Let’s do this

The N&R says local governments are pondering where to first utilize their new ‘borrowing’ powers via the recently voter-approved ’tax increment bonds’ known as Amendment One.  I’m sure Wharton will weigh in on this soon enough, but we here in the Aycock Neighborhood have a slam-dunk project for Greensboro’s new economic development tool.

The Aycock Neighborhood Strategic Plan (PDF file) calls for the Murrow Boulevard/Summit Avenue interchange to be done away with.  Our plan for the area on the eastern border of Greensboro’s Central Business District is ambitious and costly, but it would add 12.5 acres of wasted, fallow publicly owned land to be developed into a tax producing mixed-use development.

The bonds issued for repayment under Amendment One are to be repayed by the incremental increase on the property tax generated by Amendment One funded projects.  The Murrow Boulevard interchange property is not on anyone’s taxrolls so ‘incremental tax increases’ would be exponential.

Because of demographics and other factors, Aycock Square, as it it is currently known, would easily qualify under the bonds’ guidlines (PDF file)as I understand them and assuredly be self-liquidating as stipulated by the breed of bond they are.

Consider it “on the table” Greensboro.

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