Friday, May 18, 2012

Robbie Perkins for Taxpayer Real Estate Speculation?: "Greensboro may buy foreclosed properties"

"Mayor Robbie Perkins...wondered, couldn’t the city contact banks
that have large parcels of foreclosed real estate they want to unload,
buy the land at reduced costs and then sell it to companies that want to locate here?

“Banks have a lot of real estate for sale,” Perkins said.

“The regulators are telling them to sell it and get it off their books.

The regulators are telling whom?

Who has contacted who about real estate some want to unload?

...Why shouldn’t we buy the land and offer it for sale?”

Is Mayor Perkins attempting to bail out a local bank?

Council members Jim Kee, Zack Matheny and others liked the idea.

“That’s a task force I want to be on,” Matheny said.

Perkins said the city would be interested in only larger parcels
that would be suitable for a major development.

Aren't the parcels already for sale?
.
Aren't they already suitable for development?
.
Who would be the listing agent?
.
Who are the listing agents for the properties now?

WTF?

“That’s a pretty good idea,” Perkins said of his own idea.

“I don’t know anybody else that’s doing it.”

Why isn't anyone else doing it?

...“I will start talking to some of the bankers to see what is out there,” said Andy Scott,
assistant city manager for economic development.

“If there are some properties that make sense to the city,
we will certainly bring those back to the council.”

...Those included ...finding land suitable for development
west of Piedmont Triad International Airport and east of the city.

"east of the city",
where Roy Carroll's Water and Sewer less properties are?

West of the Airport,
where Griffin and Samet just got shot down by Kernersville?

...In addition to using the existing bond money, Scott said,
the council could raise property taxes by half a cent
and set the additional money aside for economic development.

That would create $1.2 million in annual revenue.

Raise taxes to bail out whom?

Or it could reallocate a quarter-cent of the current property tax,
but that would create a $605,000 budget shortfall.

Scott said the staff hopes to provide the council with options for cuts by Tuesday.

Cut city jobs to bail out who?

“I think we got some serious buy-in,” Scott said of the council’s reaction.

“They want to do something. Where the rubber meets the road is how you pay for it.”

Donald "Crony" Patterson ?

6 comments:

Don Moore said...

You know who makes TWICE as much money off this "plan" - the Real Estate Agents. They are getting it Banks to CITY and CITY to Company.

If this was such a good deal, then let some smart Realtor bundle these properties into an investment trust and sell it that way - leaving the City out of it.

Anonymous said...

My concern isn't so much with the city buying the property it is what they would do with it that concerns me. MAJOR DEVELOPMENT is the part that scares me. The properties should indeed be left on the market without govt. purchasing or handing out cookies, tax breaks to developers. End result more strip mall type development, more over priced housing, more retail. If we aren't TRULY growing how can more consumption/luxury development enable us to grow.

Ultimately they would continue with terribly illogical planning. We are at a crucial point where over the next few decades cities will be fighting for businesses/residents as populations migrate back into cities due to cost of living, employment, etc...Without a balanced, holistic approach to development the entire city will look like a giant strip mall poised for ruin vs. growth. Building a tourist destination out of a city is no way to approach the future.

If they decided to build reasonably priced housing balanced with business incubators (in nanotech, design, logistics, tech, etc), an increase in public transportation options or something productive that would benefit the city in the long term that would be on the verge of acceptable. Charlotte got blasted for the lightrail years ago, then 10 years out when we are bleeding out money for fuel people will laugh. When we are still forced to pay for over-inflated housing prices, the world will laugh.

They say, "throw out the box" and all we see is THE BOX. If you are a realtor how does buying/selling real estate represent OUTSIDE the BOX thinking regardless of your current title.

What we need is more noise ordinances, 10 performing arts centers, another 6 swimming pools, throw away the bus system, increase property taxes by say 5% each year for the next 3 so we can get acclimated to the future plan, about 100 drones patrolling downtown etc...You know, the important stuff. Maybe another jail or two - one at friendly center and maybe one on UNCG campus.

This entire thing is just plain absurd.

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Billy Jones said...

George, thanks for bringing this back to our attention.

nehvabby said...

I don't have any idea about this situation on real estate and I am glad I found this blog there's a lot of information. Thanks.

ruma biswas said...

I think that people should also keep renovating in mind as they are shopping for new homes. Some investors Real Estate and then renovate them to be nicer than the rest of the houses on the block

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