SPECIAL ELECTION: WATER STREET PROPERTY QUESTIONS and ANSWERS

Q: Will my taxes go up if the Ballot Question passes?
Approval of the question will place the full faith and credit of the City behind paying the annual $55,000 payment amount for the next 20 years. The City currently receives approximately $8 million annually in property taxes. The City fully anticipates being able to make the annual payment without having to increase property taxes.
Q: What is the plan for the Water Street Property if the Ballot question passes?
The City is committed to preserving its Chesapeake Bay shoreline for public use. While final details and design is still in-progress, the intent is to preserve the land as parkland, with recreational access to the water as well as playground and gathering amenities. Please note, with the impending Amtrak bridge project, there is a possibility that this land may be used and leased for several years towards the completion of that project.
Q: What happens to the Water Street property if the Ballot question does not pass?
The land currently is owned by the County, who has determined that the property is excess and intends to sell the property. The City has been given effectively an exclusive right of first refusal. In the event the citizens determine it is not in their best interest to exercise that right, the County will likely place the property for sale to the public at large.
Q: Is there a concern for soil contamination?
On 2005 to 2006, Geo-technologies Associates performed a Phase I and Phase II study. The study found the sites were, in fact contaminated with diesel/heating oil, gasoline and pesticides. Due to the collapse of the housing market in 2006, no remediation plan was developed for the properties. At this time, no definitive cost to remediate the site can be developed until a Concept Plan of the proposed use of the Site has been submitted to MDE for Review and approval. It is at this time that MDE will define the remediation measures. If the proposed use is simply to install walkways to connect the Greenway Trail, applying a geo-tech fabric similar to landfills and capping the site may be sufficient.
Q: How will the City pay for the Water Street property if the Ballot question passes?
As with all debt incurred by the City, debt service will be included in the annual budget presented by the Mayor and approved by the City Council. As noted previously, the City fully anticipates being able to include the $55,000 annual payment to its annual budget without having to increase taxes or fees.
Q: What is the current value of the land?
The assessed value for the parcels under consideration is approximately $1,612,567.
Q: What are the expected operational and capital costs should the land be purchased by the City?
Based on the current planned use as parkland, annual operating cost should not exceed $25, 000.
Q: How much property does the City currently own in the City compared to the total City area?
The City owns approximately 130 acres of land. This equates to 2% of the 6,825 acres within City limits. By area, City-owned property is assessed at $24,900,000, or roughly, 1.7% of the $1,431,200,000 total assessed value of all properties within the City.