Dear Editor:

Until now I have not in theory been opposed to anything Mr. Coulombe is doing with his own money but the roundabout takes on the status of a public private relationship in which Mr. Coulombe pays one third of the expense and at least a third of it will be paid by the Boothbay community as tax increment financing, another name for counting one’s eggs before they are hatched.

I have not yet heard explanation as to why Mr. Coulombe’s proposed roundabout will result in future tax revenues, the justification of tax increment financing. Rumor tells that Mr. Coulombe wants to create a village of shops near the Common and transform this area into a destination for the wealthy. The area retail industry has been in a downward spiral all throughout the arrival of the Opera House and the Botanical Gardens. There was no bump from the golf course. Unproven promises of future tax revenues take on the appearance of China’s ghost cities built on the “if we build it, they will come” theory of economics. In the mean time property taxes will go up.

I am accustomed to reading articles in the Maine media about generous private investors who are putting money into projects in partnership with government. The articles are written as if private investors are making charitable gifts to the people of Maine. However, the Legislature’s economic development incentives are marketed to the public on the basis that we need incentives to attract capital to Maine. Private investments are procured by the state with refundable tax credits and Pine Tree Zone tax incentives, the latter eliminating taxes for the capitalists and the former mandating taxpayers to refund the lion’s share of capitalization of private enterprise if no taxes are owed. If Mr. Coulombe’s vision doesn’t produce the promised revenue; will Mr. Coulombe’s risk be bailed out by taxpayers while the home owners of Boothbay see their property taxes increase? Mr. Coulombe should build his business first before asking Boothbay property owners to finance a roundabout which he insists will increase property tax revenues to justify the expense.

Susan Mackenzie Andersen

East Boothbay