Charlottesville Tomorrow reports (read the whole thing)
A new report, which was prepared by Municap, Inc., proposes the developer and county split the costs of public improvements for the property, with the developer paying approximately $4.45 million and the county paying $4.72 million. The county’s costs would specifically go towards constructing a civic plaza space and a road that connects downtown to nearby Parkside Village.
The Parkside Village connector is estimated to cost $1.57 million and the Crozet Plaza $3.15 million. The report projects that the various forms of tax revenue resulting from redevelopment of the property — including real property, sales, meals, transient and personal property taxes — would leave the county with a net surplus of $18.15 million in tax revenue after the bondholders are repaid.
Here’s the corresponding RealCrozetVA FB post.
At last, some dollar figures.
Hmm, A developer wants public money to develop his property.
What is original about that? The ” Report” assumes that everything
sells out with high values thus bringing in the desired numbers.
And if it doesn’t, the taxpayers lose again. After the Municipal
building/Library mess the County should beware. Crozet should attain town status before it drives the County further into debt. At least the people would have a voice on what their taxes are spent on. As it is now a “plaza” next to a railroad track benefits who??
Will be interesting to see the AC BOS response. On the one hand, AC designated the greater Crozet area as a focused growth area many decades ago. The developer-lead growth so far has generated much residential tax revenue for AC. Now comes the infrastructure cost side. The vacant and derelict Barnes site is generating Zero tax revenue. It may be ‘making tax losses’ for the Stoner consortium; who knows? If AC could somehow convince the railroad to allow passenger operations between Cville and Crozet, that would do a great deal to attract additional investment to the Barnes site (sooner or later, an alternative to the 250/I-64 routes will be needed). The Barnes owner/developer needs to publicly secure and announce investors willing to fund or sign long leases to new commercial or light industrial structures on the Barnes site. Line up a few such investors and AC will likely come around to issuing some bonds for the roads and plaza (and train station??!)
Just because the Crozet area is focused growth it does not require the taxpayers to fund developers. The Barnes Lumber site is generating far more than zero. It is appraised and taxed like everything else. Why would you think otherwise? Whether it is claimed as a loss or not has nothing to do with its appraised tax value. Anything to do with the Railroad is a pipe dream as well.
The thousands of passengers that would justify light rail are not there. But, If Crozet became a town and it’s citizens wanted to pay for all this then that is their right. As far as what Crozet generates for the County it is just a drop in the bucket compared
with the rest. The County should not issue any bonds to bail out a developer. He bought in at a discount, Could not get the backing,
now wants a bailout??? This property is not really important to the future of the area. The jobs it once offered were but, now, in
the bedroom community scheme of things, it does not matter.
It should be given back to nature…