This fourth phase of the project is in line for 6.4 million of Federal Funding. O'kay, so lets do the math. 6,400,000 divided by 22 comes to approximately 291,000 per unit,. Keep one thing in find the story only mentions Federal Funding, what about city Home Funds, State Home Funds and god knows what other entity may be giving this fourth phase grant monies.
Better yet, maybe we should take a look at the cost to assemble these parcels:
- 152 Beacon Street: sold via an RFP process thru Neighborhood Services (bk 35723 pg 6) for 10,000. Great price for this buildable lot. If the Treasurer auctioned it off, it would have fetched in the 30,000 range. The deed also stipulates first time home-buyers, not renters.
- 30 Hammond Street: City of Worcester through Neighborhood Services (bk 34478 page 204) sold this 4,720 square foot lot for a whopping $470.
- 32 Hammond Street: City of Worcester through Neighborhood Services (bk 34478 page 209) sold this 4,765 square foot lot for $240. Keep in mind 30 and 32 abut each other and could have fit a duplex, maybe even a tri-plex. In 2004 if the market value of these lots together would have been in the $70,000 range. The City of Worcester got $710.
- 43 Hammond Street: Main South CDC paid Linda Ferrie 5,000. Why so low? This lot had a tax bill in the 30-40 range, I forgot the amount. Main South CDC was about to get 75% percent of it waived so they City lost $25,000 in back taxes.
Now the water and sewer fees for these 22 units should be in the 100,000 range. Maybe they pay it, maybe they don't? I don't know. My point is that there are alot of hidden costs in lost opportunities that need to be recognized when an entity of the City of Worcester was able to assemble parcels of land and sell them below market value all under the auspices of our need for more no-low housing.
6 comments:
http://www.telegram.com/article/20100323/NEWS/100329927
all I can say is "keep this model of urban renewal" in Main South...not needed or wanted in the Village of Piedmont
Of course the frosting on the CDC cake is that 30 & 32 Hammond and 152 Beacon are all 2 years behind on their paltry property taxes.
Sooooooooo exactly how does the ZBA even entertain these appeals. The more I see of how things really work in Worcester the more disenchanted I become.
I am about 98% you cannot get permits until you are current on your taxes (unless of course you are CDC).
Of course 43 Hammond is current on their taxes. It's owned by what apprears to be a private party... limited liablity company
You know according to what I see in various documents, 9 May St, which supposedly is Worc Common Grounds Piano Factory prOject with all the sewerwaGE problems, is actually owned by one 9 May St Limited Parternship. Kind sounds like a profit making venture to me????
Can non profits form limited liabilty partnerships?
Now here is a classic case of what is wrong with teh majority of the Mass congressional delgation and how they think or should I say dont think, specifically Kerry.
Taken from todays Boston Herald:
The bill will be partially funded by a 2.3 percent tax on medical-device manufacturers, which some predict will drive businesses overseas, including some Massachusetts companies. But Kerry downplayed any negative economic impact and said key industry players were “at the table” and “agreed” to the tax.
“This in no way strips their profits or ability to do business,” he said.
Pricless. Please notice the lack of specifics as to which med device companies "agreed" to the tax.
zoning board says yes to these... the city waves fees.. they say no to bill boards.. $50,000.00 to $100,000.00 dollar projects permit fees and personal property taxes lost by not doing them. Plus now no signs....a business trying to feel good willing to re invest in their property / business.... and the council says no signs for six months....
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