Post by mikesnyder on May 1, 2023 21:30:28 GMT
Has everyone read this? I've just finished and to me, I don't see a benefit to the taxpayer in this revision. My takes are that the City of Hutto will pay indirectly $200k more in incentives (Flix and Hutto Bible), pay for landscaping maintenance, agree to give up the Gin and property (which we will get back when the PID bonds are paid back in 30yrs), and give the developer 1 more year to develop the property (which might be 1/2 over already).
Force Majeure language includes recession. So, if there is a recession (which we may already have had one and are forecast for another) will give the developer more time.
To me, we sent a terminal notice of default back in November and have not done much in the past 6 months. I've brought up that we should be seeking an appraisal of the property and look for bids for other developers to buy the project before our deadline (mid June). This fell on deaf ears. Now, we are 6 weeks away from being able to exercise what little rights we have and to me, we've kicked this can down the road for another year.
I'm hoping that someone can show me where the Hutto taxpayer comes out ahead or breaks even on this one.
Force Majeure language includes recession. So, if there is a recession (which we may already have had one and are forecast for another) will give the developer more time.
To me, we sent a terminal notice of default back in November and have not done much in the past 6 months. I've brought up that we should be seeking an appraisal of the property and look for bids for other developers to buy the project before our deadline (mid June). This fell on deaf ears. Now, we are 6 weeks away from being able to exercise what little rights we have and to me, we've kicked this can down the road for another year.
I'm hoping that someone can show me where the Hutto taxpayer comes out ahead or breaks even on this one.