Harford Beechtree deal is nuts
Not much time to get into details, but the proposed tax increment financing (TIF) in Harford County that Jonathan Pitts writes about in today's paper is the dumbest legislative proposal to come down the pike in -- well, at least a couple weeks. As of February there were 1,682 homes for sale in Harford County, according to my colleague Jamie Smith Hopkins.
That's a huge inventory -- much higher, as a multiple of local demand, than the national average. And developer Clark Turner and County Exectutive David Craig want county taxpayers to take out a special loan so Turner can build more houses? A mile from Aberdeen Proving Ground? In a county where base realignment will soon bring demand for houses and allow development to proceed naturally? No way.
TIFs are intended to bring development to challenged areas that might not otherwise get it. Harford, and Beechtree, will eventually be swamped with development without any special deals for Turner.