MORE TAX ABATEMENTS- here's how.
Basis for this.
Within the redevelopment zone, the city is supposed to receive
payments of up to I thought around $SEVEN MILLON as new units were
constructed (sold and occuppied). I think the city received around
one or two million so far. Not sure what the next mark was for
payment. I think Dan or Werner may recall.
soooooo......
1. The City takes another hit in the zone and offers 50% tax cut for
5 years to spur sales ONLY IF the developer takes a 75% cut in
Maintenance fees during those five years. the 50% tax cut for those 5
years becomes a LIEN against the property and could either be repaid
backover 10 years or, if the property is sold, the city gets paid
back.
The result should be that these units gets sold so people are here
paying at LEAST 50% of the taxes
- the co's get issued so Partners has to make their next kick to the
city
- the city has recourse to collect the taxes
- the units get sold and people are hear shopping and eating and
then...
- more units will need to be built.
At the same time, the developers could also consider taking an
equity postion in the units sold to cover their asses.
- So if MM or Paramount wants $450,000 for a unit, they should take
an automatic 5% cut in price
- then take another 10% off but in an equity postion with the buyer
which could be bought out or paid back when the unit is sold "at a
higher price"....
I had to wake up at 3am to come up with that.
So fix it.
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