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Beach Town Center's property drops slightly
City Council has agreed to put another $60.1 million into Phase Four of the project. City Council has agreed to put another $60.1 million into Phase Four of the project.
The city has invested nearly $84 million into the first three phases of Town Center. City Council has agreed to put another $60.1 million into Phase Four of the project. City Council has agreed to put another $60.1 "Anadrol 50" million into Phase Four of the project.
The 10 blocks of office towers, shops, restaurants and residences dropped in assessed value by 4.7 percent, according to records from the city's real estate assessor's office. Citywide assessments this year declined by 6.5 percent.
The Studio 56 condominiums, Cosmopolitan Apartments, Dick's Sporting Goods and the One Columbus Center office building proved to be a particular drag to Town Center, with values there dropping by 15 to 25 percent.
The data indicate that even Town Center, which started as a public private partnership between the city and developer Armada Hoffler in 1999, is not immune from the economic downturn, said Charles Phillips, a real estate appraiser who recently retired from the City of Virginia Beach.
Beach officials have long touted the increase in its assessed value as a sign of Town Center's success. In 2003, the area was worth $18.5 million; this year the assessor pegged its value at $381.6 Masteron Subq million.
The city has invested nearly $84 million into the first three phases of the project. The City Council has agreed to put another $60.1 million into Phase Four, which currently is stalled as Armada Hoffler secures financing.
The increase in assessed value and real estate taxes at Town "Achat Anabolisant Belgique" Center and the surrounding area "Anaboliset Aineet" go toward paying off the city's investment into the project.
Beach Finance Director Patricia Phillips said she's not worried about the decline right now.
"For the time being, there is sufficient funds to make debt payments," she said. "This is part of the business cycle."
Town Center's initial growth exceeded the city's expectations and allowed Virginia Beach to build a financial buffer "Anaboliset Aineet" for when times got tough, Patricia Phillips said.
The Town Center fund has about $2 million in savings, she said.
The tax increment financing district, which includes the core of Town Center and the surrounding parcels, will bring in about $6 million in revenue this year, while the city's debt payment is about $5 million, Patricia Phillips said.
The decreasing assessments, however, are not a good sign, especially with some buildings falling as much as 25 percent in value, said Beth Allen, a critic who has studied Town Center for the Virginia Beach Taxpayer Alliance. The alliance advocates Masteron 200 Enanthate for lower tax rates.
"It can't be this volatile thing, where we have enormous success when the economy is strong Methenolone Enanthate Para Que Sirve and this plunging down when the economy is down," Allen said. "It's too dependent on the overall economy for the survival."
There is no possibility that the city will default on its debt; officials would "buy cheap jintropin online" find other ways to pay for it, said Vice Mayor Louis Jones.
The debt ultimately is backed by Beach taxpayers. Still, city officials said it would take many years of declining assessments in Town Center before they would worry about how to pay for the project.
"My projections are anticipating a slow growth scenario, and we're still in the black," Patricia Phillips said. "We would have to rethink that if the world entered a major depression."COMMENTS ADVISORY: Users are solely responsible for opinions they post here; comments do not reflect the views of The Virginian Pilot or its websites. Users must follow agreed upon rules: Be civil, be clean, be on topic; don't attack private individuals, other users or classes of people. Read the full rules here.
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