Laserfiche WebLink
E <br /> The main differences in this proposal and the Obrock proposal s <br /> are that the new developers have increased usable square <br /> footage from 10,000 to 13 , 680 and have added an elevator. As <br /> a result, total improvements have also increased. F <br /> f <br /> This reduced tax payment is essential to the development as <br /> indicated in the attached investment analysis. We believe our <br /> projections to be quite realistic, in fact necessary, for the <br /> intended results. Viable economics are unachievable with the <br /> present tax structure on this property. <br /> We feel the fiscal impact on University City would be quite <br /> positive for the following reasons: <br /> a. The property currently is not producing tax revenue . <br /> and has not done so for 58 years. <br /> b. The building reused as a facility for another <br /> Institutional use would continue to produce no revenue. <br /> C. The people and company occupying the property will <br /> C patronize local businesses thereby creating, sales tax <br /> revenue for the City. <br /> d. We feel the plan is clearly in the public interest. The <br /> proper redevelopment of this building will serve as an <br /> anchor to the neighborhood preserving the unique <br /> architectural heritage for which University City is known. <br /> It will become a tax producing entity, and eliminate the <br /> unusual on—street parking requirements related to <br /> i religious assemblies . <br /> e. Present public facilities are adequate. Schools will <br /> benefit. We will produce no students, but will provide <br /> tax monies for their use. The fire protection required <br /> will be the sane as it is now. Water and sewer <br /> requirements will remain unchanged. Police services will <br /> probably be less than for a religious use because we will <br /> be a low volume, ' non—assembly operation. Transportation <br /> and park facilities will remain unchanged. <br /> F <br /> t <br /> t $g <br /> 9 £ <br /> ,. 33 <br /> i } <br /> u <br /> i <br />