Quote:
Originally Posted by Martinman
One might debate whether or not this incentive practice is wise but you'll need to explain how any of this would be criminal.
Obviously the $66 million was the value of the property and the renovations that were done in 2013. And it was bought for $36 million in bidding process by Wells Fargo at the bottom of a severe recession. Presumably other bidders such as Cousins offered even less. $125 million is the value of the property and proposal in 2017. Whatever it was purchased for in the past is totally irrelevant.
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Martinman,
Totally appreciate the response, but did you even bother to review the link in my original post regarding the property details?
Look at Exhibit A - Historical Assessments, the building and land value never increased after the renovations were done in 2013. As a matter of fact, the assessed value stayed the same from 2011 - 2016. More importantly, why did the DAFC issue a $66 Million revenue bond in 2013, when the tax records indicate the property was only valued at $32,081,300 (2013)?
Look at Exhibit B - 2017 Assessment Notice, why the did the property's assessment jump from $32,081,300 in 2016 to $82,414,700 in 2017? No changes to the property occurred over this time. So why did the value of the property increase 250% in 1 year?
Look at Exhibit C - DAFC Meeting Notes October, it details Dewberries plans to add 40K of retail space and penthouse renovations. Keep in mind the property's 2017 assessment was $82,414700 and the DAFC plans to issue a $125,000,000 revenue bond for these "renovations" and "additions". So if my math is correct $125,000,000 - $82,414,700 = $42,585,300 is the implied value the property will increase in assessed value from a 40K retail addition and penthouse upgrades.
In the past I have used the term "
Code Brown" to insinuate a past, present or future
unfortunate bowel movement, but I also use it for when circumstances are an obvious classic case of bullshit. Martinman, what we have here is a
Code Brown.
EXHIBIT A - Historical Assessments
EXHIBIT B - 2017 Tax Assessment
Exhibit C - DAFC Meeting Notes October