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Your tax subsidies, very hard at work -- millions of dollars annually PDF Print E-mail
Written by Joe Krakoviak   
Thursday, 23 July 2009 23:02

Summary: Under the proposed financing plan, repayment of up to $47.9 million in bonds -- sold by the town to help build the project -- comes from Main Street Redevelopment District property owners (Prism and the condo owners), not town taxpayers. Is this too good to be true? Well, one of the incentives for the redeveloper and condo owners is a big discount in what they would otherwise pay in property taxes for three decades. How big? At the peak of the discount, the equivalent taxpayer will be paying about 26 percent more than the average Redevelopment condo owner for the same market value home -- $12,381 compared with $9,835 in 2013 when sales of the first 322 units are supposed to be completed.

 

From this perspective, West Orange taxpayers would implicitly subsidize the District property owners for millions of dollars annually. The subsidy comes from the difference between the lower revenues District property owners would generate compared with what the rest of the town's taxpayers pay for the cost for running the municipality and school district. The subsidy develops when these entities don't cut their spending to offset this reduced revenue compared to costs. In particular, the school district will receive millions of dollars less annually than it otherwise would, rising gradually during construction and sales to about $3.3 million annually in 2017.

Last Updated on Monday, 17 August 2009 21:06
Read more: Your tax subsidies, very hard at work -- millions of dollars annually
 
Questions about Redevelopment financing, Part 1 PDF Print E-mail
Written by Joe Krakoviak   
Thursday, 23 July 2009 22:56

We encourage residents to raise concerns, ask questions and engage in dialogue with the Mayor, the town's financial adviser on the project, and Town Council members either by attending the public and council meeting or initiatiing direct contact. We've drafted some questions to consider asking. We'll post the answers as we can obtain them.

Last Updated on Monday, 17 August 2009 21:03
Read more: Questions about Redevelopment financing, Part 1
 
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