Jeremy Comment

Former Mount Carmel Church site sold to developer for $5.6M; apartment complex planned

 We heard that they were not going to do this until Polar Park was built.




Editor's note:

That was a joke





Comments

Anonymous said…
Well, the developer got a 36% (blended) TIF to “incentivize” the project, so the ballpark clearly was not enough.

Why this project, which is market rate BTW (not affordable housing) needed a TIF in one of the best and most vibrant commercial areas of the entire city is a different question.

It’s different, but the lack of understanding of business and development that it exposes is alarming because that is what led to the lopsided terms of the WooSox deal. I could be wrong about how how the deal pencils out, of course, but the fact that the details are shrouded in secrecy and not publicly discussed in detail by the city, the council or one of its subcommittee indicates that I may, unfortunately, be right. I hope that I’m incorrect and the ballpark truly does not impact the city financially.
Anonymous said…
The ball park financing is predicated on a third party or parties developing properties in a timely fashion. In this current market, inflationary and supply chain backlogs, that may be problematic. Thus the ball park may be a draw on city resources (budget) to make payments on the bonds in lieu of using those funds for City services.