More hard hitting news from EconCat88 with no regard for accuracy or sanity.
1. There is not a 15 year abatement on The Bartley Lofts. You are factually wrong on the length of abatement. In addition an abatement does not lower the amount of taxes collected from a previous year it freezes the rate for the period of the abatement at the tax rate prior to renovation which will lead to dramatically higher tax receipts at the end of the abatement.
2. Your camera panned through The Bartley Lofts in the initial scene after the Berdan and you stated "as you can see a lot of them are are not finished even today" Every unit in your camera view is finished.
3. Your second camera pan of The Bartley Lofts you state "You can see that whole row on the end there looks like maybe 1 of the 6 were ever finished". When in reality only 1 of the 6 are unfinished.
4. Standart lofts you stated its about 60 to 70 apartments. It's 75
Your opinions as wishful facts.
1. The Standart has only been open 1 year so we don't know if it's successful.
a. high occupancy
b. they have raised rents
c. the owners are pouring 17 million as stated by you of their money into another project based upon the experience of the Standart.
d. the Berdan will not be their final downtown project either. So you can make another video saying the Berdan has only been open a year so we don't know if it's successful, but I'm sure this new one will be bad.
2. Lucas County is stuck with 5/3 field?
a. Stuck with a stadium that in it's 12 seasons have the 12 highest years of attendance in the history of the Mud Hens
b. Stuck with a stadium that they have been able to pay down their debt obligation on at an accelerated pace due to it's overwhelming success.
3. Why do we need another 115 housing units when we live in a city probably in the top 5 in the county in vacancy rates.
a. Because rental vacancy rates are nowhere close to the top 5 highest in the country and average rents have risen over the last 6 years. So they're building another 115 units which are in demand.
b. Because people apparently want to live downtown as it has the second lowest Toledo district rental vacancy rate of eleven.
c. Because they have 17 million and they think it's going to make them money.
For such a free market guy you sure want to dictate where people can live, whether or not the location is what they desire or the housing stock is what they desire.
4. Subsidies? There is close to zero development that receives no subsidy in tax dollars. With the largest subsidy coming in the form of road construction and maintenance. Yes your home out of the core is a tax sucking subsidy due to the roads leading to it. Oh yes and any mortgage attached to your home another tax sucking subsidy in the form of the loan itself and the interest deduction.
5. Why don't they develop half of the building? If you don't know the answer you don't know development.