Resident Questions Edgewater Sale
To othe Editor-
In the Wednesday Stevens Point Journal (1-09-13) was an article, “Edgewater Manor in Line to be Sold”. The city plan commission recommended that the city sell the property most likely to Seramur Family Limited Partnership. Sell the property for $800,000 dollars, then the city will give Seramur $300,000 dollars if improvements are made and the property value reaches $2.5 million dollars. As part of the sale the city would place this property in TIF.
This sounds like the same program that was used for the former Dunham’s building. Buy high $725,000 and sell low $400,000. The question that I would like our Mayor and Alderpersons to answer is this: How many years will this property be in TIF? And what is the property value you will put on this property while it is in TIF? Example will the property value be $800,000 dollars for X number of years in TIF..
Paying property taxes on $800,000 dollars versus $2.5 million is big. If this property is placed in TIF at $800,000 dollars and if it is frozen at his level for X number of years you are talking a lot of lost tax dollars.
I do believe the city tax payers need a good explanation on this sale.