Previously on This Just In…
One of my readers, clearly a Strauss opponent, asked how I came up with the $1,210,230 figure in lost property tax revenue to the city. ICYMI in the comments section of the original post:
The estimated assessed value of the property is $63 million.
The 2022 tax rate is $19.21 per $1,000 of assessed value.
Divide 63M by $1,000. You get 63,000.
Multiply 63,000 by 19.21. $1,210,230.
The same reader also commented:
What is the City of Franklin’s cut of that property tax?
We have to also build a new water tower and fire station to support this project on top of the $20 million TID and infrastructure cost.
The answer to the question “how much goes to the city” is $4.84/thousand. 63m/1000 x 4.84. That comes to $304,920.
The water tower is paid for by the water utility through borrowing.
When would we see the money against the tax bill? The answer to that is, it depends. It goes to pay off the TID expenses first . The math isn’t difficult. There’s a total of about $12m in budgeted expenses PLUS interest. So roughly $15m. Strauss would itself pay off the TID in 12.4 years.
If you ADD the tax payments from Copart (a 7,200 square foot building and vehicle storage yard) and the homes the payoff could come quickly.
It’s all apparently dead now, thanks in large part to an aldermanic candidate who engineered the formation of a non-profit that sued the city. Imagine, running to hold office in the city but hoping like Hell the city loses a lawsuit you played a major role in. It’s unconscionable. Tell a cousin in Nebraska about it and he’d say you’re crazy, that you’re making it all up.
And think about this. The city would receive $304,000 from Strauss (after the TID is paid off) and that could mean three police officers or fire fighters.
The fire station would be paid for by impact fees (one lump sum from accumulated fees followed by annual new impact fees) and bonding. Essentially a 20 or 30 year mortgage.
Shortsighted folks in Franklin seem to have no idea the damage that has and will be done.