The Franklin Road redevelopment bond began as a $35 million amount until someone found a “clerical” error in calculating the millage yield, which would cover a $68 million bond.
Why was the tax rate in the bond proposal not reduced to lower the tax back to the amount necessary to cover the original $35 million bond proposal? When the leveled Franklin Road properties are sold to developers, where will the sale proceeds go — back into the kitty for the next pie-in-the-sky project or to reduce, call, some of the outstanding bonds and thereby reduce the homeowners’ taxes?
Give a politician a dime and they will take a dollar — in this case $68 million dollars.
Whether Mayor Tumlin likes it or not, the Smyrna loss of $5 million on its recent property deal, Fiber Net, Conference Center, Hedges Street, at al, are all relevant. Government should NOT engage in projects that are the domain of the private sector.
John A. North Jr.