More on Condos at 505 Broadway
“If approved by the City Council, a resolution on the April 11 agenda would provide a multi-family housing limited property tax exemption for the construction of 50 market-rate condominiums in a $25 million development at 505 Broadway in the Tacoma Downtown Mixed-Use Center.” (Link)
50 Units. $25 million. Avg cost / unit to build estimated at $500k. What will the units cost? Resultion #36828 states that the condos will range in size from 1,100-3,000 square feet and cost between $500,000-$950,000….
.... because we need more high end condos.
I like examples. Can somebody show me an example of how a project like this pencils out if there’s a property tax exemption, but wouldn’t if there is no exemption? Or is the exemption simply standard operating procedure in this town. Am I the gullible one in the room since I pay property taxes?
2 comments
J jd May 6, 2012
Let’s start a pool to guess which local, living-wage-paying, fair-benefit-providing businesses will go under, once this POS opens. We can also make guesses as to how many additional workers will be forced to apply for government assistance, thanks to HoleMart’s well-established record of how they treat their employees.
Let’s see here…they rape and pillage the environment, engage in unfair and illegal business practices, discriminate based on sex and race, drive competing local companies out of business, and force their employees to get government aid.
In return for this, we get to save a couple of dollars by buying shoddily made, cheap crap, so that billionaires can become richer (the Walton family owns over 50% of the company). Sounds like a fair trade-off to me!
Don’t get me wrong…I have no problem with people making piles of money. I just don’t think it should be done at the expense of all else. It certainly shouldn’t be done on the backs of the people doing the work, the local communities, or the planet.
R Rockwell May 6, 2012
If the city wanted to have stopped Wal*Mart from coming to town, they could have. They decline countless applications for multitudes of the tiniest “incomplete” items… yet for something as massive as this application they just accepted it with a shrug.
Our city is afraid of any company with a competent attorney… even the incompetent ones. It all comes down to a council and staff who really aren’t familiar enough with TMCs to stand up confidently in the city’s behalf.
Too bad.
.