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. .