Wednesday, September 26, 2007

Monticello Monday Coming Up

As a reminder, part of the Monticello Road project is scheduled for the Planning Commission meeting for 10/1/07.

I am still trying to figure this one out.

Some things still bother me. First, what a waste of a beautiful neighborhood with a neat historical background.

Second thing that bothers me is money. The info I was given (and I will round these figures off) is that the project will cost approximately $15 million. Now about $5 million dollars of that is supposed to come from the county via CARS.

The rest is to be financed via bonds. Then, if the property is developed the developers will have to pay an excise tax. Heck, make developers pay for it up front. Better yet, leave the area alone.

So there will still be an outlay of taxpayer's money (county money is still from taxpayers, and then debt service on the bonds). When will the development occur? Two years from now, three years, five years? That could be quite awhile before money comes back in via the excise tax.
Unless, there are developers already lined up for action once this thing is finalized.

Something still seems strange to me. Curious if the folks that own the property that is shown to be potential retail/office space will be at the meeting. Am sure that the residents along Monticello Road have some questions that they'd like answered