A developer wants to revitalize downtown. He has bought a falling down building (once the largest industrial building in the world, covering 60 acres) and is putting in shops, restaurants, and 600 condos. Sounds like the best of all possible worlds for everyone. But…
He needed parking. The city built a new garage nearby. He cut a deal with the city in 2003 to pay 200 grand a year for 400 spaces to be reserved for his project. But the project won’t be finished until 2008 but he has been paying since 2003. He has also run out of money and needs an injection of cash, Oh and they have discovered asbestos in the old building.
Here’s what I think — At a minimum, the city should forgive the payments until the development is up and running. It seemed like a good deal at the time, and Mr Developer who was trying to woo the city to get approvals and the like probably felt it was money well spent. However this project seems like a perfect brownfield development that will mean a lot to the community.
But then what do I know? Most people living in this little New Hampshire town probably would be just as happy if the place remained as it is.