Greensboro Downtown development and re-development is a wonderful thing that is happening in our city. I love it! It is also something that requires much scrutiny.
I have been concerned for sometime about the expansion of the Greensboro Central Business zoning district area. CB zoning is creeping outside the traditional downtown area of Greensboro. The lack of parking requirements in the CB zoning should be a concern for every citizen because someone is going to have to pay for providing parking to the area.
The new co-called "self -financing bonds" that can be issued by the city council without voter approval are one way to finance parking garages. This type of bonds have had limited use in other areas, but have not been fully tested over time and shown to be the best way to finance public projects. The theory is that as property values will go up the increased taxes paid by property owners will pay off the bonds.
The advantage of this type zoning is certainly to the developer of projects in Downtown Greensboro. Builders in other areas of the city have to provide parking and landscape areas at their own expense and pass the price up front to buyers and tenants.
Greensboro City Councils Members will determine how many of these non-voter-approved bonds will be issued and what areas will be included in the pay-back taxes.
What do you think?