Our Statement on the Proposed Green Street Development Project
Sept. 26, 2022
The Brentwood School District shares the City of Brentwood’s excitement regarding the Brentwood Bound development project proposed by Green Street Real Estate Ventures. This $400 million mixed-use, multi-phased project would transform 40 acres along Manchester Road by adding 23 new commercial and residential properties over the next decade.
To help jump-start this project, the city is considering economic development incentives, often referred to as tax abatements, to reduce or eliminate the amount of property taxes paid by the developer on new construction and major development improvements. The developer has proposed a 90% abatement of property taxes for the first 10 years of the project, which includes 477 non-age-restricted apartments and 13 townhomes.
What does this mean for the Brentwood School District?
A school district carries the greatest financial burden when property taxes are used to fund economic development incentives. Approximately 93% of the Brentwood School District’s revenue is generated from local taxes, and the primary way to increase our tax revenue without increasing the burden on residents is through property taxes on new construction.
According to the developer’s projections, this project would generate $51.6 million in new revenue for the Brentwood School District over a 25-year period. However, these figures are contingent on the successful completion of all three phases of the project and a 90% abatement of property taxes until the year 2036. In addition, the 490 tax-abated residential units would increase our enrollment without providing enough money to educate each new student annually for 10 years.
Our community has always been a strong supporter of public education and the Brentwood School District. It recognizes the value of high-quality teachers and staff, small class sizes and personalized learning experiences for all students. Using property taxes to fund economic development incentives would impact all of these qualities that make our district such a great place for students to learn and grow.
We want to see our community thrive without compromising the high-quality education our community has come to expect from the Brentwood School District. We encourage the City of Brentwood to continue negotiations with Green Street Real Estate Ventures, and we welcome the opportunity to be engaged throughout the process so that our students have a voice in the future of their education.