Interesting comment from a poster in the comments section of the NakedPhilly article. It's regarding the drawbacks of not upzoning the property:
Quote:
Also, from a revenue standpoint, you are missing 155 additional units to tax once abatement goes away, plus $300,000 in transfer tax for the initial deal + the 15 transfer tax instances for the lost condos just left on the table. This is foregone revenue that costs the city absolutely nothing other than the legislative effort required to pass a remapping. This part of town is already designed to handle the density here.
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It's just too bad that there is no one on the city council that thinks about revenue and business, just taxes and giveaways (see yesterday's "unanimous" vote for paid sick leave).