The recent PenBay Pilot article on a potential parking lot in Rockport Village contains misleading information for Rockport voters.
A TIF (Tax Increment Financing) is used to finance redevelopment projects with the idea that anticipated future tax revenues from the new development as a result will pay the expense without using current taxes.
It was stated that the new village hotel could be used to help fund the project. It is simply not true. The hotel has been approved and is under construction despite parking issues. It will be built with or without the parking lot.
Any new parking expense cannot be linked to hotel tax revenues. The TIF will have to find income from other projects to justify it.
This leads to another question. The village has very little space for further expansion. Perhaps the open land next to 18 Central Street.
Before approving anything like this, voters need to ask themselves precisely where development can take place and what the estimated revenues will be. Forgetting about aesthetics and any other issues, the nuts and bolts of gross funding are not discussed.
The way it’s presented is a shell game of moving numbers to make it look like it’s paying for itself.
City officials are doing the hard work and showing voters how you plan to pay for it.
Peter Hall lives in Rockport