Posted Mar 6, 2009, 1:35 AM
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Registered User
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Join Date: Mar 2007
Posts: 316
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To be fair, unless he's allowing the property to decay and affect other businesses, he's not doing anything wrong. He is merely not developing his assets to their potential. Why? Who knows. Maybe he's happy with the $75,000 a year. But I think, while we shouldn't expropriate this, it would be great if the city could help a coop to buy and renovate the building. Ideally, this would involve the coop buying the building and renovating, including an apartment or two and a performing arts centre. Ideally the money for the renovation would come from the city, and the money from the apartments and a minimal rent from arts centre (maybe set at 5% of revenue), together providing an incentive for the coop to allow an arts centre that can not likely pay market rates to be a tenant.
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