Hurry up and wait for MSA

July 6, 2007
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City officials gave developers a tight, two-month time frame to come up with a second round of proposals to redevelop the Market Square Arena site. Alarm ClockThe RFP was issued Feb. 21, and proposals were due April 18. A decision was promised by late June or early July. Guess what? The city missed its deadline. Don't expect an answer until next month, at the earliest. They're still saying summer, but a little later in the summer. "We're just making sure we get all our questions answered and know everything that's going on," said Department of Metropolitan Development spokeswoman Anne Coffey. For a refresher on the two proposals, check here and here. Tick, tock.
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  • If an empty gravel parking lot fails to become a real estate development this many times, is it safe to assume it's never going to evolve?

    Discuss.

    (Corollary: Since the City has missed this deadline so many times, does that mean I'm in the clear paying my property tax bill a few months late, too?)
  • Charlotte, don't kick us when we're down! We know you're about to get a new Trump tower in your downtown thats among the dozens of real high rises going up. I wish we could get ONE highrise. :-(
  • The constant delays really make me angry
  • This is pretty disrespectful to the developers. If you wonder why we get crappy architecture in downtown, I guess you can just look at the way we jerk around the people that will build it.
  • Of course this development will do nothing to relieve the tax burden, because I'm sure there's an abatement on the property. Just like those who bought million dollar condos in the Conrad.
  • But like all abatements, they are phased out and end up paying full taxes which will lighten the burden. In addition, I believe the building has an abatement, but not the indivudual condos. Not positive, but I think it is illegal to abate residential properties.
  • indyman, many residential properties have tax abatements. Homes in Fall Creek Place and Martindale on the Monon are some to name a few.
  • indyman, you'd be surprised to know that the fat cats buying into the Conrad have tax abatements for their residences.

    Tax abatements for business for the right deals are good, because they spur development, job growth, etc. And I think they are ok, but less defensible, for residential or retail redevelopment projects in rough areas. With reason, of course.

    Now, don't get me started on the failure of our glorious public officials to reassess business property. Wait, we were supposed to do that?
  • Why on earth do the condos in the Conrad need tax abatements?!
  • I am actually pleased with this delay! I felt that the City was pushing too hard/fast for a new proposal. My guess is that the City is taking the best options from each proposal and making them into one great project. I wish that they would just develop one of the parcels and make it a really tall tower and leave the other for the future.
  • Hopefully the city will demo the old Bank One ops center. That has become grand central station for the drunks who can't get into Wheeler. Have you walked by there ever? Smells like, well, not good from a block away.
  • I agree that they should develop the parcels separately. Maybe both dont' have to be developed at the same time either. It would be nice to have a highrise on at least one of the blocks.

    But with property taxes as high as they are now, I see a decline in the d'town condo market coming on.

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  1. Aaron is my fav!

  2. Let's see... $25M construction cost, they get $7.5M back from federal taxpayers, they're exempt from business property tax and use tax so that's about $2.5M PER YEAR they don't have to pay, permitting fees are cut in half for such projects, IPL will give them $4K under an incentive program, and under IPL's VFIT they'll be selling the power to IPL at 20 cents / kwh, nearly triple what a gas plant gets, about $6M / year for the 150-acre combined farms, and all of which is passed on to IPL customers. No jobs will be created either other than an handful of installers for a few weeks. Now here's the fun part...the panels (from CHINA) only cost about $5M on Alibaba, so where's the rest of the $25M going? Are they marking up the price to drive up the federal rebate? Indy Airport Solar Partners II LLC is owned by local firms Johnson-Melloh Solutions and Telemon Corp. They'll gross $6M / year in triple-rate power revenue, get another $12M next year from taxpayers for this new farm, on top of the $12M they got from taxpayers this year for the first farm, and have only laid out about $10-12M in materials plus installation labor for both farms combined, and $500K / year in annual land lease for both farms (est.). Over 15 years, that's over $70M net profit on a $12M investment, all from our wallets. What a boondoggle. It's time to wise up and give Thorium Energy your serious consideration. See http://energyfromthorium.com to learn more.

  3. Markus, I don't think a $2 Billion dollar surplus qualifies as saying we are out of money. Privatization does work. The government should only do what private industry can't or won't. What is proven is that any time the government tries to do something it costs more, comes in late and usually is lower quality.

  4. Some of the licenses that were added during Daniels' administration, such as requiring waiter/waitresses to be licensed to serve alcohol, are simply a way to generate revenue. At $35/server every 3 years, the state is generating millions of dollars on the backs of people who really need/want to work.

  5. I always giggle when I read comments from people complaining that a market is "too saturated" with one thing or another. What does that even mean? If someone is able to open and sustain a new business, whether you think there is room enough for them or not, more power to them. Personally, I love visiting as many of the new local breweries as possible. You do realize that most of these establishments include a dining component and therefore are pretty similar to restaurants, right? When was the last time I heard someone say "You know, I think we have too many locally owned restaurants"? Um, never...

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