ura moves forward with saks development giveaway

[WhoIsStanwix?]

I hadn't really had any experience with Millcraft before, aside from knowing they handled some of the residential development projects downtown. I was surprised yesterday to learn that they have some SFH "flips" in Lawrenceville, as I encountered one while checking out open houses in my home search. Let me say, the workmanship compared to the flips some of the smaller outfits have done was horrendous. For a house > $400k, I would've expected level cabinets that looked something better than low-end pre-fab cabinets from Lowes, the paint work had overspray, drywall wasn't fit together nicely at the corners, and they used cheap vinyl windows.

I can't imagine they do much better on their large developments. Color me disappointed that they won the lottery to do this development with taxpayer money.

[pman]

three years after the URA embarked on this project it's still awful. in addition to the state grant they are getting a URA loan. frankly when there is 80% growth in the population and a strong office market there simply isn't any need for an organization like the URA to go around buying properties and giving sweetheart deals to their cronies. to top it all off the parking taxes won't be shoring up the pension....nice work around the high parking taxes for piatt

The URA approved the sale of a former Saks Fifth Avenue department store and Wendy's restaurant, Downtown, for $2.2 million to investors who intend to build condos, a parking garage and ground-floor space for stores.
Board members approved a $7 million, 21-year loan for the $60 million project at an estimated interest rate of 3.8 percent. The loan will be repaid by diverting 75 percent of parking taxes collected from the garage to the URA; the developers will repay the difference.
Washington County-based Millcraft Investments and Downtown's McKnight Realty Partners plan to build a six-story garage with 600 spaces and condos above it.

Projects get Pittsburgh Urban Redevelopment Authority boost | TribLIVE

[szug-bot]

Originally Posted by pman

three years after the URA embarked on this project it's still awful. in addition to the state grant they are getting a URA loan. frankly when there is 80% growth in the population and a strong office market there simply isn't any need for an organization like the URA to go around buying properties and giving sweetheart deals to their cronies. to top it all off the parking taxes won't be shoring up the pension....nice work around the high parking taxes for piatt



Projects get Pittsburgh Urban Redevelopment Authority boost | TribLIVE

Can we dumb this down?

What do parking taxes have to do with the sale of Saks, or did you mean that the URA had some involvement with parking taxes (independent of the Saks misadventure) and botched that, too?

Are you complaining that the sale was for pittance? If so, do you agree the Saks property could have been sold for more? And, by "cronies", are you implying impropriety?

I ask because if this is true, I want to know, and be armed with accurate facts if I am torpedo-ing the URA (which I have been skeptical of, lately) verbally or in a forum .

[pman]

Originally Posted by szug-bot

Can we dumb this down?

What do parking taxes have to do with the sale of Saks, or did you mean that the URA had some involvement with parking taxes (independent of the Saks misadventure) and botched that, too?

Are you complaining that the sale was for pittance? If so, do you agree the Saks property could have been sold for more? And, by "cronies", are you implying impropriety?

I ask because if this is true, I want to know, and be armed with accurate facts if I am torpedo-ing the URA (which I have been skeptical of, lately) verbally or in a forum .

Parking taxes will be diverted to pay for the subsidized loan rather than what parking taxes are supposed to be used for. I am complaining that the URA moved quickly it purchase the property, then worked to produce parking which pitt had asked them for. ..the project also received racp support which you get if you have political support. I am not claiming the price was too low though I would be surprised if it were not. I'm a little Confused by your cronies question. Are you implying that pitt is not influential or familiar with zoner or any other politician? You don't need to be in the know, look around. While patty milked the taxpayer pmc bought the market.

[Moby Hick]

Originally Posted by pman

Parking taxes will be diverted to pay for the subsidized loan rather than what parking taxes are supposed to be used for.

Just to be clear, I think they are only diverting parking taxes from the new garage being build for this project, not taxes from existing parking. I don't know that much about this specific project, but diverting taxes from a new development isn't exactly rare.

[wpipkins2]

Originally Posted by Moby Hick

Just to be clear, I think they are only diverting parking taxes from the new garage being build for this project, not taxes from existing parking. I don't know that much about this specific project, but diverting taxes from a new development isn't exactly rare.

Not sure if he is referring to the TIF (Tax Incremental Financing) If so, some of those future tax dollars would be used for infrastructure improvements in the immediate area. Smithfield street is in need of all new sidewalks, street trees, brick cross walks, and new street lights. This is similar to what has happened to Fifth (Lazarus/3PNC), Penn (Convention Center) and Liberty Avenues. Those streets were in bad shape 10 years ago.

[Moby Hick]

Originally Posted by wpipkins2

Not sure if he is referring to the TIF (Tax Incremental Financing)

I don't think so. It's using the parking tax from the parking garage to help pay for that parking garage.

[pman]

Originally Posted by Moby Hick

I don't think so. It's using the parking tax from the parking garage to help pay for that parking garage.

exactly. really the point of subsidizing parking is the revenue