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Archive for Wednesday, February 6, 2008

Commission prepares for Oread Inn report

February 6, 2008

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City commissioners met briefly Tuesday to pay bills and take care of other routine matters, but spent most of their time talking about next week's meeting that will feature several items related to The Oread Inn project.

Commissioners were told that next Tuesday's meeting is expected to include a report on the feasibility of The Oread Inn project, a proposed seven-story hotel on the edge of the Kansas University campus.

Developers of the project near 12th and Indiana streets are asking for tax increment financing to help build parking and make other infrastructure improvements. The city, as required by law, has ordered a feasibility study of the project to determine whether it meets the criteria for a public subsidy.

The city also is scheduled next week to address rezoning and historic preservation matters related to the project.

Commissioners met at 5 p.m. Tuesday and had a light agenda that wouldn't conflict with the Democratic caucuses that were conducted Tuesday.

Comments

spywell 6 years, 2 months ago

The city should not grant this tif-tax package and if they do the city should retain the right to revoke the properties tif-tax status if the building is sold or the business fails before the maturity date of the tif. The city should be allowed to recapture tax revenue with a tax lien on the property if the business falls into poor management like the River Front Mall did. David Longhurst, who developed the Mall, he being part of Fritz's business management team should throw a red flag and bring some realization for the public on the matter of this hotel.

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Stain 6 years, 2 months ago

Fritzels have taken enough from the taxpayers of Lawrence. Enough is enough.

No tax subsidy for this big monster of a hotel that will ruin a neighborhood anyway.

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toefungus 6 years, 2 months ago

rumor_man- I am more afraid of being rolled over on.

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rumor_man 6 years, 2 months ago

I beg all the time too, but then my wife just rolls over.

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Dacia McCabe Maher 6 years, 2 months ago

rumor_man (Anonymous) says: "You would think the city would be letting them start by now. Especially since it's a local developer putting money back into his hometown."

They would be on their way if this local developer wasn't asking the city for special tax subsidies. That DOES require studies and more public transparency than it has gotten so far.

If anyone has strong feelings about this project, come to public forum this SAT, FEB 9th, 10a.m.-noon at the Lawrence Public Library.

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hawkperchedatriverfront 6 years, 2 months ago

Here's the deal folks. The city commission decided that, an rightfully so, that the five target neighborhoods, blighted and therefore recipient of federal funds, those neighborhoods would quality for the Kansas state RevitalizationAct. So, all that is needed is for Fritzel to build thehote, via loan from Endowment or Intrust or Ross Beach at Dg County. That said, the building is built , the Revitalization Act allows for the first year of property taxes to be rebated. The second year the county would refund 90 percent. Now don't everyone get your ta tas in the wringer yet. 10 percent kept by the county on a 30 million dollar commercial property is a nice tidy sum and the following third year the county keeps 20 percent and then 30 and at the end jof 10 years , full property taxes are paid on the full 30 million which by any standard of business practice should at least have a value of 45 million.

So build this thing or Fritzel slhould admit along with his "partners" that they are broke. They however, can sell the 14 condos and that in itself would give them collateral to build and the condo owners would get the same tax breaks designed by the State of Kansas.

If Atchison county can figure out something so simple as this, why cannot Lawrence with it's educated leaders.

What the city would reap and it is now approaching 40 years too late is seminars to town, involving the University. For the past 30 years KU has seen a decline is functions at the Union and professional groups have decided to stop coming to Lawrence as well, not to mention the Holidome is a worn out dump. It shoud be converted to senior housing since jit is near the hospital.. IThat's another story.

Endowment is in the back room on this hotel along with some other KU alums. But the sad thing, none of them have muchmoney, they just want their name associated with the project. but IF Tom Kivisto can donate 11 million toward the stadium project, I bet he can a buy a condo. All we need now are 13 more buyers. It is a sad , sorry state that the developers are at the table begging. Lawrence is a community of beggars unlike other towns.

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rumor_man 6 years, 2 months ago

....and convenience for big wigs going to football games and alumni functions.

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rumor_man 6 years, 2 months ago

vinividivici (Anonymous) says:

"You would think the city would be letting them start by now. Especially since it's a local developer putting money back into his hometown."

"Exactly what benefit will Lawrence as a whole reap from this project? Not trying to be cocky, I just can't figure it out."


Tourism Dollars A possible 4 star hotel A nicer building compared to what is being replaced

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vinividivici 6 years, 2 months ago

"You would think the city would be letting them start by now. Especially since it's a local developer putting money back into his hometown."

Exactly what benefit will Lawrence as a whole reap from this project? Not trying to be cocky, I just can't figure it out.

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Godot 6 years, 2 months ago

The primary benefactor of this project (other than the Fritzels) is KU.

The Fritzels should go to KU Endowment to get the money for the project. I'm sure the endowment will weigh the prospects of return on, and return of, their money very carefully (unlike our commission).

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its_getting_warmer 6 years, 2 months ago

hawkperchance. I agree. If the Fritzels would be paying for their own hotel garage, instead of diverting millions of dollars of tax money from us through use of a TIF, no study would be necessary and they would save time. Go figure.

Hawk, I thought you would be the first to figure out this TIF scam. In essence, you are paying millions of dollars for this garage....and you won't even be able to drive in it! Much worse than those nearby stairs, huh?

Decphiera was chump change compared to this.

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rumor_man 6 years, 2 months ago

I got it.... He couldn't find this story because it's not a headline story.

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Jerry Stubbs 6 years, 2 months ago

The study is specifcally about the tax break they want. They don't 'have the money and/or ... a loan', and if it weren't that the area isn't zoned for a hotel they would have already started.

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rumor_man 6 years, 2 months ago

Where's Cool and his 100 plus posts on this topic?

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rumor_man 6 years, 2 months ago

You would think the city would be letting them start by now. Especially since it's a local developer putting money back into his hometown.

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hawkperchedatriverfront 6 years, 2 months ago

My god, how many studies have to be done to build something? Are the days of having money and/or getting a loan and starting construction over?

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