Yeah, if you can stand to hear any more about it . . . people keep asking how this became a city obsession and why we aren’t more focused on E Washington Avenue, the Overturn, the Library, etc, etc, etc, etc. And I don’t know, but we are . . . maybe we all just can’t look away from a massive train wreck. The rest of the morning round up is in the previous post.
EDGEWATER SUPPORTERS MEETING
Note, these are not the people who live in the neighborhood, but those who are “stakeholders”, meaning they own property or do business or want to do business there. But, I like how they bill themselves, “The Voice of the Neighborhood” indeed. I guess its all about the spin, well, and free lunch! I wonder if they add those costs to their lobbying reports?
GRANT THORNTON LEAVING TOWN
In the interest of full disclosure, my sister works there, but she didn’t tell me much. My question is, how much does the new Edgewater project have to do with them leaving? Aren’t they the group that can get out of their lease if their view is blocked? Did their lease crisis spur on their decision to leave town? I seriously don’t know, but I’m suspicious.
EXCEPTIONS TO TIF POLICY
Check out the exceptions to the TIf policy required. Given the problems that we have been having with TIF and lack of ability to get payments from Monroe Commons this seems foolish at best. Here’s the exceptions that they printed, I wonder if there are more, since the TIF analysis is not yet complete.
But the proposal would need exceptions from policy, including rules that:
• Limit the TIF loan to 50 percent of tax revenues a project generates over the life of the TIF district. The project would need 100 percent of its tax revenue plus revenue from a nearby TIF district that would be expanded to include the Edgewater.
• Prohibits the use of TIF tax revenues from outside the project site. The project would require revenue from the larger district.
• Require a personal guarantee for all terms and conditions of the loan agreement. Hammes President Robert Dunn would guarantee $1 million and the borrower, Hammes’ limited liability corporation, Landmark X, LLC, the remaining $15 million.
THE MOST IMPORTANT PART OF THE TIF NOT YET DONE
There’s still no term sheet. Not a minor problem. There is likely to be “news” in the term sheet when it comes out. There are many unanswered questions that may be answered in the term sheet, if we ever get to see it.
THE EDGEWATER ISN’T EVEN IN A TIF DISTRICT YET
Yeah, lets not forget that, before TIF money can be awarded, the Joint TIF Review Board has to approve the expansion of the TIF district. Here’s the blight studies that have been done to determine where that boundary might go. There was not only one, but two studies done. Here’s the map of what the new TIF district might look like, which no longer includes James Madison Park. I have to say, those were sitting in my in box and I didn’t open them until this morning and, well, I’m )*^%$#@%&()())&%$#@#$%^^& . . . bleep . . . I’m was mad. This could have been the thing that made me run again, which I was leaning against, but I just can’t make up my mind. It definitely made me consider accepting the nomination for neighborhood association president or chair of the district whatever they call it. That second study was just wrong. Well, until I read it and my blood pressure went down! We’re not blighted enough!!!! Can you believe it!!!!!! WE. DON’T. HAVE. ENOUGH. BLIGHT! Ha! How often does that happen? I say we because its basically the boundaries of my neighborhood association and my house is in it. My house happens to be rated “satisfactory” (the highest ranking) despite the harassment I get from my neighbors with building inspection calls. I believe if there was a TIF district here it could be the end of our neighborhood as house after house after house gets torn down and replaced by suburban style buildings. I’m so happy, NOT ENOUGH BLIGHT!!!! I can’t believe it.
BUILDERS GROUP NEWS ON THE EDGEWATER
Here’s their article on the conditional use appeal.
And the TIF.
That’s it, I’m running late this morning. There will likely be more on Monday . . . after I’m done celebrating not being blighted!! Well, and getting my taxes back.
