Thursday, March 29, 2007

Profit Sharing?

Tucked away on page three of the JT is an article about the huge Point Blue residential development. The article indicates that the developer will be sharing profits with the city, once his costs are covered. Details of the agreement were non-existant, but this much we know. The developer will be getting 16 acres of lakefront property from the city of Racine, for free! He will also be getting tax breaks for years. If this is what is meant by profit sharing, I am ready to share.

5 comments:

Greg Helding said...

The article is short on details. The deal is not. Call down to City Development and you can get all the details you want. It is all public record.

If you ask me, the millions of dollars of added tax base is worth giving up a polluted sandpit. When you have a city with only 80,000 people in it, the addition of 500 upscale units can really make a difference for the local economy. Look at it as 500 more potential purchasers of fine imports...

Anonymous said...

The devil is in the details of course. I may just look into the deal. Maybe I can strike a similar/proportianate deal for my own development. After all, taking a vacant space and creating 2 upscale units would also be good for Racine. Denis Navratil.

eric said...

I heard you are unable to attain a profit sharing deal because you're in the hospital. Something about an unfortuneate window accident when an "anonymous" tresspassor pushed you right after the JT photo.

Anonymous said...

Call whomever your alderman is after the election and request a deal. Maybe you could forgo the REC fees in exchange for profit sharing to the Water Utility?

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