As I’m sure you have heard by now there was a public meeting at the Irondequoit Town Hall regarding tax subsidies and exemptions for a massive development project ($260 million dollars of development) at Medley Centre. I have video of the event that I will post at my next opportunity but it is end of year and I’m in Spreadsheet hell.
Anyway, there were about 50 people in attendance. About 15 people spoke and the vast majority came out concerned that this plan isn’t the ticket. Let’s be clear. No one (including me) is against development.
Everyone, however, is against tossing good money after bad and- in this case - providing public funds (tax exemptions) to a business, for a project that is not guaranteed to be successful. Yeah, I know , there is no guarantees in life, however, to get public assistance there should be a greater openness and commitment to the community than the developer has shown.
If there aren’t guarantees in life there should be no guarantees to tax subsidies.
Anyway - I have video of the speakers and developers engaging in discussion. Good stuff that will be posted with my commentary when I have a chance.
But remember when I said “This amounts to a pay “me” to save “you” offer by the Medley Centre developers.” in a post entitled “More on Medley Centre Developer Money grab”
Between Rachel Barnhart at 13Wham Blog who has this choice quote.
“This is something that’s available by law. Our competitors are doing it. You sort of need to do it as a savvy businessman in the world today. You have to take advantage of what’s available to you under the law,” said Greg Lane, Congel’s attorney.
When asked if the project would continue without the tax breaks, Lane said, “Probably not, especially in today’s economic environment. It’s a very difficult world out there in terms of access to capital.”
And the Kate Perry over at the D&C
“What the folks in Irondequoit stand to lose is if (the developers) don’t do this project. If we walk away from the property, it’s going to get leveled and then the tax (revenue) will go down,” Lane said.
Makes you wonder about the approach of the developer. Who has who over a barrel? I suspect the only barrel here is the one tax payers will be wearing after the tax exemptions are granted.
One more thing. RenSquare is a $230 million dollar project. the Medley Centre is a $260 million dollar project. Almost half a billion dollars for two projects toss in Paetec HQ, The various Mall upgrades at Eastview and Greece Ridge. Lots of development - is any of it sustainable? Regional planning?
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