Quote:
Originally Posted by Regorium
Also, the CRL loan DIRECTLY comes from everyone else - we're basically forfeiting 20 years of property taxes that would have gone into general revenue and reduced our property tax bill. We probably pay a hundred bucks a year per household towards the east village development, because we've basically forfeited all of the property tax generated in that area (including the bow building), which has to be generated from the rest of us.
That's what I can think of off the top of my head.
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Just to clarify the above, I don't think that's quite right. Doesn't a CRL just slice off the incremental tax base over and above the current one. So we're not forfeiting 20 years of taxes we're getting now. And it's not quite accurate to say that we're forefeiting 20 years of this incremental tax base becase it doesn't exist. Now, it might one day exist regardless of the new arena, but its fair to say that the arena will accelerate development. That's why it needs to be measured based on the present value of accelerating that new tax base.