March 01, 2011

City Council

I watched a few minutes tonight and Paul Morano, good guy, was on talking about a company that was going to get a TIF that was moving somewhere in Quisigamond Village.  Link to story-- thanks Dave Z.     Sorry, don't know many details, although it sounded alot like the Philly Plan.

Putting that aside, the City Council asked alot of questions.    That is a good thing, they should!!!!   From what I heard and what I know about the individual involved, it sounds like a good deal for the City of Worcester.   Exactly the types of investments we need to build up the commercial base......

The only bad thing is that people are being questioned today, because people who preceded them dropped the ball resulting in moribund projects like Pharmasphere and Mason Street.


David Z. said...

Is this the company? This was reported in last Saturday's T&G.

Nick said...

Thanks for the T&G link David.

So this company was located near the airport until 2007, moved to West Boylston, and now are planning to move back?

What's so important about them operating out of the city if they're not going to pay taxes? Is this TIF 100% or what? If they're going to grow from 14 to 55 employees that's a big deal, but will Worcester residents comprise a much bigger share of that workforce if the facility is on Greenwood rather than, say, Auburn?

Jahn said...

The city is in no financial condition to be giving money away.

IF the city is so inclined to be in teh TIF business, all tax monies will be paid to City and then escrowed at CD interest rates over the term of the TIF until the TIF'ee has performed 100%. then and nonly then will teh city then refund to monies to keep their end of teh TIF. This is the only BUSINESS LIKE manner in which to do it.

I mean how many times is Worc going to get raked over the coals giving away all this speculative upfront money. Show me a business man who would front this kind of deal.

OK this City Sq deal is back to its old ways. We were told months ago the garage would be coming down no later than Jan 31st. Now its moved ahead until this spring, per todays T&G. Please keep in mind City Sq was hatched back in late 2005 or was it 2004. I mean even if you give them 2 years grace period due to economic conditions. ...come on !!!

Permits been pulled yet? Who's the demo co.?? Not the General contractor, but the subcontractor demo cp. ?? I am curious if Consigli Constr is involved here. They seem to land a fair amt of gub'mint or gubmint related work here in Worcester and i did see some equipment there w/Consigli name on it.

Jahn said...

Just read about this in T&G today.

Again, this is absolute insanity in normal economic times, never mind todays economic climate. $500,000 Worc taxpayer giveaway to a company that gypzies from one locale to another.

If this company wants to come to Worc., raise the money to do it or stay where you are. They are claiming to have 15 'ees now and will add 55 more 'ees over 4 years. Folks thats a whooping 375% incrase in the number of 'ees over a short 4 year period. Sorry but I have real problems buying into this story.

Both the CM and his business assistance director claim the city can recoup Worc's monies if the co. doesnt live up to the contract terms. I am surprised at Obrien and the other bureaucrat , b/c there's something called bankruptcy and when if & it happened the city would get ++++ if the co. failed to live up to the terms.

They're only a few hundred yards to the Auburn line, let em go see Julie. The city has to learn how to stare these companies down. If they are really committed to this site they will build there without any assitance from the city. Kudos to Palmieri for raising a few questions, but then again he's the biggest smallest attention whore on the council.

Again, If you want hold back the money until the 12 year period has run and they are still in complianace with the contract terms............maybe I could be convinced of a lesser deal......but NFW should my tax dollars be fronted on this kinda speculative venture.

If anything is going to handed over, give back some $$$$ the current Worc. commercial property owners who have been beaten up so badly with this dual tax rate system.

GOODazri LLC of 100 Hartwell St, W Boylston isnt good for Worcester and I am tired of what is morphing into a de facto triple or quadruple rate tax system in Worcester. Let em move to Philly...!!!!! :)

Take this idea down the street and around the corner to the Upper Blackstone Waste Abatement & Treaemtn Plant and flush it down the Blackstone

I goolged Goodazri and all that seems to come up is Dubai & the UNited Arab Emerites???????