Developer makes progress on Detroit home rehabs, but struggling with Herman Kiefer ca

[Richard]

That whole deal without knowing the details does not even make sense.

Why would you enter into an agreement with the city with conditions,in order to purchase 115 land bank homes,at a set cost that equals what you would have paid for them at the sale without any further obligations to the city?

Unless the city said,you can see these properties before they come available to the general public and pick and choose,which would be wrong.

In the bigger picture the sales price of $900k for that property is irrelevant.

The city could have said,show me your development plan,and when your funding is approved and you are ready to go,the property is $1 as a conditional sale.

Kinda like they are doing with the fisher stamping plant.

But they can say,instead of the $900k you will not be eligible for tax capture,which would mean as soon as the property is developed it immediately goes on the tax rolls.

I am originally from Minneapolis/St. Paul ,in the mid seventies I bought a 6 story apartment building from the city that was not all stripped out for $1 from the city,the only condition was I had to have my father co-sign the papers because I was 16 years old.

One could argue that the Twin Cities are pretty much functioning as a city should,with the exception of the current downturn do to the coddled crime element.

The $900k sales price in the taxpayers eyes is meaningless compared to it being developed now,and putting tax revenue into the city coffers now,not 30 years from now.

This thread is actually a tentacle of the property tax thread,cause and effect.

The state gave the CCP the money to set up a base in Michigan,instead of furthering their agenda they could have used 1/4 of those funds and leveled this place and put up a chip factory for free to that manufacture of local or American origins and have people a reason to move there or find a good career job.

Not to go political but that is why our cities are like this,because we spend more time coddling foreign investment then we do investing in our own citizens.

The amount of factories being established in Mexico by American companies is insane,the city and state has the workforce and land to be doing that there and the only answer we have is to make deals with the Chinese?