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Did the plan change to put "future expansion" units across the entire lower Devil's Fiddle trail.... or am I missing something.GMCrra wrote: ↑Apr 4th, '22, 13:53 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
Yes, the application was amended prior to it being approved by the town as there were some concerns.iRock wrote: ↑Apr 4th, '22, 21:05Did the plan change to put "future expansion" units across the entire lower Devil's Fiddle trail.... or am I missing something.GMCrra wrote: ↑Apr 4th, '22, 13:53 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
They were always vaguely in that area, also including the trees below Spacewalk.iRock wrote: ↑Apr 4th, '22, 21:05Did the plan change to put "future expansion" units across the entire lower Devil's Fiddle trail.... or am I missing something.GMCrra wrote: ↑Apr 4th, '22, 13:53 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 ... nUAUPxluBcGMCrra wrote: ↑Apr 4th, '22, 13:53 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
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.GlenPLake wrote: ↑Jun 2nd, '22, 11:52 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
“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.spanky wrote: ↑Jun 2nd, '22, 15:17I 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.GlenPLake wrote: ↑Jun 2nd, '22, 11:52 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
“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.”
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 residentsBubba wrote: ↑Jun 3rd, '22, 17:31As 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.spanky wrote: ↑Jun 2nd, '22, 15:17I 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.GlenPLake wrote: ↑Jun 2nd, '22, 11:52 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
“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.”
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.)
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%??ejrides wrote: ↑Jun 3rd, '22, 19:08Exactly 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 residentsBubba wrote: ↑Jun 3rd, '22, 17:31As 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.spanky wrote: ↑Jun 2nd, '22, 15:17I 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.GlenPLake wrote: ↑Jun 2nd, '22, 11:52 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
“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.”
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.)