I have no problem with trying to get a developer to build a nice apartment complex in our downtown. I think the design will be compatible with a TOD (Transit Oriented Development). That is good. I would like that type of project. The developer seems okay, but I don't know them...........but I also know there are many excellent apartment developers in the Dallas area, so we should be able to find one.
My issue is how much do we have to contribute in cash and kind to get a good developer. At the present time, it looks like we're giving up $6 million in cash and kind, plus 15 years in tax abatement @ $225,000 per year.
Folks, that's a whole bunch. Our $6 million investment will not produce income for about 17 years. Unless.........
I have been told by a reliable source that there is a provision in the partnership agreement with the developer that once the Village reaches a certain value, the project goes on the tax rolls, and presumably starts collecting somewhere around $225,000 per year. That might be acceptable, if we can find out at what point the value achievement can be made.
There are two important issues: 1) the competence of the appraiser, and 2) the real estate value that must be achieved. There are some other questions, however the above are two very important ones.
I am trying to find out that information, but I have not yet been contacted regarding questions about this info. .
My issue is how much do we have to contribute in cash and kind to get a good developer. At the present time, it looks like we're giving up $6 million in cash and kind, plus 15 years in tax abatement @ $225,000 per year.
Folks, that's a whole bunch. Our $6 million investment will not produce income for about 17 years. Unless.........
I have been told by a reliable source that there is a provision in the partnership agreement with the developer that once the Village reaches a certain value, the project goes on the tax rolls, and presumably starts collecting somewhere around $225,000 per year. That might be acceptable, if we can find out at what point the value achievement can be made.
There are two important issues: 1) the competence of the appraiser, and 2) the real estate value that must be achieved. There are some other questions, however the above are two very important ones.
I am trying to find out that information, but I have not yet been contacted regarding questions about this info. .
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