tax diversion Archives - Public Response

Possible Settlement with City Center II Developer? // Eliot Singer

September 7, 2018

From the latest ELi story on the Project Formerly Known As City Center II, it appears DRW, the big-league Chicago day-trader, is going to settle with the former developer, in order to put an end to litigation and get those $10 million legacy MBT credits and brownfield money.

The MBT credits and 2008 brownfield were assigned to the lender and there is no evidence they were ever returned to PDIG/CCTP in the Cuyahoga settlement. There is also no evidence the lender assigned the credits … Read more →

Latest Tax Giveaway for Project Formerly Known As City Center II // Eliot Singer

September 4, 2018

1) Revelation that DRW/Convexity was going to ask for a brownfield waited until after the vote on income tax.

2) There will be no money to pay for public services for the project for the duration of the brownfield (which could have been spread out longer, at 50/50 tax increment, if any tax diversion is warranted). I see there has been another shooting in the Grove St. garage, and with reduced property tax millage, the contribution toward public safety from the DDA TIF district … Read more →