The Chatsworth board is expected Tuesday to declare some of the village and an even larger area 2 miles south a tax increment financing district - Oliver's Lake Subdivision, the only private project officially applied for.
The Chatsworth TIF plan lists some 23 private projects, but 22 are only "examples" that "could" qualify. Please attend, question and try for more hearings.
One private project not asking to be in the TIF plan is Invenergy's 333 turbines along Pleasant Ridge, including Chatsworth. County fees and property taxes: 333 times $2,500 equals $832,500, one-time fee; 333 times $22,680 tax per turbine per year equals $7,552,440 times 23 years equals $173,706,120 to the base tax fund.
Compare that to Jerry Kurtenbach, co-developer of Oliver's Crossing, telling The Pantagraph "the development would bring in $265 million more in taxes than the undeveloped land would generate over the 23 years of the TIF district's life." Kurtenbach continues, "Deduct the $94 million, and that yield(s) $171 million for the taxing bodies."
Notice that's nearly $2 million less than the $173.7 million turbines will be paying the base tax - schools 50 percent to 60 percent, etc. - while, what, 18 percent goes to schools from TIF decided by Chatsworth's Board? Village officials and the developers would not be pinned down on what they'll share and apparently refuse to commit in writing before creating the TIF district.
The turbines are real, paying into the base tax and county funds, within this year or next at the latest. Barring any unforeseen delay, construction on 333 begins this spring.
If it moves as quickly as those at Arrowsmith/Ellsworth, it will begin operation in late winter of this year. I still call for more hearings on both projects until we all have been fully informed and respected. Otherwise, court action may be necessary.
Sam DePino
Chatsworth
Do you agree?
Posted in Mailbag on Monday, January 28, 2008 12:00 am Updated: 12:15 pm.
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