Monday, July 29, 2013

Paying the cost of infrastructure development in a city

The Daily Journal (San Mateo), Bill Silverfarb, 7/29/13. "City to levy a special tax for Bay Meadows."

The benefit to you justifies the cost to YOU
"The San Mateo City Council will meet Monday in a special meeting to authorize the levy of special taxes for the Bay Meadows Phase II development currently under construction. 

The levy will generate about $1.9 million in its first year, will expire in 2042, and will help pay down $57 million in bond debt used to build all the infrastructure in the state’s newest and biggest transit-oriented development.  ....   The annual assessment will increase over time and eventually all of the new home owners will pay the special tax, said the city’s Finance Director David Culver.

...  The infrastructure includes the roads, traffic signals, drainage, sewer system, utilities and more needed for the new community. .... When complete, 1,170 housing units will ultimately be constructed on the 83-acre site by several different builders. Some will be rental units. In phase 2, there will be five buildings of Class A office space for rent, ranging from 95,000 square feet to 185,000 square feet and the private Nueva School. The development sits between the Hillsdale and Hayward Park Caltrain stations."  Read article.

Note:  The photograph is from The Puget Sound Chapter.

Posted by Kathy Meeh

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