04/17/2014
To our Facebook “friends” and those others seeking an update on Hamilton Crossings:
The development team continues to make progress across many aspects of the project. In the design and permitting process, we crossed a significant threshold last week when the Lower Macungie Township Planning Commission recommended approval of our land development plans. As for permits required from the Pennsylvania Department of Transportation (“PennDOT”), the project has now received PennDOT approval of our traffic impact study (“TIS”). The project traffic engineer is working to complete construction plans for the road improvements required by the approved TIS, which we have described to the public on several occasions. Many of our prospective retailers are working on their building designs and we hope to be able to make additional announcements shortly related to specific tenants.
With the help of County Executive Muller, we have tried to encourage the Lehigh County Commissioners to reconsider their vote on the proposed Tax Increment Financing (“TIF”). In recent weeks, we have learned that a re-vote is not going to take place and that we will be required to move forward without County participation. In order to mitigate the impact of the County’s decision not to participate in the TIF, the Commonwealth of Pennsylvania has stepped in to help bridge the resulting financial gap, awarding the project a low interest loan pursuant to the Business in Our Sights program that can be repaid with some of the new taxes that the project will generate. The project is also seeking a second Commonwealth low interest loan that would accomplish the same goal. Those two loans, taken together, would replace the higher interest TIF bonds that we originally contemplated, and allow the project to proceed, even without County participation. With the benefit of those two Commonwealth loans, our TIF financing proceeds should be largely sufficient to fund the project infrastructure costs that we have outlined to the public in the past.
The next step in the formal TIF process will be a public hearing on the TIF before Lower Macungie Township. The Township has scheduled that public hearing for May 1st at 7:00pm. The Township Board of Commissioners will then formally vote on the TIF Plan on June 5th.
If your schedule permits, and if you are inclined to help, we would like to ask that you join us at that critical public hearing on Thursday,,, May 1st. We respectfully request that those of you who favor the project and its proposed TIF financing attend the May 1 hearing and express your support for the project to the Lower Macungie Township Board of Commissioners.
It appears from the articles in the newspapers and various blog posts over the last few months that at least one Commissioner has already decided to oppose Township participation in the TIF.
We would like that Commissioner, and all of the other Commissioners, to hear your voice at the May 1 public hearing. That hearing may be your last chance to communicate your views on the TIF to the Commissioners.
The TIF continues to be absolutely indispensable to our project! Without the participation of the Township, and the continued participation of the East Penn School District, the project cannot move forward.
Please call us with any questions – we would be happy to communicate and provide additional information if needed.
Tim & Jeremy
