| | | johnwick said "the reason why the city will be covering the cost of the extending 34th street is because they would not be able to re-zone the golf coarse to residential due too the fire code needing 2 points of entry. " |
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In all cases the costs are normally charged to the developers. Take the North Hill developer that had to pay for way oversized water and sewer service because future developments beyond his requires the oversized service.
The city is willing to give up 2 million plus 15 years interest charges in taxes to sell that land for $860,000. True, in 15 or 20 years, we will start to see profit.
New Housing costs in Brandon i:nclude the cost of services in the selling price. I wonder if this developer will underprice his 60 units by 15% or if he will charge market price and pocket the 2 million dollars in savings. It sound like big money for 60 units, but what does it cost to build an entire street that might have 40 houses on it.
Just my opinion, but why are we giving away 2 million dollars tax revenues plus interest to make a very short street and provide sewer and water services for this developer when our city bylaws/policy say otherwise.
Long story short, the city is putting several million dollars of tax revenue into a property they are selling for $860 thousand.