Developers know exactly what saps the Lake Worth administration is--they know who to target. And now their second project has been approved close to City Hall. And to accommodate this huge rental project, they will be making 'H' Street and Railroad Street one-way.
It will be 7 stories, roof-top observation deck, 200 "luxury" rental multi family transit oriented units with parking garage. 120 parking spaces will be dedicated to City use out of 360 spaces, 12 of which are on the street level. They want a 35 year lease on the 120 parking spaces and the city to pay them $2,458,958 for the 1st year so that they can use that lease to get their financing; years 2-8 would be $72,000 and years 9-35 would be $144,000 a year.
One thing that was never answered, how many years will it take to make up that initial investment of $2.5 million and next, where is the money coming from as we are so damn broke? The obvious answer to me is the $10 to $20 million loan that this commission recently passed to keep the city afloat. The residents of this city are helping to pay developers to build this. Lake Worth is a developer's dream.
And the worse thing of all, it is in the CRA District. We will only get the TIF.
It's screwy and every commissioner who voted for it (Maxwell, Hardy, Mayor Triolo and Amoroso), a few (Hardy and the mayor) told us how excited they are to have this being built in our city and one even congratulating the developers for believing in Lake Worth and taking a chance on us. I believe it is WE who are taking the chance on them for this project to succeed.
And last night, once again, it was Commissioner Robinson who had the right questions, that were inadequately answered, who voted correctly, NAY.
12 comments:
Who in the hell will want to live on the railroad with trains coming and going all day?
Supposedly these will be luxury rentals. Can't imagine why someone would rent there but the developers must have done extensive studies. :)
im a little slow here.i thought these assholes wanted a hotel in this town.why aren't they promoting that.we all know there is not going to be one built at gulf stream.if cara was running id vote for her
Herman is a good person but he can't fight city hall
Why are we investing in this? Isn't it the CRA district? Are they spending the money to help these developers who don't have the money for their financing?
Can we get Biden to run for commission. He is adept at getting cash from other countries. Maybe he can use that talent locally.
the cra is as crooked as the commission.thought their job was to help the under dog
We need to elect Commissioners who will immediately get rd of the CRA. Although,(Just opinion here)how much money flows under the table to select people in Lake Worth? They will never cut ties with their stealth gravy train. Luxury rentals? RIGHT! Don't we all want to get a track view? And as a bonus,residents will get a beautiful view of the alphabet blighted areas!
"Come over for cocktails tonight,Vicky! If we're lucky we'll get a front row seat to some wonderfully gritty drug deals! Don't worry, we put in bullet proof glass,so if the bullets start flying it will just be an exciting plus! After all,that's why we paid a premium for this apartment. That and the trains!Vicky,you can't BUY the kind of art we see go by on a daily basis!Lake Worth BEACH is a true art mecca!
@4:59--great comment. Thanks.
THANK GOD for the beautiful new mural at Tuppens.
Can the CRA hire this artist to replace the hostile murals they have allowed and funded all over Lakw Worth Beach?
Oh yes, The Gloom & Doom Brigade is alive and well, how y’all doin, what you been up too, where you headed for summer vacation?
@11:48--it must be fun to be you.
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