Published May 07. 2014 12:00AM
Letter to The Editor:
The Hamilton Crossings developers are already fully incentivized to proceed with the project without the benefit of Tax Increment Financing. Only $6.6 million of the total capital cost of $139 million is the subject of the TIF debate. That is less than 5 percent of the total, so it is like the tail wagging the dog.
The developers are getting $10 million in grants from the state. They are also getting below market rate loans from the Business in Our Sites program and the PA Infrastructure Bank.
Most recently, there has been a $3.5 million windfall for the developers due to a legal theory saying that the developers are exempt from Lower Macungie's 2009 ordinance regarding traffic impact fees.
The developers have incentives coming at them everywhere they look already, so we do not need to create a TIF district for their further financial benefit.
Donald Richards
Lower Macungie Township