The Hill Top House Hotel project is seeking a Tax Increment Financing (TIF) District for its 9 acre property in Harpers Ferry. The project, now 15+ years in planning and preparation, envisions building a world-class resort, restaurant, and spa facility on the dramatic site overlooking Harpers Ferry
The proposed TIF would direct the additional property taxes generated as a result of the redevelopment project to service bonds issued by the developer used to fund infrastructure related to the hotel project (including the underground parking garage). Documents provided to the County Commission indicate an estimate of the bond costs around $22 million (in the context of an estimated $146 million construction budget).
The TIF revenue to be dedicated to the project would be generated by the property taxes levied on the additional value created as a result of the project (which is currently vacant land), not to exceed a period of 30 years or repayment of the bonds, whichever happens first. The project has already been approved for a similar tax arrangement on the state sales tax generated by the activity that would happen at the hotel (that arrangement affects only the state portion of the sales taxes).
The County Commission will hold a public hearing on August 17 at 6 pm to review the TIF request.The meeting will be held in the Commission meeting room in the basement of the Charles Town Library (200 East Washington St – the meeting room entrance is on Samuel Street).By Staff Contributor