DC-1 18-0552 Resolution to Amend the Budget and Appropriate Funds Not to exceed $4,200,000.00 from the General Fund Balance to Effect the City's Ownership of 350 South Fifth Avenue ($4,200,000.00) (8 Votes Required)
This property is under litigation, please stay out of the real estate business. If you need examples of City Council's failure with this property, consider that we haven't even been able to replace the affordable housing units lost when you cleared the lot the first time. Or the fact that you placed all sorts of restrictions on the use of the property - to ensure maximum taxable value for the DDA TIF skim - that you have refused to place on other properties despite the wishes of residents + the Master Plan. Or the fact that you denied the current property owner the right to use the property as a surface parking lot in the interim, again, to force revenue into the DDA pockets. Shameful dealings on this site, and I have no doubt that there is a plan in place to cut a deal with a well-connected developer or organization at the taxpayers expense. Do not spend General Funds on this buyback scheme!
This property is under litigation, please stay out of the real estate business. If you need examples of City Council's failure with this property, consider that we haven't even been able to replace the affordable housing units lost when you cleared the lot the first time. Or the fact that you placed all sorts of restrictions on the use of the property - to ensure maximum taxable value for the DDA TIF skim - that you have refused to place on other properties despite the wishes of residents + the Master Plan. Or the fact that you denied the current property owner the right to use the property as a surface parking lot in the interim, again, to force revenue into the DDA pockets. Shameful dealings on this site, and I have no doubt that there is a plan in place to cut a deal with a well-connected developer or organization at the taxpayers expense. Do not spend General Funds on this buyback scheme!