Comment 34120

By Capitalist (anonymous) | Posted September 25, 2009 at 12:33:55

Glad to see a reputable builder is coming in. Lets hope they don't turn this into any welfare housing.

"Assuming a 5% interest rate, the city will recover the entire $700,000 after about ten years of $90,000/year property tax payments."

Ryan, the city could have put the 700K into cleaning up the downtown and making it attractive to residents and developers instead of handing it out on one single project.

If every project in Hamilton was run like this we would be broke. The city needs to focus on increasing assessment as our residential tax rate relative to our avg. household income is very high.

This is just another downtown fly-by-night operater that is leaving Hamilton taxpayers holding the bag.

Developers should not be subsidized period.

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