On the Collapse of Prospect Place
The Prospect Place development is dead for now, but with all the work that has been put into the concept it will be well worth the effort of the town to do what it can to preserve the opportunity. The single most important step the town can take is to get the state to approve a tax-incremental financing (TIF) district in place encompassing the White River Junction core. TIFs are not without their own problems; if structured too generously they can reward developers with public tax monies for investments that would have been made anyway. The temptation Hartford faces is to make the TIF district too large and as a result get locked in a battle with the state over approval. The application, under development now, ought to be made such that the state green light will be given without delay.
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Yes, Prospect was indeed a loss. We aare busy working with new investors and/or public/provate partnership options to see the project through. In these difficult economic times, everything seems to be a biot more difficult…
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