Memo from John Smithers, Chair of the Finance Subcommittee
Greetings! My name is John Smithers, chair of the Finance Subcommittee, and my office has received numerous inquiries regarding the source of funding for such a large urban development project. Where is the money coming from? Who is responsible to maintaining a shared transportation network? Has the funding been secured or is it part of a larger loan? In answer to these questions, I present the following information points regarding this subject.
First: Money for the development of Emerald Basin has been secured as a result of the American Recovery and Investment Act passed by the U.S. Senate in 2012. The bill is funded through various revenue tactics as I'm sure we as American citizens are aware our government uses from time to time. Ultimately, the region is divided into square lots of three sizes (4X4km, 2X2km, 1X1km). Each lot receives $500,000 from the ARIA bill to use specifically for highway and road construction, incorporation of towns and the infrastructure therein, and any other development the EBDC sees fits to further in that lot. After all construction is complete, leftover funds will either be held in escrow until such a time comes that a town needs to be incorporated, or will be used to repay any loans taken out with the purpose of lot development.
Second: Funding for maintaining the network of highways will be divided as follows: Counties are responsible for 25% of the funding for upkeep and maintainence, the state is responsible for 25%, and the federal government will provide the remaining 50% of required funding. As this is a completely undeveloped region at this time, toll roads would have no impact. Re-revaluation of toll roads will be done once population increase is sufficient to justify such.
I welcome more questions and comments from other users, as it was a comment that inspired this memo! Have a good day and enjoy the beauty of Emerald Basin!
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