Jones' development chief, Nahuel Fefer, said Wednesday that the deal reached for City Foundry subsidies "represents a model for developers looking to work with the Jones administration."chriss752 wrote: ↑Jun 04, 2021I highly doubt the SLDC will renegotiate the tax abatement for this project. If they do, I'm sure this project will die.jbacott wrote: ↑Jun 04, 2021There's a pretty big delta between "reviewing decisions by previous admins" and ripping up signed deals. And who knows, maybe the new SLDC won't bat an eye when they review it.
I can only speak from experience that, if I was a developer who spent the time, money and resources to navigate the full entitlement process on a major development only to have the city claw it back and renegotiate prior to breaking ground through no fault of my own, I would likely smile and finish the project, then avoid working with that city again at any point in the future.
"Carefully calibrated incentives have a role to play in driving equitable development, but the city will no longer negotiate under the weight of an inferiority complex which tells us that the only way to lure in developers is to give away our tax base," he said in a statement. "Moving forward, if developers want public subsidies, they should plan to produce public goods, whether that's affordable housing, neighborhood amenities, green infrastructure or quality jobs."
