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I find it completely irresponsible that the city would consider spending close to $6M for a property, the mall interior, that a private developer bought 2 years ago for just $2M. Then of course there is the pay off to Sears, Belks, etc. Just goes to show you that if you know the right people you too can make a 200% multi-million return on the backs of the taxpayers. The movie studio will never happen, just like the promises this developer made, as it is just smoke to cover up these facts.
"Government doesn't produce anything. It can only re-distribute wealth through the threat of violence."
Well it does seem as if the city's math skills are off, unless they're not the ones planning on demolishing it.
Quote:
The city of Charlotte on Monday will consider buying Eastland Mall for $13.2 million in an effort to make the site attractive to an outside developer.
The money to buy the mall was part of an earlier bond referendum that included $16 million for Eastland redevelopment. Demolition costs are estimated at $10 million.
I find it completely irresponsible that the city would consider spending close to $6M for a property, the mall interior, that a private developer bought 2 years ago for just $2M. Then of course there is the pay off to Sears, Belks, etc. Just goes to show you that if you know the right people you too can make a 200% multi-million return on the backs of the taxpayers. The movie studio will never happen, just like the promises this developer made, as it is just smoke to cover up these facts.
"Government doesn't produce anything. It can only re-distribute wealth through the threat of violence."
Didn't you recommend condemnation just a few posts ago?
What you are failing to take in to account is the consolidation of all the independently owned parcels. By putting the entire block under one owner the parcel becomes more attractive.
I can understand why any expenditure gets people up in arms these days, but there is an obligation by the city to correct some mistakes they've made with this area over the years. If the tax value can be raised it lessens the burden on the rest of the city... And some improvements can only be effected by government.
The city seems to be the only one capable to go to the pain of consolidating all the parcels under one owner. This is the first move required before taking the next step, since no serious private investor would want a part only of the big puzzle, with little chance of getting the rest (too many owners involved).
Once the entire block goes under one owner (city), only then, the city will entertain different offers from private investors. Let's hope that the city does not loose its shirt on this one and finds the right match investor to boost the economy (much needed "shot in the arm") for that area.
Didn't you recommend condemnation just a few posts ago?
What you are failing to take in to account is the consolidation of all the independently owned parcels. By putting the entire block under one owner the parcel becomes more attractive.
I can understand why any expenditure gets people up in arms these days, but there is an obligation by the city to correct some mistakes they've made with this area over the years. If the tax value can be raised it lessens the burden on the rest of the city... And some improvements can only be effected by government.
Exactly what I am thinking. Thank you for stating it better than I could.
Didn't you recommend condemnation just a few posts ago?.
Sure and with this comes the power to demolish it and then place a lien on the property for the demolition costs. if the owners don't pay it, they foreclose and the problem is solved. If I remember correctly the city did this very thing to a strip mall very close to there on Albemarle Rd.
There is absolutely no reason to pay 200% above what this property cost 2 years ago, and the taxpayers don't have any responsibility to pay off the owners of these properties if they don't maintain them. No obligation at all Amazingly the bubble headed local media is spinning this now as a choice to create a film industry or not. I'm sure it will pass.
Where this will end up is that you will see more of the overtaxed middle class leaving the city of Charlotte, and expansion of the rot that exists now around Eastland, and more parts of the city looking to pull out like the effort in Ballentyne.
Sure and with this comes the power to demolish it and then place a lien on the property for the demolition costs. if the owners don't pay it, they foreclose and the problem is solved. If I remember correctly the city did this very thing to a strip mall very close to there on Albemarle Rd.
There is absolutely no reason to pay 200% above what this property cost 2 years ago, and the taxpayers don't have any responsibility to pay off the owners of these properties if they don't maintain them. No obligation at all Amazingly the bubble headed local media is spinning this now as a choice to create a film industry or not. I'm sure it will pass.
Where this will end up is that you will see more of the overtaxed middle class leaving the city of Charlotte, and expansion of the rot that exists now around Eastland, and more parts of the city looking to pull out like the effort in Ballentyne.
What happens after it goes into foreclosure with no buyers? And what are the requirements to remove a demoliton lien?...just do "blank" and seems you are back to where you started. I'm not sure if that process is apples-to-apples with a strip mall. Seems simple enough but somehow the situation begs for more complexity, just wondering.
Sure and with this comes the power to demolish it and then place a lien on the property for the demolition costs. if the owners don't pay it, they foreclose and the problem is solved. If I remember correctly the city did this very thing to a strip mall very close to there on Albemarle Rd.
There is absolutely no reason to pay 200% above what this property cost 2 years ago, and the taxpayers don't have any responsibility to pay off the owners of these properties if they don't maintain them.
Amazingly the bubble headed local media is spinning this now as a choice to create a film industry or not. I'm sure it will pass.
I don't think the city can condemn a building just because it's vacant. If the city tried to flex it's powers of eminent domain the cost would *likely* be higher. Courts commonly award 150% of FMV to ED cases in Charlotte.
Even if the property were condemned and razed, it wouldn't solve the multiple owner problem. And I don't see how the parcel will be very desirable to developers if it's under multiple owners AND saddled with a demolition lien. Maybe you can flesh that out for me.
The reported sale price, from what I can tell, isn't "200%" above what the property costs from 2 years ago. The only sale I can recollect in the last two years was the guy from Texas who bought the interior of the mall for $2MM. This sale would unify the entire parcel. Tax revenue from the building is reportedly over $1MM per year. You can see that the County values the building at much, much more than $6.5MM.
I'm not sure about your comment about the owner not maintaining the building... I hadn't noticed that it was any more dilapidated than other vacant commercial properties, but I'm admittedly not by there very often.
You can argue that it's not the city's business, but it would be helpful to shy away from the hyperbole to bolster your case.
Where this will end up is that you will see more of the overtaxed middle class leaving the city of Charlotte, and expansion of the rot that exists now around Eastland, and more parts of the city looking to pull out like the effort in Ballentyne.
I'm not so sure about that. What you are just as likely to see is these areas becoming unacceptable to even the lower middle class, and *them* fleeing to Ballantyne and the bedroom suburban enclaves. Buying houses they can't afford and having even less spending power. There is no Galt's Gulch in the real world...
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