Randy Alexander's Capitol West development has also struggled to make the payments on its $4.27 million TIF "loan" -- in 2009, the city had to re-write the deal, in order to prevent a default.
The city is also on the hook for the Overture Center's operating budget deficit. While the OC's cheerleaders claim that it has boosted property values and been an economic development engine for downtown, one wonders why, in that case, so many of the Capitol West condos remain unsold. The cheerleaders also talk about the public benefit of having a vibrant community arts facility. They conveniently forget that the OC's predecessor, the Madison Civic Center, hosted even more community arts groups, most of whom cannot afford the higher rents at the OC.
Now, after backing off his
I think the real reason for all of this is that Madison's west-side power brokers want to pretend they're living in Manhattan, with high-rise condos, Broadway shows, gourmet groceries and elegant, overpriced hotels. I expect our new improved downtown library to have an entrance flanked by lion statues. We already saw a return of the Statue of Liberty on the lake this past winter. Maybe we can drop a lighted disco ball from the top of the State Capitol on New Year's Eve, too.
3 comments:
You mean Madison is now not the Manhattan of the Midwest....instead of not the Paris of the Midwest?
I'm so confused...
Gosh, Jill, for someone who lists factcheck.org as a useful resource, you should do a little fact checking yourself.
...a deal that was so complex that I doubt most of the City Council even understood what they were approving.
Not true. There is nothing particularly complex about the Monroe Neighbors TIF loan. It's a single-purpose TIF, which is unusual, but not particularly complex. Nor does any complexity (real or imagined by you) have anything to do with the deficit. They had a construction problem and the market tanked. That's why they're in trouble.
Randy Alexander's Capitol West development has also struggled to make the payments on its $4.27 million TIF "loan"
Not true. The TIF loan is long since paid off. But Alexander also had a owner-occupancy contingency which he failed to meet, resulting in a penalty that was renegotiated last year. The penalty is free money for the taxpayers over and above the repayment of the loan and the incremental taxes.
The city is also on the hook for the Overture Center's operating budget deficit.
Not true. The City is not obligated to cover Overture's operating obligations, and in fact reduced its subsidy this year.
the Madison Civic Center, hosted even more community arts groups
Not true. Overture has more than three times more free community and educational events than the Civic Center ever did.
...after backing off his $37 million TIF request for a shiny new library
Not true. There was never any TIF involved in the library project. $37 million was the total cost of the project.
So, other than just being an East side bigot ripping on West siders, what was the point of your post?
Anon is right - your post is riddled with many major, substantive errors. Almost ever one of your "points" is refuted by the facts. (And, btw - are you sure the owners in Monroe Commons are even young? All the people I know living there are retirees, which may make them upper middle class, but which means they're certainly not yuppies.)
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