KillingtonZone.com

Needs to pass bond vote in November based on building guarantees from resort, SP land selling to a developer.

They'd like to start next year, we will see

GlenPLake wrote: ↑Jul 1st, '22, 13:06 Seems this thing is really gonna happen this time.

It's possible, but...

1. SP Land needs to finalize a deal with the developer (the only one that is interested, even with TIF).

2. The Selectboard will have to approve issuing bonds, which realistically will require presales of residential real estate presumably in an amount required for taxes to cover the bonds. The Town's attorney will also have to ensure that the developer and SP Land provide security guarantees to cover the bonds.

3. Assuming that all takes place, the voters of Killington will have to approve the Town issuing bonds.

Can all this happen? Yes. Will all this happen? Not necessarily. The developer (Great Gulf Residential) has lots of experience developing residential and commercial real estate but has little to no experience with resort residential development. Their only resort property to date is a 59 unit lakeside development in Ontario. The president of the resort division has years of experience but only joined the parent company in March 2022. Will the parent company really commit to all that's necessary for a development of this size? Time will tell...

Most of the Great Gulf development is in Ontario, which seems to be entering a real estate correction. Wonder if that will impact plans for K

Killington receives preliminary TIF approval, a move that could revitalize the town’s resort village
https://vtdigger.org/2022/07/04/killing ... t-village/

or leave local homeowners in a fiscal abyss. Try using your GOOD eye

That's not how TIF districts work...

Just to be clear, I was quoting the headline in the story, not trying to express my opinion. I don't know enough about how TIF districts work and I don't get to vote on it anyway so I'm not going to bother researching it.

My question would be, what happens if the village doesn't go forward, and we don't get all the new units being built to expand the tax base? Who pays for the bond? Because if it's the taxpayers who are still there, and there's no way to offload the debt somehow, it feels like a bad deal with the town taxpayers taking on a lot of risk. I don't get a vote, but they can still decide to take my money (which kind of seems unfair).

to answer your question Bubba has a good summary in bullet 2 a few posts up. basically the developer would have to escrow the amount of the bonds so that the town wouldn't get screwed. How that all shakes out if said developer goes bankrupt, I have no idea...

easyrider16 wrote: ↑Jul 7th, '22, 05:54 Just to be clear, I was quoting the headline in the story, not trying to express my opinion. I don't know enough about how TIF districts work and I don't get to vote on it anyway so I'm not going to bother researching it.

My question would be, what happens if the village doesn't go forward, and we don't get all the new units being built to expand the tax base? Who pays for the bond? Because if it's the taxpayers who are still there, and there's no way to offload the debt somehow, it feels like a bad deal with the town taxpayers taking on a lot of risk. I don't get a vote, but they can still decide to take my money (which kind of seems unfair).

Taxation without representation. Property taxpayers should be allowed to vote on items that spend their money paid in property taxes.

Yeah I heard there was a war fought over that issue once...

Big Bob wrote: ↑Jul 7th, '22, 06:36
Taxation without representation. Property taxpayers should be allowed to vote on items that spend their money paid in property taxes.

This is definitely something that should be allowed to be voted on by all property tax payers.

Correct-a-Mundo.........

They do get to vote - a TIF district is not implemented without a vote. That said, usually TIF districts are commercially zoned and has little impact either way on a homeowner.

if you are a second home owner you don't get a vote. That is what I was insinuating.

newpylong1 wrote: ↑Jul 7th, '22, 09:36 They do get to vote - a TIF district is not implemented without a vote. That said, usually TIF districts are commercially zoned and has little impact either way on a homeowner.

Well that's confusing. Isn't the point of this development to create a whole bunch of extra housing units?