IDA members unanimously agreed to a 30-year Payment in Lieu of Taxes deal with Omni Housing Development for the first phase of the project, which will reduce the number of units in the Troy Housing Authority’s apartment complex on Eddys Lane from 120 to between 77 and 84. Omni will make up for the lost units in the second phase of the project by buying property in the North Central neighborhood and constructing new buildings or rehabilitating existing structures to create an additional 37 units, according to Tim O’Byrne, Omni’s project manager."
The IDA will take a leasehold interest in the property and lease it back to Omni Development in order to protect the City's investment.
Frankly, we had no idea that a private entity could purchase public housing.
This is HUGE news! Humongous news! The Record printed a story more than two paragraphs long, filled with facts and without typos.
TROY SCHOOL #1
School 1 will be transformed into one- and two-bedroom apartments, Damien Pinto-Martin, Redburn's vice president of development told the IDA. The rents would be market rate.
The total project cost, including the property, is $1,891,000, according to Redburn's application for financial assistance with the IDA. The developer asked for exemption of $55,000 in sales taxes and $14,000 in mortgage taxes. No property tax exemptions were listed.
The building will house apartments that were expelled from other apartment buildings or apartments that need remedial aid.
23 comments:
Will the newly remodeled apartments and new apartments in the buildings to be purchased still be Troy Housing Authority?
Good things for district 2 already. Thank you Mark McGrath.
Mark McGrath brokered this deal? If not, why are you thanking him, he's not even an active councilman yet!
The article says "purchase" so it looks like it will be sold.
Vespasian here. I like this plan. We tend to tear down and build new things in the US rather than take the existing infrastructure and work with it. I'm not certain what this will do in terms of economic revitalization; I am always suspicious of those sorts of claims. How does paying a developer $1.8 million constitute an economic boost to the community where the work will be done? There will be benefits, but saying the economist boost to the district is the amount of the contract is silly.
Vespasian
Don't listen to the haters Mark. Thank you again Mark.
Hrrrm.
28 apartments in School 1 for $1.8 million is about $67,535 per unit.
120 apartments in and around the Martin Luther King Apartments for $13.5 million project is almost twice as much per unit, $112,500.
Why is that?
Excellent question, but let's try. First, we are dealing with a single building versus at least six and possibly eight buildings. Then, we can assume that if federal funds are involved, the prevailing wage scam is in play. Finally, it's always easier and less expensive to rehab an unoccupied structure than to work around existing residences, especially when the juggle the tenants around game has to be played. I don't know very much about construction, but even these items explain a lot of the difference.
Kennedy towers was purchased by Omni. MLK will still be public housing. And will always be a problem. This isn't really great news, in fact it's bad. Now bring more problems to north central.
He had nothing to do with it. But congratulations on your graduation from the Tutunjian School of Taking Credit Where None is Due.
Oh thanks for reminding me........and thank you Harry this would have never happened with out you and Mark.
4:04. Right on the money!
When will you do a post on McAsswipe? He is dying because you ignore him. Dig up the dirt and ease his pain. He really wants you to acknowledge him. I know it's beneath you but how about for fun?
Despicable. Makes fun of people's death. Franco should be ashamed of himself for putting him on but its Franco. Pathetic. Forget him.
I think it will remain public housing but how Omni makes a profit, I have know idea.
This Omni-MLK deal was brokered by Anastasia, Pastor Tim and Crowley. Cox, Cooper and O'Connor was the legal firm.
Ever hear of unfunding a position? Try it and you will.....
Mark McGrath has been working on the school 1 deal and the MLK deal since he left office. He personally sat down and worked out the deals and then handed it over to the administration and the THA. That's the kind of man he is. He doesn't need the recognition. He only needs the results.
Up yours MarKKK love Anistasia
Didn't Harry bid on the building? $22,000. Such a high-stakes wheeler dealer.
On what capacity has he been working on these deals? His own? The cities? The firm who bought the building??
That jackass McDouche bought it again. Dunne's last day isn't Monday and Monica's not taking his office. She's taking Pete's. Dunne will be there after the first of the year. Haha.
Un-funded position. Do the Dunne Dance.
Mark is good at finding questionable campaign sign placement and taking matters into his own hands and taking them down!
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