* note (As you read this direct excerpt ?– consider the economic situation of our school district today. This quote is from a few years back prior to many, many additional homes.)
Mr. _________ stated he has provided the Commission with an economic fact sheet, however he used the old tax rate of 48.78 it should have been 52.00. If 563 homes are built and they average $175,000 this development will generate over $98,000,000 in property value. If you take 35% of that you then get the taxable base of $34,4583,750 (before you ask, this is the typo in the City?’s document where this was copied word for word) and using the old tax rate which is several mills under this development will generate $1,682,117 in property taxes. The school system gets 64.8% which equals $1,090,011 and the City gets 10.8% which equals $181,339. If they assume the residents in these homes are making $60,000 a year they will generate over 323,780,000 with the school system getting 1% which equals 337,800 and the City receives ?½ % which equals $168,900. This means the school system will generate $1,427,811 and the City will generate $519,139 when you combine the Property Tax and the Income Tax.
Mr. ________ stated if they have 563 homes they can assume they will generate a ?½ a student per house or 280 students will come out of this finished development. The local contribution to educating children is approximately $2,000 per child, the total price is $5,600 with the rest of the money coming from the state and other sources of revenue. In the community the actual taxing district is responsible for under $2,000. This means it will cost $560,000 of local money to educate these children. The school will generate each and every year $1,427,811 therefore they will net (Yes, he said NET ?– AS IN A PROFIT MADE TO THE SCHOOL DISTRICT FOR NEW HOMES) about $800,000 from this development.
Mr. _________ stated he felt it is no longer true that single family developments could not afford to educate the students which were generated from them. Mr. _______ stated it is partially true because property values have went up and because there is income tax participation. Mr. ________ stated they feel this plan represents a mature and wise development for he community and housing must be built within Pickerington. Pickerington must generate more residents who are new and fresh and committed to the growth of the community in a way that their development supports the community. Mr. __________ stated they fell this development serves that purpose.
It?’s all the same person?’s quote (kind of like one big run on sentence), all at one meeting, and to a ?“T?” fits years of the Pickerington City Council?’s approach to development throughout our area.
BONUS points --- What is the development being discussed?