Chrin attorney Scott Allinson updated Northampton County Council's Economic Development Committee last night on the progress of what is known as the Chrin TIF, a sprawling, 689-acre tract of land in northern Palmer Township, touching on 7 different municipalities. He was accompanied by Dave Colver, who chairs Palmer's Board of Supervisors.Allinson made three points. First, there's already an agreement to sell the northwest quadrant, consisting of about 286 acres, to a national developer. Second, a study by the Dietrick group had projected about 3,500 jobs at the site, but that has now been upgraded to over 5,000 jobs. Third, Chrin will pay for a Rte 33 Interchange with bond proceeds. He assumes the risk of failure.
Without Chrin's personal investment, there would be no Interchange at all. According to Allison, the exit was not included in PennDOT's 12-year plan. Then State Senator Rob Wonderling helped Allinson break the logjam.
Dave Colver outlined the zoning overlay changes planned for the area, which I discussed last week. Those will be voted on by Supervisors on Tuesday, and will permit a 1-million square-foot big box, but only one.
According to Colver, it will be a diamond-shaped Interchange. A $33.5 million bond sale is scheduled to settle on August 15. After that, construction should start by October, with a tentative completion date of Christmas 2013.
91 acres, located near Nazareth Middle School, will remain zoned agricultural and serve as a buffer between the school and the industrial development.
Like Allinson, Colver stressed that Chrin bears the risk of failure. Palmer has already created a Neighborhood Improvement District (NID), not to be confused with a NIZ, to assess Chrin if the increased valuation in real estate is insufficient to pay the bond debt. If Chrin were for some reason unable to pay, the ultimate risk of loss would be borne by bond purchasers.
