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Petition Tag - leda
LEDA denies proposal for 82nd Street development project, citing "The effect of any financial assistance would be to incentivize the recruitment of retailers away from the city's high priority redevelopment project," Fitch said.
At one point, they were willing to put in 4 million to develop that area. 1.8 million has already been spent for improvements. That leaves a difference of $300,000 over the 2.5 million Hunt Properties is seeking, to be paid over a 10 year period, off of sales tax revenue.
The 1 1/2% tax revenue for 2.5 million is to pay for extra lights and infrastructure, the city should be doing anyway.