The ''party zone''. That is going to have to get a lot cheaper or go after a different set of residential owners.
For the OZ benefits...
If taxpayers keep the investment for at least five years, they may exclude 10 percent of the gain from their taxable income. Taxpayers who hold onto the investment for seven years may exclude 15 percent of the gain from their taxable income. These provisions sunset after 2026.
If taxpayers hold onto the investment for at least 10 years, they still must pay tax on the original capital gain but do not pay additional tax on the new gain from their investment.
The investors that would hold would be in the commercial part of the project... as the compact single homes were to be sold.
And this would be major retail throughfare... as that is part of the development proposal. But you are trying to compare a single unit site to a multi-unit site. 1200 housing units on 200 acres would equate to how many units on the SD piece? And no commercial on the SD piece.
For the hotel, I think the attractiveness was simply the opportunity.
Rusty was on the committee that looked over the property... he has had several hotel projects shutdown over the years, and was finally lucky enough that Meredith went along with Church Landing.
Personally, I think the Opechee operation is a better investment... but that isn't up for sale.
The OHRV was how the State realized that a funding source exists that is not part of the banking equation that they are used to. The money appeared without any expectation of return on investment.
A new buyer will pay less... but they aren't going to go along with all the demands of the State and City when they don't make financial sense or fit into traditional funding sources.
That means that the property would worth less than the $20,000 per acre... and only fetch the State about $4 million... but the other bids were more than double that price. So now you have to ask... why so high on the other bids?
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