Six Peaks Killington

[GMCrra]

Got a notice this weekend in the mail that the Bear Base Camp act 250 was filed

https://anrweb.vt.gov/ANR/Act250/Detail ... =1R0322-15

[newpylong1]

Sweet.

[iRock]

Got a notice this weekend in the mail that the Bear Base Camp act 250 was filed

https://anrweb.vt.gov/ANR/Act250/Detail ... =1R0322-15

Did the plan change to put "future expansion" units across the entire lower Devil's Fiddle trail.... or am I missing something.

[GMCrra]

It looks like they added fewer mid-rise condos, more duplexes and 6 single family home sites from the original plan. Thanks to WFH and COVID.

Just the 12 duplexes (24 units) are in phase 1, looks like 8 or 9 units are still available for sale.

It does look like future phase is in devils fiddle run out area

[Seacoaster]

Got a notice this weekend in the mail that the Bear Base Camp act 250 was filed

https://anrweb.vt.gov/ANR/Act250/Detail ... =1R0322-15

Did the plan change to put "future expansion" units across the entire lower Devil's Fiddle trail.... or am I missing something.

Yes, the application was amended prior to it being approved by the town as there were some concerns.
As it relates to parking, the ACT250 permit for the SP requires they replicate any parking which is removed, the primary spot for this will be just above the lookout across the street as well I believe there will be multi level parking in and around the grand.
As for it actually happening, if the water gets paid for in the TIF this will happen rather quickly.

On the Bear Base Camp, I am guessing now that the ACT 250 has been filed, the owners above it at Sunrise will be coming forward(there is some history with one owner who already successfully fought another Sunrise project at 250 and won reducing it down to 4 lots, a banker type from Boston I believe). They did not at the town level, which makes sense as it is more productive(disruptive) to wage arguments against the project at the ACT 250 level.

[newpylong1]

Got a notice this weekend in the mail that the Bear Base Camp act 250 was filed

https://anrweb.vt.gov/ANR/Act250/Detail ... =1R0322-15

Did the plan change to put "future expansion" units across the entire lower Devil's Fiddle trail.... or am I missing something.

They were always vaguely in that area, also including the trees below Spacewalk.

[Big Bob]

Got a notice this weekend in the mail that the Bear Base Camp act 250 was filed

https://anrweb.vt.gov/ANR/Act250/Detail ... =1R0322-15

https://mountaintimes.info/construction ... nUAUPxluBc

[GlenPLake]

Here is the most recent version of the TIF proposal.

To me it seems like it is a forgone conclusion, but it seems many folks are in denial that like the bear project, the village and also likely the interconnect are also on the relatively near horizon. Unless there is another major economic swing, this stuff is finally getting done.

https://www.killingtontown.com/vertical ... l_2022.pdf

[GlenPLake]

Seems like the town is dedicated to getting this TIF through the needed approvals.

The groundbreaking for the village part of the project scheduled to be ‘shove ready’ by March 2023.

https://mountaintimes.info/killington-a ... jNK7ab4l2Q

[Finn]

Are you the real Glen Plake?
The freestyle skier fromMaine that now lives out west or are you an imposter.

[Nikoli]

Are you the real Glen Plake?
The freestyle skier fromMaine that now lives out west or are you an imposter.

It's the real Plake!

[spanky]

Seems like the town is dedicated to getting this TIF through the needed approvals.

The groundbreaking for the village part of the project scheduled to be ‘shove ready’ by March 2023.

https://mountaintimes.info/killington-a ... jNK7ab4l2Q

I love this "no new taxes" double-speak. I know this person is implying there is no impact to the existing taxpayers, but technically there are "new taxes" being collected.

“Tax increment financing is a municipal tool used to build infrastructure that catalyzes development. It’s a financing tool,” explained Clarke at the last public hearing for the town May 2. “What happens is the town can invest in infrastructure and build that infrastructure, taking out the debt service to do so. And the resulting development (the new development) pays taxes on the new value (the incremental increase) and those taxes go to pay down the debt service on the infrastructure. So, there is no new tax, or new tax rate. Simply put, no new taxes are collected. There is just a new diversion of new taxes that do not exist now and would not otherwise exist, but for the investment into the infrastructure.”

[Bubba]

Seems like the town is dedicated to getting this TIF through the needed approvals.

The groundbreaking for the village part of the project scheduled to be ‘shove ready’ by March 2023.

https://mountaintimes.info/killington-a ... jNK7ab4l2Q

I love this "no new taxes" double-speak. I know this person is implying there is no impact to the existing taxpayers, but technically there are "new taxes" being collected.

“Tax increment financing is a municipal tool used to build infrastructure that catalyzes development. It’s a financing tool,” explained Clarke at the last public hearing for the town May 2. “What happens is the town can invest in infrastructure and build that infrastructure, taking out the debt service to do so. And the resulting development (the new development) pays taxes on the new value (the incremental increase) and those taxes go to pay down the debt service on the infrastructure. So, there is no new tax, or new tax rate. Simply put, no new taxes are collected. There is just a new diversion of new taxes that do not exist now and would not otherwise exist, but for the investment into the infrastructure.”

As one who has followed this issue for months, and spoken out and written against the original filing, I think the "no new taxes" comment is meant to say that taxes would not be raised on existing properties to pay for the bonds issued to pay for the project. Obviously there would be new tax revenue from the village and, given a TIF District, a large percentage of those taxes would be specifically directed toward bond coverage.

I have less of a problem with the latest revised filing. As I said at the May 26th hearing, my problem is with the risk inherent in a multi-phased project where it is not yet clear whether the first phase of the project will generate enough taxes to cover interest and principle and the solution to this is to have SP Land and/or the developer put up financial guarantees necessary to cover any shortfall. (My comments are printed in the latest issue of the Mountain Times in a separate article.)

[ejrides]

Seems like the town is dedicated to getting this TIF through the needed approvals.

The groundbreaking for the village part of the project scheduled to be ‘shove ready’ by March 2023.

https://mountaintimes.info/killington-a ... jNK7ab4l2Q

I love this "no new taxes" double-speak. I know this person is implying there is no impact to the existing taxpayers, but technically there are "new taxes" being collected.

“Tax increment financing is a municipal tool used to build infrastructure that catalyzes development. It’s a financing tool,” explained Clarke at the last public hearing for the town May 2. “What happens is the town can invest in infrastructure and build that infrastructure, taking out the debt service to do so. And the resulting development (the new development) pays taxes on the new value (the incremental increase) and those taxes go to pay down the debt service on the infrastructure. So, there is no new tax, or new tax rate. Simply put, no new taxes are collected. There is just a new diversion of new taxes that do not exist now and would not otherwise exist, but for the investment into the infrastructure.”

As one who has followed this issue for months, and spoken out and written against the original filing, I think the "no new taxes" comment is meant to say that taxes would not be raised on existing properties to pay for the bonds issued to pay for the project. Obviously there would be new tax revenue from the village and, given a TIF District, a large percentage of those taxes would be specifically directed toward bond coverage.

I have less of a problem with the latest revised filing. As I said at the May 26th hearing, my problem is with the risk inherent in a multi-phased project where it is not yet clear whether the first phase of the project will generate enough taxes to cover interest and principle and the solution to this is to have SP Land and/or the developer put up financial guarantees necessary to cover any shortfall. (My comments are printed in the latest issue of the Mountain Times in a separate article.)

Exactly what I was thinking; someone is paying for this if it doesn't go through. Those financial guarantees you mention have to be crafted in some way that the town is covered if the developer defaults (bankrupts, etc). If the new tax revenues from the village are going mostly to pay for the bond, those taxes will need to be high enough to cover the bond and the expenses the Town will incur from all those new residents

[Big Bob]

Seems like the town is dedicated to getting this TIF through the needed approvals.

The groundbreaking for the village part of the project scheduled to be ‘shove ready’ by March 2023.

https://mountaintimes.info/killington-a ... jNK7ab4l2Q

I love this "no new taxes" double-speak. I know this person is implying there is no impact to the existing taxpayers, but technically there are "new taxes" being collected.

“Tax increment financing is a municipal tool used to build infrastructure that catalyzes development. It’s a financing tool,” explained Clarke at the last public hearing for the town May 2. “What happens is the town can invest in infrastructure and build that infrastructure, taking out the debt service to do so. And the resulting development (the new development) pays taxes on the new value (the incremental increase) and those taxes go to pay down the debt service on the infrastructure. So, there is no new tax, or new tax rate. Simply put, no new taxes are collected. There is just a new diversion of new taxes that do not exist now and would not otherwise exist, but for the investment into the infrastructure.”

As one who has followed this issue for months, and spoken out and written against the original filing, I think the "no new taxes" comment is meant to say that taxes would not be raised on existing properties to pay for the bonds issued to pay for the project. Obviously there would be new tax revenue from the village and, given a TIF District, a large percentage of those taxes would be specifically directed toward bond coverage.

I have less of a problem with the latest revised filing. As I said at the May 26th hearing, my problem is with the risk inherent in a multi-phased project where it is not yet clear whether the first phase of the project will generate enough taxes to cover interest and principle and the solution to this is to have SP Land and/or the developer put up financial guarantees necessary to cover any shortfall. (My comments are printed in the latest issue of the Mountain Times in a separate article.)

Exactly what I was thinking; someone is paying for this if it doesn't go through. Those financial guarantees you mention have to be crafted in some way that the town is covered if the developer defaults (bankrupts, etc). If the new tax revenues from the village are going mostly to pay for the bond, those taxes will need to be high enough to cover the bond and the expenses the Town will incur from all those new residents

I wonder if someone had run the numbers on the impact to the tax rate if the developer does not complete the project. Will the tax rate go up 5%, 10%, 20%??