Taxpayer Guaranteed Loans for Private Development

[apriled]

Development of property is a speculative investment on the part of the developer. Always has been. When you acquire property, and improve it for profit, risk is the name of that business game.

This one is troubling. In this case, the County Commission without public discussion has voted to fund or guarantee a $9 million loan to develop this property through bond issues, guaranteed by the taxpayers. Let me repeat, the County Commission has approved a bond issue to fund the road and infrastructure construction for this private development to the tune of $9 million.

If this development does not turn a profit, the taxpayers are still on the hook for the infrastructure, not the developer. Who are the players here? All the risk is transferred to the taxpayers.

I would like to know who the developers are and who is behind this, because now we are funding private speculative development, like the bank?

It would be highly appreciated if our local media would look in on this potential Farmers Market II.

www.chattanoogan.com/2012/6/6/227791/Aetna-Mountain-Developers-Say-It-Will.aspx

DIRTY DEEDS AGAINST THE TAXPAYERS DONE DIRT CHEAP!

[Half-Tard]

Will the said development return more revenue after inhabited? After services provided police/fire garbage etc...Not for a long long time...If the developers think this is a homerun let them pony up the cash..This area will be for a very select few will not help the better good.

[apriled]

The return assumes a pretty profit margin that may or may not occur. Exactly, if this is a great investment, let the banks, not the taxpayers fund their speculative investments.

Great point, there was no mention of the cost of services. I want to know who the playas are here.

Oh the land deals

[Justin Thyme]

Now we know why the off roaders were chased out of the area. This is going to have a much more negative environmental impact than the silt from the off roaders.

I think if the County wants to give them some sort of tax deferment or exemption on the development then that's fine but with other roads needing repair in the area I think its a mistake to build a road and sewer line for he developers or to guarantee a loan for them to build that infrastructure. Most likely it will be a road to a ghost town.

[apriled]

"Road to ghost town" means the taxpayers will take a lose of $9 million dollars. The payback assumes developed out success all the unit. High risk with public money.