Flawed points on TIF
Dear Editor:
I am surprised by the claims in Bruce MacDonald's letter.
His reasoning about item 2 is flawed. If indeed Paul Coulombe makes the investments he plans to make and no TIF district is created, the result to the town's finances will be a wash. The increased taxes he will pay will cover the increase in reimbursement losses and county taxes.
MacDonald vaguely implies that the town will be liable for an additional $800,000 if the TIF district is not approved. That's wrong.
I am not against the creation of a TIF district by itself. But I am against the bond issue. The selectmen have made it clear in written and oral statements that, if authorized to issue the bond, they will do so. So Bruce MacDonald's distinction between voting to authorize the issue of the bond and actually obtaining the bond is spurious.
If the bond is issued and the increased tax revenue is insufficient to pay off the bond principal and interest, the town will be liable to pay the difference. The town manger's arithmetic is based on guesses and wishful thinking. The only accountant who has vetted it was not employed by the town. Whoever that accountant is, his worksheets have not been made available to the public.
And the DOT will have the final say on any alterations to Route 27. That was made clear by a DOT representative at the October 9 meeting. So the claim that, by creating the TIF and passing the bond issue, the town will control the changes to Route 27 is false.
Most importantly, the selectmen and the published documents have made it clear that a committee of citizens will not be empowered to develop a plan for improving our roads and infrastructure.
On the contrary, an advisory committee will be formed. It will have no power at all. The selectmen will be free to accept or reject its suggestions. They will be free to make whatever decisions they choose.
Fred Kaplan
Boothbay
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