Another Project with Huge Financial Developer Benefit
Where’s the “Beef” for the Citizens?
Tune in Live to the Council Meeting Tonight
Low End of Projected Real Estate Tax Benefit Development Won’t Pay One Month of Bond Debt
Add 275 More Apartments and an Estimated 60 Additional School Children in 3 Bedroom Apartments
No Premier Restaurant or Entertainment Venue Currently Committed to the Project
By Sam Mabry
Mabry is a Former City Vice Mayor
On the heels of the Referendum vote to move forward with a new George Mason High school, the first significant economic development vehicle comes before the Council for initial or first reading approval.
And as of this writing Monday afternoon, the development offers very little by any quantifying measure and the Council would be wise to send it back to the developer for more benefit. A first reading approval will be a clear sign to the developer that he has a good chance to finally prevail he will surely offer only modest and incremental changes.
With a 90 foot height along East Broad and North Washington, significantly impacting the neighborhoods, and more school pupil impact, the citizens should expect the Council to press for more long term financial benefit. And the best way to press and impress the developer is to deny first reading.
A financial impact analysis that is in the Council’s agenda package is attached.
The Post will provide on-going coverage as this issue progresses.