Jeff Branscome writes about Spotsylvania County.
Summit Crossing financial implications
At tomorrow’s Board of Supervisors meeting the supervisors will discuss for the first time the financial impacts of Tricord’s Summit Crossing project.
You can read the information that will be discussed here
Of all of those, this one appears to be the most interesting.
According to the county’s financial consultant and county staff, Tricord is proposing to pay a third of the cash proffers that are required under county guidelines, and the project will have a negative total impact on the county’s cash flow through 2040, which is the life of the special mechanisms (a Community Development Authority and a Tax Increment Financing) Tricord proposes to build the I-95 interchange and the parkway.
According to a chart in the information linked above, the total county revenue from Summit Crossing would be $917 million, and the expenses would be $616 million, for $300 million of net revenue.
When you add in debt service for the Community Development Authority, that takes away $324 million. The CDA special assessments would raise $8 million in additional revenue to pay the debt service. So the total cash flow to the county is negative $14 million.
Feel free to comment here on what the documents mean to you.