Capping 277?

[BB in QC]

With all the talks on South Tryon of Ghazi and Trump building towers the capping of 277 is a real question. Would the city pony up any money? What are the realistic chances of this happening?

[atlrvr]

I posted this in the Ghazi thread....I believe it's either now, or not for 25 more years.

Essentially, the city and county would agree to allocate a certain portion of the property taxes generated by the new construction (the net new revenues over current taxes on the property) and apply them to cover the cost of issuing a bond for a public project. In this case, a portion of the property taxes from the new towers would help finance a new park built on top of 277. Other tax revenues (such as retail sales tax and hotel tax) could in theory be uses in a s-TIF.

I just ran some preliminary numbers through my head, and I think that these two projects combined might create enough revnue to fully cover a new 277 "cap" w/ park.

EDIT. Pam Syfert, Bobbie Shields, Tom Flynn, Jim Humphries, Debra Campbell...THINK ABOUT IT!!!

[monsoon]

With all the talks on South Tryon of Ghazi and Trump building towers the capping of 277 is a real question. Would the city pony up any money? What are the realistic chances of this happening?