Just in...Superintendent’s letter to Mayor asking for 3 City properties
The first 40 minutes of last week’s 1/23/07 council meeting brought forth several revelations regarding the proposed TIF at Linden Pointe:
1.) Starting 7/7/06, the developer’s representative started meeting with Superintendent Collier, former school treasurer Rabe and a school attorney regarding two proposals under consideration but has not yet been able to make a pitch to or communicate directly with the full BOE. NCS has two options from which choose. We understand them to be:
A. No TIF for a public garage, enhancements for the Montgomery Road overpass, etc. This would result in a half-sized project of 300,000 sq. ft. of office space with ½ the number of parking spaces for a total value of $48 million on the total project. The developer would get a 100% tax abatement from Ohio EPA on Phase I (currently under construction and valued at over $20 million), i.e. would not pay any real estate taxes on
this phase, but would pay full taxes on the other two phases that would be built. This option would provide NCS with $17,142,000 over 30 years.
B. A TIF that would result in a public garage, etc. and a full 600,000 sq. ft., $100 million project. The developer would forego the EPA tax abatement on Phase I and 25% payment would be made to the school district. This option would provide NCS with $25,526,000 over 30 years.
2.) Mayor Williams called attention to a letter he had just received from Superintendent Collier asking the City to deed three properties to the school district in order for the BOE to reach an agreement on the TIF.
We thought publishing Mr. Collier’s letter to Mayor Williams would be a good place to start with what is probably going to be our first of several blogs on the topic of the Linden Pointe TIF. Oh, and if there are any TIF junkies reading this, please feel free to correct/expand on our stated understanding of the two options above from which NCS has to choose.
P.S. Please post comments on this page and not the page where Mr. Collier's letter is posted.
1.) Starting 7/7/06, the developer’s representative started meeting with Superintendent Collier, former school treasurer Rabe and a school attorney regarding two proposals under consideration but has not yet been able to make a pitch to or communicate directly with the full BOE. NCS has two options from which choose. We understand them to be:
A. No TIF for a public garage, enhancements for the Montgomery Road overpass, etc. This would result in a half-sized project of 300,000 sq. ft. of office space with ½ the number of parking spaces for a total value of $48 million on the total project. The developer would get a 100% tax abatement from Ohio EPA on Phase I (currently under construction and valued at over $20 million), i.e. would not pay any real estate taxes on
this phase, but would pay full taxes on the other two phases that would be built. This option would provide NCS with $17,142,000 over 30 years.
B. A TIF that would result in a public garage, etc. and a full 600,000 sq. ft., $100 million project. The developer would forego the EPA tax abatement on Phase I and 25% payment would be made to the school district. This option would provide NCS with $25,526,000 over 30 years.
2.) Mayor Williams called attention to a letter he had just received from Superintendent Collier asking the City to deed three properties to the school district in order for the BOE to reach an agreement on the TIF.
We thought publishing Mr. Collier’s letter to Mayor Williams would be a good place to start with what is probably going to be our first of several blogs on the topic of the Linden Pointe TIF. Oh, and if there are any TIF junkies reading this, please feel free to correct/expand on our stated understanding of the two options above from which NCS has to choose.
P.S. Please post comments on this page and not the page where Mr. Collier's letter is posted.
posted by Citizens For A Better Norwood at
1:54 PM
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