Michael Faccinetto is President of the Bethlehem Area School Board.
2020-21. We are forgoing somewhere in the neighborhood of $5 million each year to the Redevelopment Authority. A large portion of that is needed to fund the debt service associated with NMS going forward. While this option would save city residents from big parking increases, it would cost BASD taxpayers significantly more to make up the loss in anticipated revenue.
All that being said I do believe there is money left with the Redevelopment Authority in the TIF fund that is not committed to existing project debt that could be used for a portion of the project. I’m only 1 of 9, but I cannot support extending the agreement.
(See Peter Crownfield’s question in the Comment section)