Zimmerman to Use Commercial Real Estate Tax Surcharge to Pay for Pike Streetcar
I belong to the Arlington Chamber of Commerce; and I often attend Chamber events and try to find out what's occurring in the area of economic development.
It appears that Chris Zimmerman will use funds from the 12.5% commercial real estate surcharge (which generates about $40 million in tax revenue for the County every year) to fund the Pike streetcar system. Tax revenue from the commercial real estate tax surcharge is only supposed to be used for new transportation infrastructure.
Zimmerman will defer any new transportation construction (like a new entrance to the Ballston Metro Station) until after the Pike streetcar system is constructed. This will cost $160 million for the 10-14 streetcars and another $50 million or so for Columbia Pike road reconstruction.
Also appears that Zimmerman and the County Board can issue bonds to pay for the Pike streetcar system without having a bond referendum.
This has become common knowledge around the Chamber. So thought I'd pass it along.
Thanks for your blog.