In a recent letter to the editor of The Columbia Flier, Wilde Lake resident, Mike Berla wrote “General Growth can expect the value of its holdings in Columbia to increase by many hundreds of millions of dollars, possibly as much as a billion dollars, if it is granted the residential and commercial density it is proposing. A significant share of the windfall created by rezoning should be retained by the public.”
What does he think property taxes are?
According to the economic impact study prepared by Bay Area Economics “the proposed Downtown development would generate approximately $47.6 million in County revenues, an additional $264.4 million in state revenues, and $10.7 million in Columbia Association revenues, while the Status Quo Scenario alternative would generate approximately $3.7 million in County revenues, an additional $22.8 million is state revenues, and $1.0 million in Columbia Association revenues”
And that comes without taking the risk that the developer takes in order to bring this plan to fruition. Talk about a windfall!
The Feast
20 hours ago
8 comments:
Taking risk. Yep, that's what it's all about. Most people in a quiet, hum drum, steady state environment will never assume risk, because it might upset the applecart.
Just remember: those who dare, win.
And those who believe everything they're told without getting independent verification are, what's the word? Oh yeah: gullible.
There's no such thing as a free lunch.
Where's the independent assessment of the costs that the public will bear as well?
That's the estimated revenue. What's the estimated cost of their plan?
The "quick and easy windfall" that GGP will reap is in the instant increase in value of their curretly-worthless stock. This is the primary reason why so many people, including some of the politicians involved in this decision, are so gung-ho for it.
When is a credible reporter gonna step forward and ask the CE and the Planning Board members how much GGP stock they own? How much will they benefit by railroad, er, I mean, "carefully considering" this decision?
How much GGP stock does this blogger own?
Pzg,
Though I loathe setting a precedent on sharing any of my personal financial information I have decided to answer your question in hopes that it may tamp down at least one conspiracy theory.
How much GGP stock do I own?
Zip, zero, nada.
-wb
The basis for public investment will likely be a portion of the total revenues generated back to the public. Just make sure that in public investment is phased, and "reimbursed" back to the developer, not front funded hoping revenues will materialize!
Man, I enjoy the comments as much as the blog. Good stuff.
Two points:
Think of the tax revenue on all of this development....
and:
TANSTAAFL!
WB - I appreciate you responding to the question. In retrospect - maybe a slightly unfair question to pose to you since you're not an elected official, and you're not directly involved in the decision making process.
I do know several people who started out very much against the downtown redevelopment plan but when the GGP stock hit bottom they bought it with the thought that they could/will make a lot of money when the plan is approved.
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