Island Notes
by Jim Hicks
Jan 14, 2010
With sadness we note the recent death of two of our members Dr. Marilyn “Mickey” Fuller, PhD, and Brigadier General James “Jimmie” Leach. Our sympathy is extended to their friends and families.
Good News! Thanks to the efforts of Mr. William Winn, Director of the Emergency Management Department for Beaufort County, the Coast Guard has approved a modification of the schedule for opening the Woods Memorial Bridge in 2010 in an effort to ease the traffic congestion resulting from construction on Lady’s Island Drive and the new bridge.
The new schedule, effective January 11 for one year, will be “The draw need only open at the top of the hour from 8:00 a.m. to 6:00 p.m. with the exception of between the hours of 11:00 a.m. and 1:00 p.m. when the bridge need not open. This will be in effect Monday through Friday except for federal holidays. Tugs with tows, vessels in distress and public vessels of the United States shall be passed at any time.” It is not a total solution to the traffic problem but it is a very real help.
Another look at a Convenience Center on Lady’s Island. The closing of the Convenience Center on Lady’s Island is going to happen. Once closed, the residents of the island can either drive to the St. Helena Center, which is a very nice facility, or contract for commercial curbside pickup. The problem with commercial pickup is that 48% (6,864 acres) of the island is zoned rural, primarily the northern part, where 1,121 existing homes are located producing a density of only 1 house for ever 6 acres.
Commercial contractors are not going to be enthusiastic about signing up to provide curbside pickup for only 1 house every 6 acres. The future will see additional houses built in the rural area of Lady’s Island but probably not enough to economically justify commercial curbside pickup of household waste.
As can be seen from these numbers the primary justification for locating a convenience center near the center of Lady’s Island is not only providing a service to its rural residents but just as important is the shifting of the convenience center traffic load off of Sams Point Road and Sea Island Parkway. We have spent millions widening roads and building bridges. Surely the cost of a modern convenience center centrally located on Lady’s Island is a good investment.
Congratulations to Lady’s Island Elementary School Principal Terry Dingle who has been selected to serve as the Director of Support Services for the Beaufort County School District. Assistant Principal Ms. Molly Kingma will guide the day to day operations of the school for the remainder of the school year.
Approval for Two Planned Unit Developments on Lady’s Island Expires. In the past an ordinance was established that indicated those planned unit developments approved before 1999 in the unincorporated portion of the county but not developed by January 1, 2010 would expire and revert back to “base” zoning. Base zoning on Lady’s Island is Community Preservation which allows construction of 2 houses to an acre.
There are 2 planned unit developments on Lady’s Island which are affected by this “sunset” type of ordinance. The owner of the 98-acre planned unit development Greenheath, located adjacent to Coosa Elementary School, has officially requested and is presently in negotiations with the county to extend approval of the development.
The Village PUD consisting of 35 acres located on property between Sams Point Road and Sunset Bluff and originally approved for 200 residential units expired on January 1, 2010. In the case of the expired Village PUD, the owner of the property can reapply for a new PUD. However, any new PUD would have to be evaluated considering circumstances as they exist today on Lady’s Island.
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Future improvements for Lady’s Island Airport
Courtesy LIBPA Newsletter
Jan 14, 2010
Capital improvement plans for major public facilities, such as airports, are usually developed in 5 and 10 year increments. The Beaufort County Airport Board recently submitted to County Council a 5 year (2010-2015) capital improvement plan for the Lady’s Island Airport.
The plan calls for the extension of the runway to 4,400 feet in length, making runway safety area improvements, building a partial parallel taxiway and apron expansion, relocating the parking lot and building a heliport. The total cost for all of these projects is $11.6 million of which 95% must be provided by the federal government ($11 million), 2.5% will come from the state ($290,875) and 2.5% from the county ($290,875).
Following are the key projects from the recommended plan, their recommended schedule and an estimated cost for each project.
Fiscal year 2010. (1) Complete an environmental assessment for construction of a runway safety area improvements and extension of the runway to 4,400 feet. ($180,000) (2) Complete the design work to include releasing for bid relocation of the parking lot and utility connection to the terminal. ($100,000)
Fiscal year 2011. (1) Complete the design work and release for bid the runway safety area improvements and extension of the runway project. ($475,000) (2) Construction phase of parking lot relocation and utility connection to the terminal. ($1,080,000)
Fiscal year 2012. ( 1) Construction phase of extension of runway and safety area improvements. ($6,970,000)
Fiscal year 2013 (1) Design work for construction of a partial parallel taxiway and apron expansion to include release of project for bid. ($60,000) (2) Design work for construction of heliport to include release of project for bid.($90,000)
Fiscal year 2014 (1) Construction of partial parallel taxiway and apron expansion ($1,950,000)
Fiscal year 2015 (1) Construction of a heliport ($1,010,000)
As a matter of interest, it should be noted that when the City of Beaufort annexed the property next to the airport, it also annexed the Lady’s Island Airport, the Lady’s Island Fire Station on Sea Island Parkway and the Lady’s Island Middle School. So technically, the Airport, Fire Station and Middle School are in the City of Beaufort but operated and funded by the County or in the case of the Middle School, the School District.
These are challenging economic times and having a well thought out capital improvements plan is the only way to do business. Will the federal money be available for these projects? Only time will tell.
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Free tax help offered to low to middle income citizens through USCB
Jan 14, 2010
Student volunteers at the University of South Carolina Beaufort are teaming up with the IRS’s VITA program this year to help low to moderate income families prepare their tax returns and take advantage of tax breaks they may not know about.
The VITA program is the IRS’s largest anti-poverty initiative with offices throughout the United States. The program aims to assist families earning $49,000 or less per year. Clients processing their taxes through the VITA program generally receive their refunds in seven to ten days and the audit rate associated with the program is traditionally low.
Read more about VITA at: http://www.irs.gov/individuals/article/0,,id=107626,00.html
Beginning January 15, free tax preparation and counseling will be available for citizens wishing to take advantage of the free tax preparation service.
Appointments will be available on Saturdays through April 15, from 11 a.m. to 1 p.m. in the multi-purpose room in the Campus Center on USCB’s Hilton Head Gateway campus in Bluffton
Dates and times for appointments on the Historic Beaufort campus are being set.
Benefits to USCB students volunteering to help with the VITA program include the opportunity to become certified as a tax preparer by the IRS as well as potentially earn academic credits.
For more information or to make an appointment, please call USCB volunteer, Emilio Anchorena at 843-422-4683 or VITA@uscb.edu.
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Junior Service League helps Little Red Dog Foundation with 5K run/walk
by John C. Williams
Jan 14, 2010
With the help of community organizations such as the Junior Service League of Beaufort, the Little Red Dog Foundation buys expensive three-wheeled cycles for children and adults with disabilities.
This Saturday, the Junior Service League hosts its third annual JSLB 5K Fun Run and walk through the Habersham Community. The race starts and ends at Habersham Town Center; to see the detailed race route, visit www.jslbeaufort.org.
The event will be held rain or shine, organizers said. Race day registration is at 8:15 a.m. and the race starts at 9 a.m. An awards ceremony and presentation of the trykes is set for 10 a.m.
“It really means so much to us to have this kind of support,” said Anne Guthrie, founder of the Little Red Dog Foundation. “These trykes are expensive to start with, so every time a group helps organize a fund raiser, it lets us help a few more people rediscover their independence.”
The Junior Service League of Beaufort is an organization of women committed to promoting volunteerism to help improve their community.
For more information, visit www.thelittlereddogfoundation.com or www.jslbeaufort.org.
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Beaufort County’s 2009 annual financial report online
Jan 14, 2010
Beaufort County has posted its Comprehensive Annual Financial Report (CAFR) for the fiscal year ending June 30, 2009 at the County website for the benefit of all interested citizens, spokeswoman Suzanne Larson said.
The CAFR is a detailed financial statement showing how the county performed its fiscal functions during FY 2009. It contains revenues and expenditures for specific funds, including operations.
Interested citizens may view the CAFR in its entirety by visiting www.bcgov.net, selecting the tab for “Departments” at the top of the home page, then selecting the option for “Finance” and the option on the right of the Finance page for Comprehensive Annual Financial Reports.
The document is linked in segments to allow quick access to various functions listed in the table of contents.
Gary Kubic, Beaufort County administrator, said residents have easy access to the complete and detailed report.
“It has been our goal to publish this report in its entirety as quickly as possible following the end of the fiscal year and I am proud of this accomplishment. This is the first time since fiscal year 2002 that we have issued the CAFR within the same calendar year. The document is also readable and well designed for public viewing,” Kubic said.
“It is especially important during this time of fiscal uncertainty that our citizens review the CAFR and understand the sound fiscal principals the County has employed in order to maneuver through a decline in revenue while, at the same time, maintaining an acceptable level of service,” he said.
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MONEY SENSE
Strategies for a volatile market
by Ashok Rajan of Merrill Lynch
Jan 14, 2010
The unparalleled volatility in today’s market has affected all of us in myriad ways. From planning for retirement to putting kids through college, market uncertainty has impacted how we think about our savings and investments. At Merrill Lynch, we hold firm to the idea that now, more than ever, proper diversification and long-term strategy is critical. Simply put, we believe there is a three-pronged approach to building long-term wealth, which has been proven over time and should be considered the cornerstone of any investing strategy:
1. Take a long-term view
2. Compound dividend income
3. Maintain a well diversified portfolio
Even in today’s volatile markets, there are likely opportunities that can help position your portfolio for future growth. Over the last 50 years, every period of financial market volatility has provided a signal that leadership and growth stories within the financial markets are changing. Based on the insights from our firm’s research analysts and strategists, they indicate that investors should not expect the credit-driven stories of the past 5 to 10 years, like emerging economies, to resume their leadership. They believe the new leaders are likely to come from defensive, cash-flow stable sectors such as consumer staples and health care, as well as developed markets.
Above all, there are a few key points we recommend you remember during this volatile time:
- Stay the course and do not panic. A long term, well diversified investment plan can help achieve goals in times like these. Total diversification helps limit downside market capture. Stock diversification should consider market capitalization (large, mid and small), style (growth and value) and geography (domestic and international). Similarly bond diversification should consider duration (short, intermediate and long), credit quality and taxable-tax free. Look at the big picture and don’t let short-term events or emotions guide your investment strategy. We encourage our clients to be disciplined and level-headed to assure them that historically, long-term investment strategies have been the safest way to weather the storm.
- Rebalance your portfolios at least annually[1], or as significant market volatility dictates. Rebalancing is a discipline of selling stronger performance assets and reinvesting in assets whose prices have been weak, but may be attractively priced and poised for a rebound. This is a discipline that guides our clients to sell winners and reinvest opportunistically.
- Investment strategies should match your tolerance for risk, your personal time horizons and your preferences for liquidity/illiquidity to achieve your goals. In addition, investment strategies should align with overall asset allocation1, and should reflect how investors balance risk and return.
- Focus on overall results – not just segments of portfolios. While certain segments may be up or down substantially, it’s important to look at performance of the portfolio overall. We believe that as long as you’re on the right path that matches your objectives, you should stay the course.
Finally, speak with your financial advisor about your long-term strategy. He or she can help you identify any areas of weakness in your portfolio and discuss what steps you can take to help secure your overall objectives.
Ashok Rajan is Director of GWM Investment Management & Guidance for Merrill Lynch. For more information, contact Merrill Lynch Financial Advisor Jack R. Cunningham of the Beaufort office at 843-524-4115 or www.fa.ml.com/jack_cunningham
[1] Diversification, rebalancing and asset allocation do not ensure a profit or protect against a loss in declining markets.
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Sagittarius Sporting Goods recalls gas grills sold at Lowe’s stores due to fire hazards
Jan 14, 2010
The U.S. Consumer Product Safety Commission, in cooperation with the firm named below, today announced a voluntary recall of the following products. Consumers should stop using recalled products immediately unless otherwise instructed.
Name of Product: Master Forge Five-Burner Gas Grills
Hazard: The flexible rubber hose on the LP gas tank can come into contact with burner
box, causing the hose to melt and rupture when the grill is lit. This poses a fire and burn
hazard to consumers.
Description: This recall involves Master Forge five-burner, stainless steel gas grills. The
name “Master Forge” is on the grill hood. The model number L3218 is located on a label
inside the left front door of the grill.
Sold exclusively at: Lowe’s stores nationwide from September 2009 through November
2009 for about $500.
Remedy: Consumers should immediately stop using the recalled grills and contact
Sagittarius to obtain a free repair kit.
Consumer Contact: For additional information, contact Sagittarius at (800) 444-6742
between 8 a.m. and 6 p.m. ET Monday through Thursday, and 8 a.m. and 5 p.m. on
Friday.
To see this recall on CPSC’s web site, including a picture of the recalled product, please
go to: http://www.cpsc.gov/cpscpub/prerel/prhtml10/10099.html
For more information on the Beaufort Fire Department, log on to their web site at
http://www.beaufortfiredepartment.com.
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Pleasant Point property owners buy golf course, amenities
– and plan to add a swimming pool in coming months
Jan 7, 2010
The Pleasant Point Property Owners Association bought the community’s golf course and other amenities in a deal that closed Dec. 29, Pleasant Point leaders said.
The purchase gives the Property Owners Association control of the 18-hole golf course, a, 8,500 square foot clubhouse, tennis courts and a maintenance facility – and the POA plans to add a community swimming pool this spring, said Lisa O’Brien, president of the Pleasant Point Property Owners Association.
The golf course and clubhouse have been closed since May of 2006 and the previous owners neglected the property allowing it to become overgrown with six to 10-foot tall weeds and undergrowth.
In December 2008 the Pleasant Point community voted to purchase the property and that was accomplished on Dec. 29. The first order of business will be to clean up and repair the clubhouse and cut the golf course grass, O’Brien said.
A community swimming pool will be installed and is planned to be open by this spring, she added. The clubhouse, tennis facility and swimming pool will be available for the enjoyment of all Pleasant Point residents.
The community will seek a professional partner to improve, maintain and operate the golf course.
“With the Pleasant Point ownership of the facilities, outside interests can never again damage the community. Pleasant Point finally has become the first class community that it was meant to be,” O’Brien said.
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Renowned historians return for Tricentennial Lecture Series: Take Two
Jan 7, 2010
Three nationally-renowned historians will come together again in January and February to repeat the Tricentennial Lecture Series as Beaufort begins the final year countdown to the 300th anniversary of the City’s founding.
The University of South Carolina Beaufort (USCB) and the Beaufort Three-Century Project (B3C) are co-presenting four nights of lectures that will span Beaufort County’s history from the early European explorers through the 20th Century. Dr. John McCardell Jr., Dr. Lawrence S. Rowland, and Dr. Stephen R. Wise will present the seminar-style series from 7-9 p.m. on Friday nights, January 15, January 22, January 29, and February 5, 2010 at the USCB Performing Arts Center, 801 Carteret Street, Beaufort, S.C.
This series was first presented in February 2009 to a sold out house and several hundred people had to be turned away at the door the night of the first lecture.
“We are delighted that these noted historians are willing to repeat this series for those who missed out last year and that USCB and B3C are able to partner again in 2010 to bring this back,” said Deborah Johnson, project coordinator for the Beaufort Three-Century Project. The program is also sponsored in part by a grant from The Humanities Council SC, a state program of the National Endowment for the Humanities.
The 2010 Tricentennial Lecture Series: Take Two will help kick off the final year of the Beaufort Three-Century Project and coincides with the University of South Carolina Beaufort’s Golden Jubilee Celebration. “As people have been reflecting on the past as we approach this significant landmark commemorative date of our city’s founding, there has been a remarkable increase in the community’s interest in learning about our long and storied history,” Johnson said.
“It is fortuitous to have these historians with their range of scholarship and knowledge in Beaufort, and that they each have the extraordinary ability of conveying this knowledge in a manner that all can enjoy and appreciate. It is a rare opportunity to have three scholars of this magnitude as part of one cohesive telling of history,” she said.
The Beaufort Three-Century Project began in 2008 and is conducting public events and projects to engage the community in understanding and learning about our history. Jan. 17, 2011, will mark the 300th anniversary of Beaufort’s charter.
This lecture series will inform those who have an interest in researching projects and others by providing the overall context of Beaufort’s history. The first lecture precedes the annual January 17th event in 2010 which will highlight some of the projects completed to date and commence a year-long series of public presentations.
The Beaufort Three-Century Project is an effort to tap the community’s cultural memory through exploration, studies and special events that honor the past to better chart the future. It will culminate with a tricentennial celebration on Jan. 17, 2011.
The lecture topics will include:
Friday, Jan. 15 – “Spanish, French and English Colonial Era … Revolutionary War”
Friday, Jan. 22 – “Sea Island Cotton Kingdom and The Idea of a Southern Nation”
Friday, Jan. 29 – “The Civil War in the Sea Islands and the Port Royal Experiment”
Friday, Feb. 5 – “Reconstruction and 20th Century Beaufort.”
Admission to each lecture is $10 with ticket sales handled by the Beaufort Performing Arts Box Office, PH: 521-4145 or www.beaufortscperformingarts.com
Advanced ticket purchases are recommended, though tickets will be available at the door if still available on the evening of each lecture.
The panelists hold doctoral degrees in history and have been published in their respective areas of expertise.
Dr. John M. McCardell Jr. retired as the 15th president of Middlebury College, VT. A graduate of Washington and Lee University, he did his graduate work at Johns Hopkins and Harvard University where he received a Ph.D. in history. In 1976, McCardell joined Middlebury as a history professor and has worked in academic development and planning, dean of the faculty, provost and vice president for academic affairs, and acting president.
McCardell’s doctorate dissertation was published by Norton & Co. under the title The Idea of a Southern Nation, a book that after 18 years continues to be one of the most cogent discussions of the rise of Southern nationalists and Southern nationalism in the mid-nineteenth century.
Dr. Lawrence S. Rowland is distinguished professor emeritus at the University of South Carolina Beaufort where he was professor of history for 26 years. He completed a doctoral degree at the University of South Carolina with a dissertation on Eighteenth Century Beaufort: A Study of South Carolina’s Southern Parishes to 1800.
Rowland is the author of The History of Beaufort County, South Carolina, Volume I, 1514-1861, with Alexander Moore and George C. Rogers Jr., and Window on the Atlantic: The Rise and Fall of Santa Elena, South Carolina Spanish City. Currently, he is working on The History of Beaufort County, South Carolina, Volume II, 1861-1990, with Dr. Steven R. Wise and Gerhard Spieler.
Dr. Stephen R. Wise is director of the museum and cultural resource manager for the Marine Corps Recruit Depot, Parris Island. Wise earned doctoral degree from the University of South Carolina studying under noted Civil War historian Thomas L. Connelly.
Wise’s first book, Lifeline of the Confederacy: Blockade Running During the Civil War, was acclaimed as a comprehensive account of the Confederate effort to deliver supplies through the Northern blockade. A second book entitled Gate of Hell: The Campaign for Charleston Harbor 1863 received an award from the S.C. Historical Society for the best book written in 1994 on state history. A PBS documentary based on Gate of Hell was presented in the summer of 2006.
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Riverview Charter School’s principal is out, search starts for new director
by John C. Williams Jan 7, 2010
In a surprising move announced before dawn on the first day back from winter vacation, Riverview Charter School’s first director is gone from the school and an interim director is expected to take charge while the school seeks a new principal.
In an emailed letter to Riverview parents sent at 5:30 a.m. Monday, Alison Thomas, chair of the Riverview board of directors, said Eleanore Bednarsh’s departure came “after carefully considering all available facts and information.” She said employee confidentiality rules kept her from being more specific.
“… The Board agreed – unanimously and with support from its incoming members – that this step was necessary for the short-term and long-term success of the school,” Thomas said.
Bednarsh came late to the Riverview project, which was organized by a grassroots effort led largely by parents from the Habersham community. Bednarsh earned her Bachelor’s degree in cinema from Hunter College, City University of New York, and her Master’s degree in teaching and curriculum from Teachers College at Columbia University.
Before taking the job at Beaufort County’s first – and only – charter school last summer, Bednarsh had been a lifelong New Yorker.
A charter school in South Carolina is an independent school with its own governance and board of directors that operates with greater freedom than traditional public schools. Charter schools are paid for with public money and must still meet most state and federal regulations, such as the federal desegregation agreement that covers all public schools in Beaufort County.
Here is the complete text of Thomas’s letter to Riverview Charter School parents:
Dear Parents-
We are writing to inform you that Riverview’s director will not be returning to school for the remainder of the year. As with any personnel matter we are precluded from going into great detail about the reasons for this action, but after carefully considering all available facts and information the Board agreed – unanimously and with support from its incoming members – that this step was necessary for the short-term and long-term success of the school.
We are working very diligently to make this transition as seamless as possible, and we are very excited about all that Riverview has on its horizon. We will be naming an interim director shortly who will serve through the transition period, and we look forward to introducing him/her to each and every one of you.
At the same time a search committee will be convened with the obvious aim of finding an administrator to continue the progress we’ve made. It’s critical for us to continue to move forward with the fulfillment of our school’s mission and that our students continue to accomplish and achieve all that we know they can.
As always, we appreciate your unwavering support and understanding during this time of transition.
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When the impact fee bucket ran dry
Courtesy LIBPA Newsletter Dec 7, 2010
In 2006 the residents of Beaufort County voted to authorize, through use of a 1% sales tax, the collection of $152 million for the purpose of funding 12 transportation projects. The projected cost of these projects was actually $206 million. The difference ($54 million) was to be generated from transportation impact fees (fees paid on new homes or commercial buildings to offset the impact on public roads).
These impact fees were divided into two categories (1) those derived from construction occurring south of the Broad River which could only be used for projects south of the Broad River and (2) funds derived from construction north of the Broad River which could only be used on projects north of the Broad River.
In 2006, it was projected that in the next 6 years transportation impact fees would generate $43 million south of the Broad River and $11.5 million north of the Broad River. What was not anticipated was the crash in the housing market and the downturn in the overall economy. The severity of the slowdown in construction of single family homes can be seen by the fact that in 2005 Beaufort County issued almost 4,000 building permits and this year will probably issue less than 1000 permits.
If new homes aren’t being built, transportation impact fees are not being paid. For example, in 2007 there was $3.4 million generated from transportation impact fees in southern Beaufort County and the next year there was less than $60,000 generated. In northern Beaufort County transportation impact fees generated $408,000 in 2008.
In southern Beaufort County 4 of their 7 projects were scheduled to be partially funded with $43 million in impact fees. In northern Beaufort County the 1% sales tax projects which were scheduled to be partially funded with transportation impact fees were as follows:
Sales Tax Impact Projected
Project Funds (mil) Funds (mil) Cost (mil)
US 17 Widening $5.0 $2.0 $7.0
US 21 (Boundary Street) Improvements $9.5 $3.75 $13.25
Boundary Street Parallel Road $4.2 $4.55 $4.75
SC 802 (Ribaut Road) Improvements $0.6 $1.22 $1.82
Total $19.3 $11.52 $30.82
Northern Beaufort County 1% sales tax projects which were scheduled using only funds from the sales tax were as follows:
Sales Tax Impact Projected
Project Funds (mil) Funds (mil) Cost (mil)
2nd McTeer Bridge and
Widening of Lady’s Island Drive) $35.5 None $35.5
Northern Beaufort Bypass Study $6.0 None $6.0
S. C. 802 (Savannah Highway) Widening $7.2 None $7.2
Total $48.7 None $48.7
As can be seen, the contract for building the second McTeer Bridge and widening of Lady’s Island Drive does not involve the use of impact fees and these projects will be completed.
The Northern Bypass Study, which was budgeted for $6 million, was executed in phases. The first phase (feasibility/cost benefit study), which cost $488,591, indicated the cost of a northern bypass could not be justified by the benefit which would be derived from it and recommended no further action be taken on the project.
Although this will probably not be the last heard from those that support a northern bypass, it is the last action that will be taken as part of the 1% sales tax referendum.
The handwriting on the wall is very clear – construction of new homes and commercial buildings in Beaufort County is not going to generate $54 million worth of impact fees in the next few years. County Council has been advised it can legally do whatever is necessary to ensure that funds which do not exist and are not anticipated to exist in the future are not obligated.
For those projects scheduled to be funded totally by proceeds from the 1% sales tax – the money will be there. For those projects scheduled to be partially funded by impact fees – the impact fee money is not going to be there.
Something has to give and none of the choices are pleasant. Over the next few months some very tough decisions will be required. One thing is for sure, whether it is county, city or state government, this is not the last time plans are going to have to be adapted to how much money is really available.
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Taking the new 2009 Homebuyer’s Credit for first-time and repeat homebuyers
by Mary McClaskey Dec 7, 2010
The First-Time Homebuyer’s Credit has helped make buying a home more affordable for many buyers. The $8,000 credit doesn’t need to be repaid with specific stipulations. For purchases after November 7, 2009, a $6,500 credit is also available to qualifying repeat buyers.
Buy a first home and earn a tax credit of up to $8,000. This provision of the 2009 American Recovery and Reinvestment Act, the “stimulus” bill, can put $8,000 in your pocket to help pay for your new digs. Better yet, under legislation signed into law in November 2009, the credit has been expanded and made easier to qualify for.
The rules as they were: For 2009 buyers, the credit really is a credit that doesn’t have to be repaid. (One exception: You have to pay back the credit if you sell the house within three years of buying it.)
There are income limits for qualifying buyers. The right to use the credit was gradually phased out as Adjusted Gross Income (AGI) rises from $75,000 to $95,000 on a single return, or $150,000 to $170,000 on a joint return. (AGI is basically taxable income before subtracting your personal and dependent exemptions, and your standard or itemized deductions.) If you report $160,000 of AGI on a 2009 tax return, you’d be halfway through the phase-out zone, so you’d qualify for just $4,000 of credit which is half of the $8,000 maximum amount.
New rules now apply: As amended in November 2009, the First-Time Homebuyer’s Credit has been extended to purchases in contract by April 30, 2010 and closed by June 30, 2010. For members of the armed forces serving at least 90 days outside the United States, the credit can be used until June 30, 2011.
For purchases made after November 7, 2009, the income limits for eligibility have also been expanded. The credit does not start to phase out until Modified Adjusted Gross Income exceeds $125,000 for single taxpayers and $225,000 for married couples filing jointly.
In addition, for purchases made after November 7, 2009, the credit can be claimed by homeowners purchasing a new principal residence so long as they have lived in their current home for at least five out of the last eight years. For repeat purchasers, the credit is capped at $6,500.
If you want to amend your tax return to claim the credit: Under both the old and the new versions of the law, you can treat the purchase as having taken place on December 31 of the prior year if you want to claim the credit against that year’s taxes. You are also permitted to file an amended return for the prior year, if you’ve already filed, so that you can receive the credit immediately rather than waiting to file your 2009 tax return in 2010. Congress has also provided that taxpayers won’t have to repay 2009 credits they took on their 2008 tax returns.
Your money. Most qualifying taxpayers will claim the credit of $8,000 for purchases through May 1, 2010 on their tax returns (Form 5405).
This should put money in your pocket within weeks of the time you file your tax return. If you owe more tax with your return than your credit amount, it will instantly reduce your tax bill dollar-for-dollar. If you owe less than your first-time homebuyer’s credit, you’ll get the balance as a tax refund.
Getting your money even faster with government help: Most people who use the First-Time Homebuyer Credit will not receive it until after they buy their homes and claim the credit on their tax returns.
However, some buyers can get all or part of their credit up front, to pay for closing costs and all or part of their down payments, thanks to federal and state housing programs. For more information, visit www.hud.gov.
McClaskey is a broker/Realtor with RE/MAX Sea Island Realty. For more real estate trends information, visit www.BeaufortRealEstateInfo.com
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Grinding of the Greens Jan. 9 (Dec 30, 2009)
Please bring Christmas trees for grinding to Jan 9 to any of these locations:
Beaufort Plaza at Plaza Theaters
Naval Heritage Park, Port Royal (near the Naval Hospital, Ribaut Road)
Family Christmas Tree Farm, (Lady’s Island), Pleasant Point Road
Sea Island Parkway (Lady’s Island) next to Huddle House where the Frosty was.
The actual grinding will be on Saturday, Jan 9, from 9 – 11 a.m. Free mulch will be available. Please bring a container to carry it off.
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Lady’s Island trash and recycling center closes Jan. 8. (Dec 30, 2009)
The Lady’s Island Solid Waste and Recycling Convenience Center – also known as the “dump,” — will close at 7 p.m. on Friday, Jan. 8 for the last time.
The closest alternative to the Lady’s Island facility is the St. Helena Island convenience center at 639 Sea Island Parkway, approximately 2.4 miles from the Lady’s Island Center. Maps with mileage and directions to the other centers may be found at www.bcgov.net/SolidWaste&Recycle/Calendar or by calling 470-6405.
Jim Minor, Beaufort County Solid Waste Manager, said the closure of the Lady’s Island center is a vital first step in cost containment and realignment of the County’s Solid Waste Management System. “Our goal is to continue to provide the necessary level of service while minimizing the cost to our citizens.”
People who have questions may call Minor at 470-6408.
Residents of Beaufort and Port Royal may find using the new Shanklin Road center more convenient than the St. Helena center, said Suzanne Larson, Beaufort County spokeswoman.
The Shanklin center opens Monday, Jan. 11 at 10 a.m. It features a modern flat design and utilizes compactors to increase container capacity, which reduces transportation costs. It is the first of this type to be built in Beaufort County and is designed to be user-friendly. It is located at 80 Shanklin Road, just past the Marine Corps Air Station off US 21.
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What local businesses mean to your pocketbook Dec 30, 2009
by Carlotta Ungaro
The economy has been miserable, we all know it but how have we fared here in the Lowcountry? While it hasn’t been easy, we still have a solid business base and two economic engines that smooth out the recession’s impact and bring revenue to the community.
First, what is the average business like? A recent study from Demographics Now finds that about 2,600 businesses fall within a 30-mile radius of downtown Beaufort. These businesses collectively employ about 24,000 people. The average number of employees in a business is nine. More than 90 percent employ less than 100 people.
The study further outlined the types of businesses here. Service-sector industries, which include hospitals and hotels, employ about 8,500 people. Retail, which includes restaurants, is the next largest category employing about 6,300. We have no corporate giants, we aren’t a “company” town and our small businesses are dependent on the economic engines of the military and tourism. Without them, many of our businesses would not exist. Through the efforts of the Lowcountry Economic Network the region seeks economic diversity but for now, we depend on military and tourism as our two primary economic engines while the third, real estate development, sputters.
In general, a healthy, diverse business community benefits all taxpayers. Businesses bear a larger portion of the property tax burden than primary residential taxpayers and typically demand fewer services from local governments – which mean lower taxes and better services for residential taxpayer!
Additionally, businesses pay business license fees and collect business taxes such as accommodations, hospitality and ticket taxes which go into the local and state governments’ revenue streams. This further reduces the citizen’s tax bill. For example, in the City of Beaufort, business license fees make up 30 percent of the City’s revenues. If the businesses weren’t paying this, the general taxpayer would have to pick up the tab.
Back to our two economic drivers: first the military. From tourism revenue from the visiting families at Parris Island to the $808 million payroll (including 1,400 civilians) at the three installations to the annual infrastructure investment from the Department of Defense, the military buffers Beaufort County’s economy. The new F-35B planes slated to come here in 2014 will further enhance the economic impact. We all know the saying here, the noise you hear is the sound of freedom; well it is also the sound of the cash register.
The second primary economic driver is tourism. In 2007, the estimated number of tourists to Northern Beaufort County was 550,000 with a total economic impact of about $538 million. For the last fiscal year, 2008-2009, hotel tax collections in the City of Beaufort were the same as last year. Restaurant tax collections were actually slightly up from the previous year. Anecdotally, shopkeepers tell us visitors are not spending as much, but the county, which tracks all sales tax including the municipalities, reports that sales tax collections are up from last year.
I addressed, earlier, how general business reduces the costs for citizens and tourism contributes an even higher amount of taxes that help pay for the quality of life in Beaufort County. Did you know that tourists pay about 30 percent of that sales tax collected in Beaufort County? Moreover, national statistics show that tourism generates revenues in a local community that lowers property tax per household by about $800 a year.
Another way of saying that, according to South Carolina Parks Recreation and Tourism, is that for every dollar in public funds spent on tourism, an additional $2.46 is raised in tax revenues. A tourism report completed right before the recession reported that for every 100 tourism jobs in Beaufort County, an additional 26 jobs are created.
So in this holiday season, pause just a minute to thank a Marine or sailor for their contribution to our nation and tell them and their family how very happy we are to have them as our neighbor. Thank a tourist for choosing our area. But most of all thank a local business by spending money locally. A recent study states that for every $100 spent at a locally owned store, $68 stays in the community. That is big! For every $100 spent at a chain store locally, $43 stays in the community.
Please choose to shop local versus the internet or shopping trips out of the area. It makes a difference to them; it makes a difference to you.
Carlotta Ungaro is president of the Beaufort Regional Chamber of Commerce
