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!