Quote:
Originally Posted by Thoroughbred
Or get a check for $7.5M to go towards Project HOME or similar entity...That's the approximate added value of market rate vs affordable rentals...25 units at $1000/month delta, with a 4 cap...
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I love what project HOME is doing in this city and I couldn't think of a more worthy cause but o honestly don't like the idea of negotiating at all. It really sets a terrible precedent that developers can basically do whatever they want and then negotiate with the city afterwards once it's already built.
PMC should be forced to deliver what they promised or the city should tell them to go pound sand.
If they do end up accepting a donation, it shouldn't just be market rate, it should be punitive. If 7.5 is market rate, they should be forced to give at least 10 million.
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