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Taubman currently owns the old Cerro Wire site that is adjacent to the property that the TOB wants to sell to Oyster Bay Realty, LLC (which is really a proxy for Simon - the Roosevelt Field owner). According to Taubman, whether or not the referendum passes, a mall will still be built on the Cerro Wire site.
These are the issues I see with the Simon supported purchase:
1. Why pay 32mil for a 17mil property if there are no other bidders?
2. Why agree not to develop for five years and possibly eight?
3. During the initial five year period no property taxes will flow from the property.
4. How is the purchase financed?
5. On closing date does the TOB get 32mil or is there only a partial payment with the rest to come later?
I for one do not like all of the arm twisting by the TOB in support of the Simon Group. Being the cynical guy I am I think there is more to this story so I am voting NO!
Yeah, so much political shenanigans, palm greasing, nimbyism going on with this. I don't see how politicians forming an alliance with Simon to block the super mall is good for TOB. Taubman's super mall would create much more needed revenue/jobs over the long term...
Quote:
Originally Posted by S.I.B.
Do I understand this correctly? TOB basiacally sold the land that houses their DPW to a mall so that another mall won't be built on the Cerro site? WTF? Am I missing something?
TOB sold it to Simon so Taubman couldn't build a giant mall that rivals RF mall. I think Taubman is going through with plans to build a smaller scale mall on the Cerro site, regardless.
Yeah, so much political shenanigans, palm greasing, nimbyism going on with this. I don't see how politicians forming an alliance with Simon to block the super mall is good for TOB. Taubman's super mall would create much more needed revenue/jobs over the long term...
TOB sold it to Simon so Taubman couldn't build a giant mall that rivals RF mall. I think Taubman is going through with plans to build a smaller scale mall on the Cerro site, regardless.
Even that smaller mall has been rejected by the ToB board for years, gone thru the courts, costing the town untold $$.
Do we really need ANOTHER mega mall in Nassau??? Seriously? As far as jobs go most will be throwaway 10 dollar an hour service jobs, increased tax revenue is fine, but for another mega mall its not worth it IMO.
Has the TOB announced what they intend to do with the $32M? Is it going to actually reduce residents taxes (especially since it was only valued at 17M) or will it just be one of those, oh we were short/going to be short so this fills the gap and taxes continue to rise? As others have said I really don't like this backhanded deal with Simon....this mall was going to be more upscale than Roosevelt Field so I do think it would have worked out nicely for TOB and its residents.
Taubman currently owns the old Cerro Wire site that is adjacent to the property that the TOB wants to sell to Oyster Bay Realty, LLC (which is really a proxy for Simon - the Roosevelt Field owner). According to Taubman, whether or not the referendum passes, a mall will still be built on the Cerro Wire site.
These are the issues I see with the Simon supported purchase:
1. Why pay 32mil for a 17mil property if there are no other bidders?
2. Why agree not to develop for five years and possibly eight?
3. During the initial five year period no property taxes will flow from the property.
4. How is the purchase financed?
5. On closing date does the TOB get 32mil or is there only a partial payment with the rest to come later?
I for one do not like all of the arm twisting by the TOB in support of the Simon Group. Being the cynical guy I am I think there is more to this story so I am voting NO!
After 5 or 8 years what will be developed? Probably retail anyway just like Taubman.
They don't even have to pay property taxes on vacant land?
*******
I think the politicians are getting their personal pockets lined bigtime by Simon and wasting the taxpayers' money fighting Taubman for their own personal greed. Too bad it is too small time to attract investigators from the state or FBI I supposed. Ah, even if it did a slap on the wrist anyway!
Do we really need ANOTHER mega mall in Nassau??? Seriously? As far as jobs go most will be throwaway 10 dollar an hour service jobs, increased tax revenue is fine, but for another mega mall its not worth it IMO.
What do you think should be built there instead? Not crazy about more retail myself, but what would attract a developer?
Do I understand this correctly? TOB basiacally sold the land that houses their DPW to a mall so that another mall won't be built on the Cerro site? WTF? Am I missing something?
The whole argument for TOB is that Simon will pay immediately and I think TOB does get $30mil right away. But I've not heard anything about what Taubman will pay and why that wouldn't go to TOB also - maybe much later? The only ammo TOB uses against Taubman is that he's being greedy with this mall thing, but Simon, as we all know, is a mall company.
I agree with the question above - why would Simon pay that much and not do anything with it for so long?
Quote:
Originally Posted by TVR1997
Has the TOB announced what they intend to do with the $32M? Is it going to actually reduce residents taxes (especially since it was only valued at 17M) or will it just be one of those, oh we were short/going to be short so this fills the gap and taxes continue to rise?
The words in a patch.com article were: "the town needs the $32.5 million to lower its debt, keep taxes down and continue to make infrastructure improvements to town parks and recreation facilities." So apparently it will not lower them from what they already are. Debt.
What do you think should be built there instead? Not crazy about more retail myself, but what would attract a developer?
These were all suggested but as we all know in Nassau County what is the probability that any of these options would be built. What has the TOB actually done to make such pie in the sky wishes happen. That site will continue to sit dormant. It would certainly be nice to see such development but this isn't Northern VA/White Plains/etc.
Do we really need ANOTHER mega mall in Nassau??? Seriously? As far as jobs go most will be throwaway 10 dollar an hour service jobs, increased tax revenue is fine, but for another mega mall its not worth it IMO.
Perhaps we don't need another megamall. However, if someone wanted to build a mall that rivals RF and wanted the best chance of succeeding, I couldn't think of a better location to do it --Close to the entire north shore, easy access from points east, west, and even south. I know Syosset did not want to deal with the traffic and everything that comes with a big mall.. but regarding taxes, it would've been a major boon to them and all TOB residents over the long-term. I guess they like paying $15k taxes on their half-million dollar splits.
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