From John P. Mallamo:
DO THE TAXPAYERS BENEFIT FROM THE HARFORD COUNTY OFFICE OF ECONOMIC DEVELOPMENT PROMOTION TO DEVELOP THE JAMES RUN CORPORATE CAMPUS
On October 16, 2012 at 6 PM the County Council will hold a public hearing on a proposal by the Harford County Office of Economic Development to establish a Special Taxing District and a Tax Increment Financing (TIF) at the James Run Corporate Campus.
The purpose of the legislation is to provide County Special Obligation Bonds and County Real Property Taxes to the requestors to fund $15 million of infrastructure improvements and approximately four years of interest payments $8 million at the James Run Corporate Campus, located at Route 543 and I-95. This project is required to meet a “need” in Harford County for additional housing units, retail and office space, as stated in the bill. Presumably the requestors cannot get financing to undertake the necessary improvements, and since Harford County has established that a project like this is greatly “needed”, the County will use its resources to access capital in the bond market for the benefit of the requestors. There is no study or analysis provided to establish the great “need” for the project, however, if such a “need’ cannot be developed, then the Special Taxing District and the Tax Increment Financing would be highly suspicious. At a total projected cost of approximately $200 million dollars, it is hard to imagine that the requestors are so desperate for capital that they must depend on financing from Harford County. It would be interesting to know where the majority of financing will come from and on what terms.
The project itself is described as a mixed office complex which would include office space, retail space and lodging facilities. The Harford County Council has created a new term called Lodging House for the 386 apartments. A separate building on another parcel will consist of a 250 room hotel. There is no start date for the hotel. Interestingly, at a community input meeting held on April 9 2012, Mr. Kevin Carney, resident agent of JR Lodging llc, along with other individuals associated or hired to represent that company, indicated that office space was no longer an economical enterprise, nor was retail, and therefore additional housing would be added. Six months later, the project includes both office space and retail space. Has the Economic outlook in Harford County improved that much in the last six months? If so, perhaps we should conduct seminars for other struggling Federal, State and Municipal governments so that they can improve their own economies.
As vague as the financing and scope of the project are the participants are even more obscure. From the various documents available it appears that some of the parties involved are Cushman Wakefield one of, if not, the largest privately held real estate developers in the world. Cushman Wakefield also has a capital markets division which provides a broad range of services including investment management and access to capital markets. The other participants include 95-543 LLC, Bren-Mar LLC, JR Lodging llc, perhaps James Run Development LLC and maybe others. Who knows the individuals involved with these companies. Those individuals are not named in the articles of incorporation on the Maryland State Department of Assessments and Taxation data base.
Are the names of the individuals participating important? The resident agent for 95-543 llc, Bren-Mar llc and James Run Development LLC is Mr. Robert B. Schulman a prominent attorney from Baltimore. There is a Robert Schulman identified as a contributor to some of Harford County’s elected officials. Could be a coincidence, but the address listed on the 2012 campaign finance records for a Mr. Robert Schulman indicates that a Mr. Robert B. Schulman resides at the address. Maybe not the same person. Still why would an attorney from Baltimore County have an interest in Harford County politics?
Another participant is JR Lodging llc. Mr. T. Kevin Carney is the resident agent for the company. The company was formed at the request of Michelle DiDonato, an attorney in the firm of Carney, Kelehan, Bresler, Bennet and Scherr LLP. Ms. DiDonato’s expertise according to the Carney, et al LLP web site is among other real estate related legal areas, HUD and Section 8 Housing.
So Yes, it is important to know who is involved in a project that concerns the future of Harford County.
The fiscal projections for the project are another interesting part of the Bill. They appear to be based on moonbeams, fairy tales, and pixie dust. The impact of the project is based on full success, without any discussion of risk. The fallacy of this assumption is obvious. All lodging units are fully occupied when they are built and “transient” occupants are paying Maryland State income tax at resident rates. All office space is fully occupied when it is built. Retail space is fully occupied and has a steady clientele spending money on consumer items. Not only are the lodging units full, but the salary for occupants is $60,000, and the project will add 4,157 new direct and indirect jobs to Harford County. No risk to the County. Tax revenues abound. In reality there is no viable business plan beyond the loss leading lodging house because the need is so suspect. The lodging house itself does not have a viable business plan. Including an interest reserve for four years further demonstrates that the promotion to develop James Run is a fallacy. The project has no beginning or end in sight.
A similar no risk can’t miss project, a product of a Harford county TIF, Beechtree estates is currently under development. Many of the same optimistic projections were made, all based on full success. According to the Maryland State Department of Assessments and Taxation real property data base, fewer than 50 houses have been sold in the Beechtree estates since it was established in 2010. Harford County’s Office of Economic Development seems to have a penchant for projects that just don’t meet their advertised potential. Moonbeams, fairy tales, and pixie dust.
What does Harford County have to contribute to the project? Other than selling special bonds, there is some discussion of providing an unidentified portion of the real property taxes levied against the project for principal and interest payments on the bond. How much is not provided. And there is no substantive discussion of the rate and assessed value of the property.
Can Harford County afford another no risk, sure thing from Economic Development? Probably not. Perhaps rather than spending time on this venture, it is time to review all of the activities of the Office of Economic Development and the Economic Development Advisory Board. The Harford County Council as our fiscal watchdog should begin a review of their countless and varied pursuits as well as a review of all the other magicians, rainmakers, developers, and fellow travelers involved in Harford County’s economic development to determine just what is going on in this area.
Bill 12-35 and Resolution 25-12 are a must read for anyone concerned about the future of the County, and how it will be operated for the next few years. Both the Bill and the Resolution have been crafted to be very specific in some areas and deliberately vague, ambiguous, and evasive in others. Similar to a carnival magic show, attention must be diverted away from the main characters for the magic to work. Moonbeams, fairy tales and pixie dust won’t improve a bad situation.
“Just Say No” Mallamo, will never let facts get in the way of his opinion!
Mr. Bee,
Sir,
I conclude that you are a male, as your given name is that usually given to males. However if I am wrong, I apologize.
Now, that is not an opinion, it is a conclusion based on some established precedent. Just as the elements in this posting. You may argue that conclusion, with your own well established precedents or facts.
Likewise, if you would like to take the time to seperate facts and what you call opinions from this article then by all means do so. If you have other facts that should be considered, then present them.
I would very much like to see your discussion. As would others.
Everything I’ve heard indicates the county taxpayer doesn’t a pay a dime on these bonds. The developer pays it. Plus the idea of driving around the corner to do shopping – as opposed to having to drive in to town – is not an unreasonable expectation.
James Run
Sir/Ma’am
You missed the part about Harford County giving up some as yet unspecified amount of Real Property Tax revenue. That costs the County real dollars. And although Harford County may be doing better than other areas, there is not an overabundance of money to pay for everything.
This guy Mallamo is joke. He’s the mouth-piece when Joan is out riding on her broom.
I applaud anyone that takes the time to investigate and uncover the activities of government whether local, statewide or national. If the best you can do is insult an involved citizen by suggesting she rides a broom then I just wonder if there isn’t just a bit of insider interest. I have some suspicion a number of people responding on the recent thread(s) lately involving the Office of Economic Developement either work directly for or have economic benefit from activities of the OED. We have a right to know what these folks are doing – it was made clear with the Smith debacle that leadership in that dept has an idea of right and proper that doesn’t jive with fair, open or proper. Usually when there’s this much defensiveness there’s something somebody doesn’t want us to know otherwise Stephen, James Run and Bill why do you care – I mean you yourself said taxpayers aren’t paying for this? If you work for the OED and are proud of the work being done you ought to be happy it’s being scrutinized.
Mallamo is a retired government worker who has plenty of time to campaign for Joan THE Ryders run! He goes to all county meetings and can only talk about how things CAN’T be done and offers no positive alternative. He loves the limelight and has his minions believing he knows what is going on. He has three pairs of jeans and 1 blue sportcoat because that looked cool in high school!
So far somebody suggests Joan Ryder rides a broom and you make fun of Mallamo’s clothes; not sure which is more juvenile. Personally, when this Smith deal went down it became apparent (at least to me) that we have an Ofc. within local government that can and has decided it can use taxpayers money to pick winners and losers in the marketplace using taxpayers funds. That alone justifies additional scrutiny.
Mr. Bee
You have revealed me. You seem to know me all too well.
By the way, which of my high school classes were you in? I don’t recall having any one with the name Bee in any of them.
Now, do you have any other “facts” realted to anything of gereater substance then my sartorial habits, previous employment or my attendance at County meetings?
Mr. Bee, I suggest you go back to high school to learn basic manners. Mr. Mallamo offered you the chance to express your facts in order to engage in an intelligent discussion. Instead you have chosen to talk about one’s appearance and other worthless subjects not even worthy of discussion. If it is remotely possible that you can present an intelligent debatable point please present it. This is supposed to be a forum to discuss current matters affecting Harford County. That does not include fashion reviews and character assassination. Please attempt to refrain from such asinine comments.
Contrary to the misinformation being presented by the proponents of James Run and Bill who should learn that mean words accomplish nothing,the taxpayers are faced with increased taxes due to the fact that the cost of government services from new development exceed all projected increases in revenues. You may not have seen it today but it is coming.I suggest everyone carefully review the county budgets for the past five years. You will see as the budget continues to grow the structural deficit continues to grow. There is a budget gap in the tens of millions each of the last five years that has been depleting the cash reserve. At the rate Harford County is spending the cash reserve will be gone in the next few years. I also encourage everyone to read more about Tax Increment Financing. Study where this method of providing assistance has been properly and successfully used. You will not find it has been used in the manner Harford County has determined is acceptable. There must be a circumstance that makes the development commercially not feasible. There is no qualifying circumstance the case of James Run. If this project so benefits the taxpayers of Harford County why are our property taxes not going down? why is the budget gap continuing? and just why is the government interfering with the capitalist spirit of deciding when capital should be invested? Having a convenience is not a qualifying reason for a TIF. Harford County will continue to have budget pressures because of economic development decisions that have not materialized. Also budget pressures are on the horizon as unfunded obligations come due. In the best interest of Harford County this resolution and bill should be rejected by the Harford County Council. Just maybe then these proponents who obviously are county employees will show more respect for those who are trying to fairly enlighten them.
Mr. Mallamo, as a Harford County taxpayer I thoroughly appreciate ALL your work – investigative, organizational, and presentational. You have/are undertaking a very important public function that the vast majority of citizens either don’t have the time for or don’t give a darn about until they receive an increased county tax bill. I’ve heard you speak on a number of occasions and have been impressed plus informed each time. Based on your tenacity, I’m sure a few back handed, juvenile insults will only add fuel to your independent researching/thinking mind. Again, I thank you for your time spent spreading the truth and facts about the area in which we live. You are a true asset to Harford County Mr. Mallamo!
Well put. Without citizen activism we end up with Walmarts inappropriately in the middle of neighborhoods, giveaways to Smith and others, cronyism and corruption. If this gentleman is the only one willing to take the time to dig into the activities of the OEO bully for him. We need more like him – God bless somebody that cares enough to spend the time.
A broom is my favorite mode of transportation. I always play a witch when it comes to dressing up! By the way when you fly over Harford County, that is the only way you get a look at the Big Picture. It is an awesome task to take in all that is going on. It makes your head spin how these politicans and their supporters abuse the taxpayers. Check the facts. Mr. Mallamo is correct.
We need Rt. 543 fixed. This project helps to fix it. The only other way to fix it is with a gas tax increase….do we really think a gas tax on the public is better than a TIF that some developer pays? The choice is easy in my book. I hope the Council votes for this.
Sir, Ma’am
We absolutely do need to fix Route 543.
Unfortunately, this project will not do that. Additionally, those improvements that are included in the project are more rightfully a responsibility of the developer, not residents of Harford County.
In 2008 the State Highway Administration estimated that the costs accruing to improvements to 543 to support BRAC ranged from approximately $30 million to $43.5 million dollars. A previous Transportation Element Plan from Harford County estimated that the cost to fix just the intersection at I-95 and 543 was approximately $15 million dollars. The Beechtree TIF allocated $180,000 dollars to improve route 543. The James Run TIF allocates approximately $3 million dollars to improve only that portion of Route 543 necessary to support their access. Not quite enough funding to improve Route 543 for all who travel on it.
If as you state that a gas tax is required to improve Route 543 then it will be required anyway as this project will fall far short of all required improvements. A better plan would be to let the developer pay for improvements, without the TIF, and use the increased State and County tax revenues, resulting from the project, for the necessary improvements.
FROM THE WITCHES CORNER:
In recent articles from the County Executive and members of the Economic Development Advisory Board residents of Harford County have been told that they must change their way of thinking about how the County spends money. We now must look at the various projects from the Office of Economic Development as investments.
As an “investor” it is incumbent on me to read and understand all available information on the investment opportunity before deciding whether to invest or not. Failure to do so may result in a loss of my money, with only me to blame.
So, I read the information on the James Run TIF in Bill number 12-35 and determined that it did not meet even the minimal requirements of an Initial Public Offering as mandated by the Securities and Exchange Commission. It certainly did not satisfy my requirements for making a decision, nor was it very credible.
Harford County does have other experience with the Tax Increment Financing. The Beechtree TIF was established in 2010 to support the development of a housing project. There is some difference between that project and the James Run TIF. With the Beechtree TIF Harford County was able to increase the size of the water and sewer lines to support further development in the area. Additionally, there were some contributions to road improvements that may have exceeded the Developers legal responsibilities.
The similarities between the blue sky projections for the success of the two Tiffs are significant. Both used low risk high success models to project full success. The Beechtree TIF does not seem to have met with the success projected, for a variety of reasons, not the least of which is that those projections were unrealistic. It is unlikely that the projections for the James Run TIF will be met any better.
In order for anyone to make an informed decision on the James Run TIF, and avoid the situation with Beechtree, I believe that the following information is necessary.
1. What exactly is the scope of this project?
2. Who will operate and manage the project during development?
3. Who will operate and manage the project upon completion?
4. Who, individually by name, is involved in the project?
In what capacity?
What expertise, specialty or resource does the individual bring to the project?
What external associations does the individual have?
What previous projects has the individual been involved with?
5. This project is estimated to cost approximately $200 million dollars. Who will provide the capital for the project? What are the terms of the financing?
6. How will the individuals, companies involved warrant the 4,000 new jobs projected as a result of completing this project.
7. How will the individuals, companies involved indemnify Harford County against loss?
8. If a portion or all of the increased Real Property Tax revenue is pledged by the County for debt service on bonds issued, what happens in the event of a default on the project and sale at property tax auction? Will the County pay the debt service if the property is not resold, or if it is resold at below market value?
9. Why can’t the individuals, companies find other sources of capital for the project?
10. What study analysis supports the need for this project?
11. Where is the risk analysis conducted by an independent third party for this project?
12. What is the credit rating of the individuals, companies involved with this project? Credit rating must be relevant to this project, or other similar projects.
13. How much of the increased Real Property Tax revenue, resulting from an increase in property value will Harford County give up to pay debt service?
Bottom line No More Business Friendly. Just Good Business. Harford County does not need to give away tax dollars in order to attract marginal business. We simply need to let business know that they are welcome and that if they have a good product, a good business model and follow good business practices, the residents of Harford County will support and reward their efforts.
Six Reasons to Support the James Run Corporate Campus
With Halloween around the corner, opponents of the James Run Corporate Campus are trying to scare up goblins over this redevelopment plan that simply don’t exist. While these ghost stories tend to fall apart on their own, let me help dispel some of the myths.
First, Mr. John Mallamo writes that the identities of James Run developers have been obscured, but then contradicts himself by listing every one of them via public documents available to anyone. That is not obscure.
Second, critics are wrong to suggest that County residents are on the hook for bond payments as part of the Tax Increment Finance plan, or TIF. Taxpayers don’t repay the bonds. The bonds issued to pay for public – and I emphasize public – improvements around James Run are repaid entirely by the James Run developers. The county isn’t required to pay a penny, nor is its full faith and credit on the line. Anne Arundel, Frederick and Prince George’s are just a few of the Maryland counties to have used TIFs to build great commercial sites and in no instance did their taxpayers ever foot the bill.
Third, we hear about corporate welfare from opponents. I oppose corporate welfare. That is why I support James Run and the TIF. We, the taxpayer, aren’t on the hook for bond payments or for new taxes. Responsibility for bond payments falls to private enterprise, as it should. County leaders and James Run planners have found a fiscally responsible solution that protects the taxpayer.
Fourth, Harford County is growing. Incomes are up 35% in ten years – during a terrible economy – and more people are moving to the County for the good, high-paying jobs we offer here. That means we need two things: 1) commercial office space that businesses want, and 2) improvements to public roads to help accommodate new business activity.
The James Run plan does both. It pays for improvements to 10 offsite traffic locations, most of which are on Route 7 and Route 543. Anyone who suffers through morning rush hour on those roads knows that traffic improvements are way overdue. The James Run plan may not solve all the area traffic problems but it’s a welcome start.
Fifth, for residents near James Run the prospect of first-class restaurants, dry-cleaning, cafes, and jobs all being around the corner is much more appealing than having to drive into town or farther. James Run means less time in traffic and more time with family.
Sixth, the James Run redevelopment means the land will start generating much more revenue than it currently does. That additional revenue – estimated at $92 million over 30 years – can be used to kick gangs out of Harford County, keep our schools structurally sound, and fix potholes on our streets.
Years from now we will look at James Run as a source of pride. It will be a bustling site for commerce, retail shopping and hi-tech jobs. And it will be paid for the right way: by private enterprise, not the taxpayer.
The same Diane that wrote a glowing letter about James Run in the Aegis, I assume? The letter that got picked up by the James Run Development’s marketing website?? How convenient. I’d love to know what horse you have in the race.
If James Run is so wonderful, the developers will have no trouble getting bank financing like any other company, and filling their vacancies without tax incremental financing. Considering how poorly Beechtree is performing, I’m trusting (scary word there) my county council to vote this down.
Ma’am
Diane,
Ma’am
Lets take your discussion points one at a time. First you are correct that the LLC’s and their agents are identified. Whether that is all of the participants is not known. No single individual is further identified. Is that important? Well yes it is. Lets look at the Smiths Detection grant and loan for example. The principal receiving the grant and loan was Smith’s detection. Here is where it gets very interesting.
Jill McClune – Member Economic Development Advisory Board
Jill McClune – Member Harford Business Innovation Center Task force
Jill McClune – Member, Board of Directors Harford business Innovation Center Inc
Jill McClune – Resident agent Harford Business Innovation Center Inc
Jill McClune – Vice president for contracts and compliance Smiths detection
Jill McClune – 20 year employee Simths detection.
A bit curious I would think. Full disclosure to know who, by name is involved with these efforts not just the resident agents and their corporate identities would be a good idea. With the self claimed increased autonomy and decision making ability of the Economic Development Advisory Board it is very important to know who is involved. A question to you, since you seem to know more than just a little about this project, who else is directly or indirectly involved? I would certainly like to know who is involved.
Again you are correct that the Harford County residents will not pay the principal and interest on the bonds for the project directly . Harford County will, however, forfeit the Real Property Tax revenue that accrues as a result of the increased value of the property. That revenue stream is not insignificant. Harford County, while in better shape than other jurisdictions, still does not have enough revenue to initiate much less complete all the necessary projects to improve County infrastructure. That means that with all the other requirements that the County must fund the financial obligations passed back by the State, and a balanced budget requirement, Harford County residents will not get any tax break, and may see a tax increase. Why is it a good idea or even necessary that we forfeit any revenue for the benefit of unknown investors.
I agree that bond payments should be a responsibility of private enterprise. Since private enterprise is the beneficiary, then private enterprise should seek private capital from private equity markets. That is how private enterprise works. Seems odd that if Cushman Wakefield one of the largest private real estate developers in the world, with a separate division to access capital markets, is actually a participant in this project, they cannot come up with the financing for the project. Could be too much risk for them? Asking Harford County to forfeit tax revenue is unacceptable with all the other necessary infrastructure shortcomings in the County.
Your argument for additional office space is not supported by anything other than your claim. Where is the empirical data to support your claim? Harford County residents were told by the developers of Beechtree Estates that there was a dire need for more housing. 2 years into the project, fewer than 50 houses have been sold. Not a very good track record on developer projections. Provide the data, and also, identify the corporations who have signed leases to occupy the spaces. If there is in fact a dire need for more commercial space then it would seem likely that developers would come begging for the opportunity to build. Maybe even offering better incentives to the County for the opportunity.
The road improvements you mention seem to all be associated with providing access to the James Run Corporate Campus not a solution to the already overcrowded roads in an around the project.
The prospect of all the amenities mentioned is appealing. Seems like most of those amenities are available right on Route 543 now. Did any of them get a special deal to build their business? Will any other business that loses revenue as a result of this government sponsored project be compensated? I wonder how the proprietors of those businesses feel about paying full property taxes while the businesses at James Run Corporate Campus use their property taxes to pay for the infrastructure that the developer should have paid for without taxpayer support. I wonder how their bottom line profit will be affected by this. Why should they get the short end of this government sponsored deal.
The promise of more revenue is alluring. But be honest. The County is being asked to front money for infrastructure on a project that does not have any identified occupants and may not be built. Once the County supported infrastructure is in place, the various corporations and maybe private individuals can shop the property around as a site with all public water, sewer, roads electric, ready to build, or build to suit. If this were such a good deal, then it would be developed without any government support, The County would get the full benefit of the tax revenue, without any forfeiture. The additional revenue might be twice the estimated $92 million dollars left after paying principal and interest, accruing to the increased property value. $92 Million is a figure of some dubiousness by the way. It would make this property the single most valuable property in Harford County, estimated assessed value would have to be approximately $295 Million dollars to generate $92 million dollars over a 30 year period. Not likely. Nonetheless, why should Harford County get less while the corporate and private sponsors get more?
I disagree with your estimate that the taxpayers of Harford County will not pay for this development. Every dollar in tax revenue we forfeit is a dollar paid.
I agree with Joan Ryder. NO MORE BUSINESS FRIENDLY, JUST GOOD BUSINESS.
Mr. Mallamo– I don’t understand what you are missing here. The facts are as simple as can be. The county is NOT putting up a penny and its full faith and credit are NOT on the line. TIF bond funds are by law only for PUBLIC improvement. I can not wait for this retail area to be built because right now we don’t have anywhere to go.
I hate people like you that fight just to put up a fight. You are an absolute bully and you should be ashamed of yourself.
To be honest, this project can not go up soon enough!!!
@John
Since you are an expert on Tax Incremental Financing TIF works please explain it?
John,
Sir,
There is a nuance here that perhaps you should consider. The price of my porperty included the cost of the streets that were put in for my use. I pay taxes on the property for all of the services the sounty proivdes. so do most other residents in the County. Now the James run TIF is asking the County to forfeit Real Property Tax revenue so that the money can be used to pay for the streets, water sewer and the other services that the County provides. The loss of that Real Property Tax revenue is a cost to the Taxpayers of Harford County. If nothing else it is called an opportunity cost. It is the cost of opportunities that the County cannot pursue. It is the cost of services provided to the James Run Corporate Campus that others in the Coounty must subsidize with their taxes. It is the profit that other business owners lose because they have a different tax structure.
Additionally, no one yet has provided any empirical data, or any other credible reason that Harford County should enter into this arrangement. Except for the the LLCs and people who are benefiting from the deal and the County Administration, nobody seems to have a good reason for why this deal should be pursued. Perhaps you could provide an answer.
It is a unfortunate that you are offended by an opinion other than your own and intimidated by anyone who would express opposition to it, but then you are entitled to that.
By the way Mr. Mallamo– Cushman and Wakefield is the leasing agent on the project… NOT the developer. It is clear you have absolutely NO clue what you are talking about.
John,
Sir,
You are absoplutely correct that I have no idea who all is involved in this project. I would be most grateful if you could identify all of the individual participants, by name, not just by their corporate identity.
Here is your Wikipedia definition– in the case of James Run this is for public improvements.
TIF is a method to use future gains in taxes to subsidize current improvements, which are projected to create the conditions for said gains. The completion of a public project often results in an increase in the value of surrounding real estate, which generates additional tax revenue. Sales-tax revenue may also increase, and jobs may be added, although these factors and their multipliers usually do not influence the structure of TIF.
When an increase in site value and private investment generates an increase in tax revenues, it is the “tax increment.” Tax Increment Financing dedicates tax increments within a certain defined district to finance the debt that is issued to pay for the project. TIF is often designed to channel funding toward improvements in distressed, underdeveloped, or underutilized parts of a jurisdiction where development might otherwise not occur. TIF creates funding for public or private projects by borrowing against the future increase in these property-tax revenues. [1]
@John
So you’re not an expert.
You do understand that real property taxes are diverted to pay the bond
and therefore are not collected by Harford County, while the county has to support the infrastructure with services.
And who is on the hook if the project fails to realize its financial objectives?
Stillwell- What is your angle here? Are you competing with this development? It’s about time we had a new place to go for retail in this town and right now James Run is the only promise I see.
@John
I am for the taxpayer and true capitalists who don’t use regulatory capture and government to subsidize their projects.
I am a capitalist as well– but if this development going up means my friends who are currently unemployed will have a job— then I am all for it. ESPECIALLY– if no money is coming out of your pocket.
We need jobs not idiots such as yourself fighting for the mere fact of fighting.
I love Harford County very much and it is old, non forward looking people such as yourself that ruins
this town for all of us.
yes john i am with you!
my idols mussolini and stalin thought as you do in that central county planning and investment will provide work and food for the worker class
John,
Sir,
You present an interesting thought process that has influenced your conclusions. I do not accept your process and therefore, after careful consideration, cannot accept your conclusions. Here are some other thoughts that perhaps you have not considered.
I agree that we do need jobs in Harford County. Not just jobs that require a college degree, but also entry level jobs, and jobs for people who did not go to college. But do you really believe that the James Run Development LLC will be hiring 6,000 people? Their web site and recent mass mailed post card would lead everybody to believe that they will. Looking behind the curtain at the LLCs involved, James Run Development, 95-543, Bren-Mar, they all have two items in common. First the resident agent is a Mr. Robert B. Schulman. Second they were each formed to buy, sell and develop real estate. Have you ever seen any of these three LLCs or Mr. Schulman mentioned in any big real estate ventures? The fourth LLC in the project is a JR Lodging LLC, also formed to buy, sell and develop real estate. Ever seen that name in any major real estate deals? The last name associated with the deal is Cushman-Wakefield, who you state is only the leasing agent. Do you really believe that any of these corporations has the capacity to generate 6,000 new jobs in Harford County or anywhere in the world? Are they willing to warrant that they will in fact create 6,000 new jobs for Harford County? Are they willing to put up a surety bond to that end?
My answer is no, you can debate it at length. I believe that they are all hoping that somehow there will be a further expansion on Aberdeen Proving Ground and that they will hit the jackpot. Highly speculative, but if they are willing to risk their own fortunes on it, without any TIF, then I encourage them to do so, and hope for their success. I will not be investing in this project however. Governor O’Malley, in his comments prior to the Vice Presidential debates summed up the employment picture in the state very acutely with his observation that Maryland would lose $70 billion if proposed cuts to the federal budget were enacted. Regardless of who is elected President, or which Party controls congress, there is no doubt that there will be budget cuts. Unfortunate, but a reality. Do you really want to bet on a project tied closely to the federal budgetary process?
Do we really need the retail and restaurants that have been promised? Except for the County Executive, and his Office of Economic Development, you and very few others, no one else has come forward with an overly compelling case for that need. You all, for your own reasons, have decided that there is a great need for this project. You stated that you need a new place to go. Do you know which upscale restaurants and retail shops will be moving in? Is this going to be a Harford County version of the Avenue? Or Hollywood’ s Rodeo Drive? Or Scottsdale’s Fifth Avenue? Will this be a destination stop? Unlikely, but could be. Not a very compelling reason for a County struggling with its own infrastructure funding problems to forfeit tax revenue.
Like so many others I got the mass mailed post card from James Run Development, LLC and visited their web site. Both were nicely done, polished and professional. A bit of a hard sell for Harford County, though. Looked more like an Arizona land deal to me. They must have forgotten to send a prospectus to potential investors along with it. But as long as they funded it, it doesn’t’ matter. The shame of it all is that there are some people who will look at the artists rendering, and the slick post card and believe that this reality. I do not believe that believing in slick marketing is an indicator of forward thinking. Do you?
Here is an alternative view of this project. The people involved are under capitalized and do not have access to enough capital to make it a reality. They are looking to the County to fund the infrastructure, and will then shop the property as a ready to build site, either for sale or managed by another party. None of them have enough experience or capital to stay in and will look to maybe Cushman Wakefield to build to suit and maybe manage, for a fee, of course. The most Harford County will be able to see will be the 4X8 signs advertising ready to build, build to suit, call this number another project by ???? with some pretty artist renderings.
The most disappointing aspect of this deal is that the County Executive and his Office of Economic Development have lent their good name and reputation to it. Dragging Harford County’s good name and reputation into is truly shameful. I would have expected better of all of them.
@John
Well, I don’t think you sufficiently or even partially answered my comment.
It’s okay if you are unable to respond for lack of knowledge.