Bill developer for road work
Published 5:24 pm Tuesday, June 8, 2021
Editor, The Smithfield Times:
I read about the $53,000 shortfall associated with the improvements to the intersection at Brewers Neck and Carrollton boulevards in the May 26th edition of The Smithfield Times (“IW to fund intersection’s budget shortfall”).
Nowhere in that article does the Virginia Department of Transportation or our Board of Supervisors call on the developer of The Crossings to provide the needed funding to complete the work that will benefit the residents and businesses in this new development. Instead, it is immediately assumed that we — the county taxpayers — will be expected to pony up the needed funds.
Some quick math: lf we were to assume that the 210 condos would cover 50% of the cost overruns, and the shopping center (assuming 15 tenants) handles the other 50%, that would equate to $126 per condo, and $1,767 per business tenant. The developer could float the upfront funding and recoup the costs as the condos are sold and the shopping center occupied.
By moving the costs to the developer, the taxpayers would only have to worry about the other tertiary development costs (e.g., additional school space, more fire and police coverage, increased need for public utilities, etc.) going forward. But, I guess that would be too much for our Board of Supervisors to consider.