I sent this letter via e-mail to each member of the BOE, and their Treasurer, who recommends the BOE approve the $5 MILLION tax abatement and land give-away at Lee-Meadowbrook:
I guess laws and deadlines don't mean much to some folks.
But no matter who you are, lawyers, politicians, bureaucrats, and even BOE members can't ignore this law:
The Law Of Supply And Demand
And as the developers have acknowledged, they haven't found a trace of evidence to suggest there is any demand for the 71 units at the prices they need in order to pay their bills.
These required rental rates are twice what anybody else gets near Cedar-Lee, and 50% higher than they get near University Circle.
So, before you vote "Yes", you should ask anyone that tells you this is good for the cities and the students, this question:
"What happens when you can't fill the building up at those preposterous rental rates?"
Because that's really Plan A, isn't it?
Here's the info from the developers that I cited previously:
- The schedule of rents:
- Studio (0 Bedrooms, 513 - 545 sq. ft.): $950 - $1,035 per month
- 1 Bedroom (657 sq. ft.): $1,183 - $1,233
- 1 Bedroom Plus (727 - 787 sq. ft.) $1,286 - $1,352
- 2 Bedroom (880 - 1,138 sq. ft.) $1,586 - $1,980
- That approaches $2 per square foot per month.
From page 2 of the revised EIS, here's how the developer "explains" the rents:
"With respect to the rental rates, please note there are no directly comparable properties to which the developer can look to for history. Other buildings that somewhat approximate the conditions and type of this proposed development were analyzed and extrapolated to calculate the rental rates for this property. However, until Meadowbrook-Lee is built there is no way to know what we can actually get in terms of rental rates."
Not for me, thanks. Or my fellow citizens. They would tell you, but nobody has asked.
See you Monday night!