Devil is in the details
To the editor:
Buried on page 55 in the Crown RFP for Bimini East are the following expectations for taxpayer subsidies:
“Public incentives and support for a transformative project like Bimini East will be critically important. The support is anticipated to come from federal, state and local sources. Local sources such as infrastructure grants,
“Enhanced Property Value Recapture Grants, impact fee deferral and abatement, and other incentives will be used as applicable.”
Some details are offered:
City Assistance $8,825,000 7.7% (of total project cost)
– (a) TIF $7,000,000
– ROW Infrastructure Cost Share $1,700,000
Real estate taxes taken by Tax Increment Financing Districts result in the rest of us paying more to make up the difference.
And since when is a developer not expected to pay for the streets and other infrastructure?
Are we expected to pay for the new canal?
The new traffic light to handle traffic from the development on Coronado?
That’s not the way the Rosen brothers did it.
Cal Skinner
Cape Coral