SYKESVILLE - The fate of a loan package of state and county money to help financea business park in town could be decided at tomorrow night's Town Council meeting.
The council has been divided in previous discussions on a $1.5 million package the town would administer for developmentof Raincliffe Center, a 32-acre commercial/industrial park planned for the intersection of Route 32 and Raincliffe Road.
With state coffers drying up amid worsening economic conditions, state officials are looking for a resolution of the council's intentions on the matter, said Mayor Lloyd R. Helt Jr. If such a resolution,which likely will be offered tomorrow, is voted down, the loan proposal could be stalled.
"This industrial park is going to work," Helt said Friday. "It's a fine opportunity for the town of Sykesville."
Security Enterprises Inc., a developer based in Ellicott City, Howard County, approached the town about participating in the loan program. Once completed, the park is expected to be worth $4.7 million, and increase the town's annual assessable tax base by more than $70,000.
However, some council members have said they don't think the town should engage in administration of loans, and expressed concern about the town being liable for paying back the money in case of financial failure of the park.
But Helt, who supports the proposal, points to the required creation of a special tax district aimed at recouping the loan amount in the event of default.
Also, the council willdiscuss preliminary plans to develop a park on the banks of the Patapsco River at the entrance to the town. Town administrators have met with Howard County officials about using state Program Open Space money to develop the park on the Howard side of the river.
The meeting begins at the Town House at 7:30 p.m.