Dear Editor,
Business and property owners are being asked to approve a $5 million debt authorization for a list of more than a dozen poorly defined and un-budgeted “improvements” to the Nederland downtown business district. These capital expenditure projects and debt service would be paid for with tax increment financing (TIF) in the theory that these improvements will lead to higher property values and thus pay off this massive debt burden over the next 20 years. TIF can also be called “a rising tide lifts all boats.” But, as we all know, a rising tide does not last forever, sometimes, it goes out. Then what?
Last week The Mountain-Ear reported the awarding of a $1 million contract for NedPeds Pathways and to improve water quality and storm drainage issues with $300,000 of that amount paid by the NDDA. It would be nice to see how this project is completed and whether it stays within the contracted budget before jumping off a cliff for another $5 million.
From the NNDA Debt Authorization Information, what is the budget for, and what is the work product for “projects and programs BEING CONSIDERED such as:
- Traffic Study
-River Pathway (design only)
-Business improvement loans, grants, and rebate programs (Huh?)
-Improve vehicular and pedestrian signage/wayfinding (are visitors getting lost in Nederland?)
-Event Support (What events?)
-Business Incubation (bank office space and property purchase)
Above are the vague ideas which you get from a brainstorming session, not a coherent prioritized and budgeted action plan. As both a business and property owner in the Nederland downtown district, I support many of the ideas put forward. Nederland could certainly use much improvement but what is the first priority and how much will it cost? Then, what next. How will each of these notions bring real benefit to Nederland?
I urge other business and property owners in the NDDA to vote NO on the $5 million dollar blank check. Otherwise we risk long-term indebtedness, which will limit the flexibility and ability to fund future vision projects for decades into the future. This is too big a bite all at once. Please ask the NDDA to come back with a more defined and prioritized list of projects and budget numbers before putting an issue on the ballot.
Roy Young
Nature’s Own
