I am a bit distressed about what I am reading on the Weyman Avenue site. Apparently the sales tax for the most part has gone down through the years. The debt service is not far from the sales tax received. Is this an example of how development has no clear cut financial reward for the city? Sales tax is at the bottom of this email. e.g. $3.2 million in sales tax minus $2.8 in debt payments equals less than half a million dollars and I wonder how much school tax and county tax we are paying. Note the school taxes and county taxes are not included. The Finance Commissioner intially sent me this breakout:
2010 figures for Weyman Ave development:
Property Taxes = $1,830,000
Sales Taxes = $3,400,000
Amortized land sale proceeds = $283,000
Total Income = $5,513,000
Debt Service = $2,900,000
Amount of Income in Excess of Debt Service = $2,613,000
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The Finance Commissioner also said that we can not get a breakdown of sales tax by store as below:. Notice the sales tax has decreased.
Please be advised that sales taxes are collected by the New York State Department of Taxation and Finance and distributed to taxing jurisdictions on a periodic basis. I can provide you with the amounts distributed to the City but I have no information on what the School District, County, State or Library have received. You would need to check with those entities.
Here are the approximate annual amounts of sales taxes received by the City as a result of the Weyman Ave development (in millions of dollars):
1998-99 $4 million
1999-00 $3.9
2000-01 $3.1
2001-02 $3.3
2002-03 $3.3
2003-04 $3.4
2004-05 $3.4
2005-06 $3.4
2006-07 $3.8
2007-08 $3.8
2008-09 $3.7
2009-10 $3.3
2010-11 $3.2