Palmer Township's NID ensures Chrin Company, not township, responsible if Route 33 interchange fails
Sometimes you can plan for everything and the unexpected happens.
That’s the premise behind the Palmer Township Board of Supervisors’ approval of the Neighborhood Improvement District Municipal Authority Articles of Incorporation bill on Monday night. The NID ensures that the Charles Chrin Company is responsible if a publicly funded interchange nestled along Route 33 in the northern half of the township fails to live up to expectations and generate revenue.
In essence, an insurance policy.
“None of the three taxing bodies will be responsible for paying for the bond in any way, shape or forum,” said President David Colver.
As Colver noted above, Palmer Township is one of three taxing bodies – the others being the Easton Area School District and Northampton County – who have agreed to spur development in that area with Chrin by forgoing new taxes from any future development over the next two decades. In return the new tax proceed go toward paying back more than $33 million borrowed to spur the construction near Tatamy.
Colver also added that there are three years of capitalized interest at the front end of the financing that will allow for the time needed for development to realistically take place.
“That (development) is going to take some time,” he added.
In other matters Monday night, the board also approved the purchase 10.9 acres of land by the Public Works building. The two parcels of land – one at 4.7 acres and the other at 6.12 acres, is being bought at $40,000 per acre for a total of $436,160, according to township solicitor Charles Bruno.
“I think in the big picture this sets us up for long-term,” said Culver. Along with other land purchases in recent years, Colver said this will handle the township’s needs for parks, public works, recycling centers and sewer departments “forever.”
“Not for the foreseeable future, forever,” Colver added for emphasis.
And in other business, supervisors reappointed Nancy Mendres as Business Privilege Tax Collector.
Supervisor Robert Smith was absent from Monday night’s meeting.
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