At the heart of the master agreement is a financing mechanism that will require revenue from the new private development to pay for $227 million in public infrastructure costs.Koch says this is a wholesale reversal of traditional urban redevelopment by requiring the private investment to come first.
The mechanism, called the "purchase model," largely eliminates the public risk often associated with redevelopment projects. It works this way: The City will purchase the public infrastructure - including parking garages -- from Street-Works only when new buildings are occupied and producing enough revenue to cover the City's debt costs.
3 comments:
Another interesting read...
Stop & Shop likely to cut, move Quincy workers
Grocery chain is key supporter of city’s redevelopment
By Todd Wallack
Globe Staff / January 4, 2011
Supermarket Cos. will probably eliminate or move scores of positions at its Quincy headquarters as part of an ongoing reorganization, its parent company said yesterday.
The employee changes come as the city of Quincy embarks on an ambitious billion-dollar revitalization of its downtown, where Stop & Shop expects to remain a key employer.
A spokeswoman for the parent company, Ahold USA, said the company sought to move 100 workers to Carlisle, Pa., where it operates its marketing and merchandising hub. So far about half the workers have opted to move to Pennsylvania, with some others accepting jobs in newly created local divisions or agreeing to remain temporarily with the company during the transition.
Stop & Shop and its corporate parent have roughly 20,000 workers statewide, around 950 of whom work at the Quincy headquarters. The company has been a key supporter of a New York developer’s $1.2 billion plan to transform Quincy into a busy retail, commercial, and residential center. The grocery says it originally introduced the developer, Street-Works Development LLC, to Quincy city officials to discuss improving the neighborhood around its building.
Stop & Shop’s 10-story building on Hancock Street will remain one of the company’s two major office hubs in the United States, hosting workers in finance, real estate, construction, legal, human resources, and other departments. Indeed, the company has added jobs in Quincy over the past two years. It also plans to move its New England division headquarters from Braintree to Quincy later this year, further bolstering employment at the site.
“There has been a lot of speculation about our plans here in Quincy,’’ said Tracy Pawelski, an Ahold spokeswoman based in Pennsylvania. “Stop & Shop remains committed to Quincy and its redevelopment efforts.’’
But Pawelski said the company can’t say how many full-time permanent workers it will have in Quincy until it completes all the different relocations later this year.
“We will have a better idea of the net impact on jobs in Quincy at that time,’’ Pawelski said.
Todd Wallack can be reached at twallack@globe.com.
Harry T
Worcester,MA
Another interesting read...
Stop & Shop likely to cut, move Quincy workers
Grocery chain is key supporter of city’s redevelopment
By Todd Wallack
Globe Staff / January 4, 2011
Supermarket Cos. will probably eliminate or move scores of positions at its Quincy headquarters as part of an ongoing reorganization, its parent company said yesterday.
The employee changes come as the city of Quincy embarks on an ambitious billion-dollar revitalization of its downtown, where Stop & Shop expects to remain a key employer.
A spokeswoman for the parent company, Ahold USA, said the company sought to move 100 workers to Carlisle, Pa., where it operates its marketing and merchandising hub. So far about half the workers have opted to move to Pennsylvania, with some others accepting jobs in newly created local divisions or agreeing to remain temporarily with the company during the transition.
Stop & Shop and its corporate parent have roughly 20,000 workers statewide, around 950 of whom work at the Quincy headquarters. The company has been a key supporter of a New York developer’s $1.2 billion plan to transform Quincy into a busy retail, commercial, and residential center. The grocery says it originally introduced the developer, Street-Works Development LLC, to Quincy city officials to discuss improving the neighborhood around its building.
Stop & Shop’s 10-story building on Hancock Street will remain one of the company’s two major office hubs in the United States, hosting workers in finance, real estate, construction, legal, human resources, and other departments. Indeed, the company has added jobs in Quincy over the past two years. It also plans to move its New England division headquarters from Braintree to Quincy later this year, further bolstering employment at the site.
“There has been a lot of speculation about our plans here in Quincy,’’ said Tracy Pawelski, an Ahold spokeswoman based in Pennsylvania. “Stop & Shop remains committed to Quincy and its redevelopment efforts.’’
But Pawelski said the company can’t say how many full-time permanent workers it will have in Quincy until it completes all the different relocations later this year.
“We will have a better idea of the net impact on jobs in Quincy at that time,’’ Pawelski said.
Todd Wallack can be reached at twallack@globe.com.
Harry T
Worcester,MA
FROM BILLS INITIAL POST( news article):
the "purchase model," largely eliminates the public risk often associated with redevelopment projects. It works this way: The City will purchase the public infrastructure - including parking garages -- from Street-Works only when new buildings are occupied and producing enough revenue to cover the City's debt costs.
MMMMMMM....."LARGELY ... eliminates the public risk associated w/redevelopment projects"
Define largely please
I say no way to this scheme or any other that puts the public treausry at risk.
What happens if the project is purchased by Quincy and a few years later the rental revenues drop? We all know how muncipal costs for parking garage attendants/mainteance/upkeep rise every year. The possibe scenarios that could sink the financail viablity of a parking garage or an office building are too numerous. Bottonline gov't should not be in the parking garage or office rental businesses.
This is just Philly Light.
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