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Post by Venter on Jun 7, 2014 11:17:20 GMT -5
Not sure where you came up with that information Spellchecker but nobody ever said that, what the Developer said is that someone within the PA State Government told him to use the TIF program. AlexO, Your response, I believe, was the same thing Spellchecker had said. And from MY recollections, the Developer DID make the Statement that they had been Approached by a Representative of TIF. So you both said the same thing, in different ways.
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Post by Venter on Jun 7, 2014 11:21:08 GMT -5
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Post by Alex Oreilly on Jun 7, 2014 22:22:20 GMT -5
Not sure where you came up with that information Spellchecker but nobody ever said that, what the Developer said is that someone within the PA State Government told him to use the TIF program. AlexO, Your response, I believe, was the same thing Spellchecker had said. And from MY recollections, the Developer DID make the Statement that they had been Approached by a Representative of TIF. So you both said the same thing, in different ways. I understanding what your saying Venter but as stated earlier Pa really doesn't have TIF Representative per say, but a board that reviews the paperwork to see if everything is good. A TIF Representative to me is somebody like the Adams County Economic Development group who is issuing the board or from someone from a group that is coming to the next meeting. When the Developer said someone from the state, I thought of one of Moul/Tallman or Alloway or another elected official from Harrisburg. They are not a TIF Representative but Official State Representatives.
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Post by ravensgirl21 on Jun 10, 2014 17:52:51 GMT -5
Well, the developer did not make that statement. Rather than pick the egg apart to dust, come to the meeting Wed at 5 pm. Please, feel free to ask him what he did say! I'd like to hear the response. What's the tiff all over TIF anyway? Our county certainly gains millions of dollars even at 35% for 20 years and 100% after . That's 35% of millions with development and 100% of thousands without...I do believe that is a solid fact! Not to mention thousands of job creations and economic growth! So...come and have these issues y'all are asking and get it from the horses mouth. I'm going to video his response to those questions. Then no more he said she said. I am Pro Growth Adams County, proud of it, and so are hundreds of others who are tired of being taxed to the max. Venter said, "why can it not be happening in Cumberland Twp "? at GASD board meeting. I agree 100%. Location right above Md/Pa line and plenty of room for big box stores, strip malls, and developments like Discovery! Cumberland could use part of that TIF money for so many reasons! Meeting WEd June 11th 5 pm at the Links!
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davew
Poster Child
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Post by davew on Jun 11, 2014 13:31:06 GMT -5
Venter's link suggest if the development goes under, only the percentage increment due to the development is subject to confiscation by the tif bondholders, can you state definitively that: * the incremental tax due to the TIF is actually calculated based on dollars that come from the houses in the developed area (and not any other definition that could include even a penny from anywhere else)? * that if the targets are not met, only 65% of whatever the incremental amount is will go to repay the bond?
If that's the case, I don't see why the bondholders would float the bond, because they only have downside risk and they'd have to demand a fairly large discount rate premium if they are going to administer the debt (and not just sell it on the secondary market).
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Post by paulkellett on Jun 11, 2014 17:44:30 GMT -5
The answer is that the taxpayers are not on the hook. So what does happen if the developer does not meet the sales goals? What if a 55+ community does not sell as well as a non-age restrictive community? Will not the bond holders be entitled to ask that the age restrictions on the un-built lots be lifted? The clubhouse certainly would be foreclosed upon. What about the people who buy those first houses thinking that the promise of $40 million in improvements are coming to their neighborhood? Will all $40 million in bonds be issued? Who would buy those later bonds when the first bonds did not pan out? Again, maybe this is not the problem of the collective taxpayers, but certainly the folks who buy the houses in this development are entitled to some protection from being promised things that may not ever happen.
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Post by lifesaver on Jun 12, 2014 8:30:49 GMT -5
The answer is that the taxpayers are not on the hook. So what does happen if the developer does not meet the sales goals? What if a 55+ community does not sell as well as a non-age restrictive community? Will not the bond holders be entitled to ask that the age restrictions on the un-built lots be lifted? The clubhouse certainly would be foreclosed upon. What about the people who buy those first houses thinking that the promise of $40 million in improvements are coming to their neighborhood? Will all $40 million in bonds be issued? Who would buy those later bonds when the first bonds did not pan out? Again, maybe this is not the problem of the collective taxpayers, but certainly the folks who buy the houses in this development are entitled to some protection from being promised things that may not ever happen. What if the development succeeds just as promised? I'm not a businessperson but I certainly wouldn't sink a bunch of money into a project if I wasn't reasonably certain it would succeed. Nor would I place the definition of "success" of that project on a finite number of homes per year. The guarantee? The existing zoning and covenant restrictions in place. Good luck getting a zoning variance of that magnitude passed, and I don't think it would be legally possible to begin with.
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