From Tony Passaro of the Bel Air Tea Party Patriots:
After reviewing the facts inherent in the Beechtree project, I have decided to throw my full support into this endeavor as I find its implementation is in the best interests of Harford County and its Taxpayers.
I am disappointed at the opposition as most of it is uninformed, illogical, irrelevant, inflammatory, specious and nothing more than derogatory braying. It is not even worth the effort to rebut.
This leads me to believe that the real opposing agenda is political and designed to disparage the County Government as a group and the County Executive as an individual…. What irks me is that some erstwhile Patriots would put political expediency and self aggrandizement above the benefit to the people of this county…..
The Tea Party, and Tony Passaro, are guided by principles, not personalities or parties. In this case the principle is “What is in the best interest of the Taxpayers/Voters of Harford County.???”
Instead of subjecting you to the tedium of rebutting baseless assertions, sophomoric arguments, and empty accusations, I will just present facts that pertain to the Beechtree TIFF project.
NOTE: The mechanism of stimulating the economy via Tax Increment Financing (TIF) is practiced in 47 states, and is available to ANYONE meeting the State of Maryland mandated criteria.
Contrary to the braying of the opposition, favorites were not picked. The choice was made based on the applicants overall experience, history of success and financial wherewithal. Clark Turner has distinguished itself in successfully managing many developments of this size. They, therefore, are an excellent candidate to successfully manage this project. It is hoped that in the near future many developers are encouraged to come forward to manage TIF projects as well.
The Beechtree Estates TIF will use the incremental increase in property tax values caused by the development/ improvements to make Bond Payments.
The County will not only receive their current base line property taxes, but also receive the incremental upside (remaining property taxes) after bond payments are made.
The developer will pay ALL hookup fees and impact fees, totaling $22,000,000 over the life of the project.
A 3rd party fiscal impact analysis demonstrates a positive impact to the County from year one AFTER public service expenses (Police, School, etc.).
The County will net over $106,000,000 over the life of the project without using their Full Faith and Credit to secure and issue this Bond. The County will in no way be required to make or guarantee payments relating to this Bond.
The Developer is solely responsible for making the payments on the Bond, using the land as Collateral.
NOTE:: If a homeowner fails to pay their property tax bill, consequently failing to pay its portion of the bond payment, the home will go to tax sale, just as it would without a TIF. The proceeds from the Tax sale will go to satisfy both the County and Bond holder’s obligation.
Completion of this project fulfills part of the expected housing needs for the projected 27,000 BRAC Jobs being forecasted. The project is ideally situated to reap potential BRAC benefits being in a smart growth area just 2 miles outside APG, inside the growth corridor, and inside the water and sewer district
Construction of this project will immediately support 866 construction jobs plus professional jobs gained on base (APG).
The 760 new families (est. income $89,000 to $120,000 or $91,000,000 per year) of this community will stimulate the economy by increased purchase of support services, local retail, food purchases, restaurant and entertainment spending.
At full build out, the Property will generate roughly $410,000 per year in reoccurring Transfer and Recordation Taxes.
· At full build out, the Property will generate roughly $3,094,277 per year in reoccurring Piggy Back Taxes.
· At full build out, the Property will generate roughly $3,191,461 per year in reoccurring Property Taxes.
· Construction can start as early as Wednesday March 17, 2010!
In spite of the recession, this can be a real jump start to Harford’s economy. The County is taking the initiative and not waiting for Washington D.C. to come through for us. We are “bootstrapping our economy on our own”. Therefore I support this measure and urge its unanimous passage as quickly as possible.
Bel Air Tea Party Patriots