papasmurfbell Posted September 30, 2013 Share Posted September 30, 2013 I think the thing has $400 mil of tax credits. It is not a low income neiborhood and it has credits for that. That is rediculous. Quote Link to comment Share on other sites More sharing options...
dc. Posted September 30, 2013 Share Posted September 30, 2013 I am mixed on Harbor Point. It was $100m in tax credits, if I'm not mistaken... but that's 100m in credits on a $1.8b project that's returning a major corporation to our city after most had left (Exelon) and the initial estimate is that when finished the project will provide more than $20m in tax revenue each year. So, the city makes back its share of the investment in 5 years? And that's yet to count the jobs that come with it and other development that accompanies as well. Further, most the tax breaks are paying for concessions to make the development more friendly - parks, water walkways, etc. I generally don't like business subsidies - and I don't know a lot about this one - but I do know that letting so much land go unused and undeveloped is also a huge problem. Bad choices by the government can hurt. But bad choices by individual en masse hurt too. The city has other problems, though - the water billing problem is the most absurd among them. Not sure how the mess started or how it ends, just that it is there. And to jump back a bit to the ICC - the tolls there don't bother me. Shouldn't toll pricing always be associated with road usage? The ICC toll is expensive (if you go the whole way on it) during peak hours. But in down hours, it's minimal - and it's safe compared to alternatives. I mean, if we really want "fair" taxation it should connect to "usage" in some ways. On necessities that puts an undue burden on the poor, but on luxuries or developments, it puts the burden on those who choose their luxury. Good. Quote Link to comment Share on other sites More sharing options...
papasmurfbell Posted September 30, 2013 Share Posted September 30, 2013 http://articles.baltimoresun.com/2013-07-21/news/bal-whats-the-total-price-tag-on-harbor-points-public-subsidies-420-million-20130719_1_harbor-point-city-services-tax-revenue The city plans to issue $107 million in tax-increment bonds for infrastructure at the site — including seven small parks, a promenade and a bridge.* Those bonds will accumulate $174 million in interest for a total debt obligation of about $281 million, which the city plans to pay using tax revenue from the development. Should the developer fail to pay, city officials say they have the option of placing a tax lien against the property.* The city has redrawn a key map to allow the project to benefit from $88 million in estimated tax credits through the state’s Enterprise Zone program, designed to help impoverished areas. The state plans to reimburse the city for about half these lost taxes.* The developer also is counting on receiving $24 million in estimated tax credits from the state’s Brownfields program, designed to help contaminated areas.* Additionally, the city has authorized about $50 million in federal and city funds to go to improvements to Central Avenue, the primary road into Harbor Point that will be extended with a new $10.5 million bridge. City officials note plans for the improvements have been in the works for years, and neighborhoods north of Harbor Point would also benefit from the improvements.That all adds up to around $400 million in public assistance, even if one doesn't count the transportation funds. What’s more, the development won’t begin contributing new property taxes to city coffers until 2025 — that year the developers expect to be caught up enough on their bond payments to begin contributing to Baltimore’s general fund for police, schools and other services. Quote Link to comment Share on other sites More sharing options...
thundercleetz Posted October 3, 2013 Share Posted October 3, 2013 http://articles.baltimoresun.com/2013-07-21/news/bal-whats-the-total-price-tag-on-harbor-points-public-subsidies-420-million-20130719_1_harbor-point-city-services-tax-revenue Gentrification 101: a lot of current city residents will not see any benefit from this development. In fact these same residents will probably be forced out in years to come due to higher costs of living within the city due to big business development. Like I said Reagan Republicans posing as liberal democrats. It's like the gas tax in MD. Regressive tax to pay for large-scale infrastructure projects. In the short-term lower income residents will pay more for transportation costs, long-term the large scale projects will spur big business development eventually forcing out current residents. With all that said, for Baltimore to develop and keep up with other cities economical this is probably a deal that needs to be made. Quote Link to comment Share on other sites More sharing options...
papasmurfbell Posted October 3, 2013 Share Posted October 3, 2013 I don't have a problem with gentrification. The Atl Olympics pushed out the old time people in that neighborhood. The Homestead tax credit prevents gentrification from happening. Quote Link to comment Share on other sites More sharing options...
thundercleetz Posted October 4, 2013 Share Posted October 4, 2013 I don't have a problem with gentrification. The Atl Olympics pushed out the old time people in that neighborhood. The Homestead tax credit prevents gentrification from happening.Sure if that's what you want to believe that's fine. Quote Link to comment Share on other sites More sharing options...
papasmurfbell Posted October 4, 2013 Share Posted October 4, 2013 Keeping communities stagnet I think hurts them. Quote Link to comment Share on other sites More sharing options...
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