Below is an excerpt from the local website, REALNEO. If you prefer to view the information directly at that website, here is the link:
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Amid the many other sketchy financial details surrounding the Cedar Center project is the apparent lack of a backup plan in the event the $14 million “TIF” proposal falls through.
The Cleveland Heights University Heights School District has until December 31, 2009 to render a decision on whether to accept or decline the offer to forfeit the collection of $14 million in taxes over the next 30 years from the Cedar Center property. This arrangement allows the developer to use that money to pay off the construction debt. A persuasion tactic to acquire a “Tax Increment Financing” agreement is the promise of higher property tax revenue with the supposed improvement of the land. Any inference that the development is progressing is speculative “smoke and mirrors” due to the impending decision by the Cleveland Heights University Heights School District.
- time: 1 min. 39 sec.
Please also see: Prolonging The Agony
2 comments:
O.K.,,,,,O.K.,,,,,,,,O.K.,,,,,,
LET ME SEE IF I UNDERSTAND THIS.....KINDA' LIKE A BAD GAME SHOW.
CLEVELAND HGTS CAN EITHER TAKE 14 MIL NOW,AND FORFEIT ANY BUSINESS,PROPERTY,WHATEVER TAXES FOR THE NEXT 30,YEAH,30 YEARS, FROM THE COMMERCIAL ENTERPRISES AT CEDAR CENTER;IN WHICH CASE CORAL GETS THE 14 MIL TO POCKET,,,OR THEY CAN DECLINE THE 14 MILL,HOPING THEY CAN RAISE PROPERTY TAXES,AND ALSO COLLECT ALL THE COMMERCIAL TAXES THEY CAN OVER THE NEXT 30 YEARS,BASED ON THE BELIEF THAT THE BUSINESSES,AND HOMEOWNERS WILL BE CLIMBING ALL OVER EACH OTHER TO LIVE IN THIS NEIGHBORHOOD,AND PAY HIGHER TAXES,ALL BECAUSE OF THE CONVIENANCE AND ATTRACTION OF THIS "STRIP MALL"(SORRY,IT IS WHAT IS IS)
AS THE SCHOOLS CONTINUE TO DETERIORATE.CRIME CONTINUES TO RISE.SOUTH EUCLID WILL HAVE ABOUT A 3 PAGE SPREAD IN THE "POLICE BLOTTER" IN THE SUN.
OH,AND IF THEY TAKE THE 14 MILL,SOUTH EUCLID WILL HAVE TO COME UP WITH THE CASH,FOR CORAL,WHO WILL POCKET THE MONEY.
(C'MON,YOU REALLY DON'T THINK THEY'RE GONNA' USE IT TO PAY FOR CONSTRUCTION COSTS DO YOU,,,BAAHAAA)
AND CLEVE HGT/UNIV. HGTS CAN STILL RAISE THEIR PROPERTY TAXES IF THE DEVELOPMENT REALLY DOES DRAW ALL KINDS OF PEOPLE INTO THEIR CITY BECAUSE OF THE ATTRACTIVENESS AND CONVIENCE OF THIS SHOPPING CENTER.AND ACTUALLY IT COULD WORK FOR THEM.BECAUSE OF THEIR MUCH "OLDER" HOUSING,DUPLEXS,
DIVERSE,YOUNGER,URBAN PROFESSIONALS,MUCH MORE RENTAL PROPERTIES,AND THE SCHOOL DISTRIC HAS ONLY ONE WAY TO GO,AND THAT IS UP!
MEANWHILE S.E. IS GONNA PUT RED LIGHT CAMERAS IN TO HARASS THE CITIZENS,ZELEI GOT HIS 30K,AND OUR SCHOOLS ARE AT THE VERY BOTTOM OF EFFECTIVE,AND LOOK AT THE RATINGS OF THE 4TH,5TH,AND 8TH GRADES.OUR FUTURE BRUSH ALUMNI.
I SAY CLEV/UNIV HGTS TAKE THE 14 MILL,STICK IT TO S.E.,RAISE THE PROPERTY TAXES AFTER THE SUCKER IS BUILT,(AT S.E. EXPENSE),AND GO ALL OUT TO IMPROVE YOUR SCHOOL SYSTEM,THEN GIVE YOUR SCHOOL SUPE. A 30 GRAND RAISE(YEAH,DELAYED INCREASE)....RIGHT?
AND S.E.,AND THEIR "HOUSING DIRECTOR" CAN CONTINUE TO TAKE OVER DILAPIDATED HOMES,PASS TAXES ON RENTAL PROPERTY OWNERS,DRIVE CITIZENS AND BUSINESS INVESTORS OUT OF THE CITY....TRY TO GIVE CITY EMPLOYEES 20 TO 30K RAISES,
INFRASTRUCTURE TO DECAY....
DING,DING,DING,DING,,,,,THE WINNER IS CLEVE/UNIV HGTS,TAKE THE 14 MILL AND HAVE A PARTY.YOU CAN'T LOSE.
South Euclid politicians and their allies are playing monopoly with taxpayer money while many little things are going to hell in that city. I heard the clusters homes needed tax abatement to sell and now the cedar center shopping center will need a huge boost from taxpayers in South Euclid and now Cleveland Heights to be viable. Maybe their raises should have come after this risky venture paid off......can you say salary freeze for 30 years......I can.
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