Not only is Fenty giving Radio One the land, he’s giving them the money too! RECALL FENTY!
Fenty offers part of budget surplus for Radio One development
Washington Business Journal - by Jonathan O’Connell
D.C. Mayor Adrian Fenty has proposed giving $5.7 million of the city’s projected fiscal 2008 surplus to developers of the Broadcast Center One project, which would return the Radio One Inc. broadcasting company to D.C.’s Shaw neighborhood. The company currently has its headquarters in Lanham.
Fenty and Neil Albert, deputy mayor for economic development, had reached a deal with developers Four Points, Ellis Development Group and the Jarvis Co. that included the land for the project at Seventh and S streets NW — appraised at $5.7 million to $6.6 million depending on the use — in a $23 million package of subsidies.
But in a Nov. 15 hearing, members of the D.C. Council balked at including the land and suggested other options such as expanded tax increment financing to fill the gap.
Councilman Kwame Brown, D-at large and chair of the economic development committee, said he is still considering whether a direct payment or an increased TIF is the right subsidy to bolster the project to bring back Radio One (NASDAQ: ROIA), but that the deal would be completed.
“I’m not sure which it will be, but we want to get this project done,” Brown said. Brown also said he wanted part of the newly found surplus added to a microloan fund for small businesses.
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I will point out ONLY for the sake of accuracy that the article says fenty wants to give radio one the cash instead of the land. That being said, it would not suprise me if they got both and more. Either way, they are talkin about $23 MILLION dollars in subsidies. Dose Radio One really need my help?
Fenty is also back pedaling on housing deals WILLIAMS made!:
“In the last days of Mayor Anthony A. Williams’s administration, the D.C. Council passed a plan for Northwest One that was designed to prevent history from repeating itself. Under the plan, 520 units of subsidized housing would be retained in the community, with a similar amount built as “workforce” housing for teachers, police officers and others who want to live in the city but cannot afford it. There would be a similar amount of market-rate housing, a total of 1,698 units. In a hot real estate market, every developer likes market-rate units because that is where the real money is.
Well, the Williams administration is gone and the Fenty administration has come — and things have changed a bit. The 30 percent of the housing designated for the poor has become 25 percent. The 35 percent designated for public servants has become 15 percent, and the rest, 60 percent, has become, you guessed it: market-rate housing. Now, how did 35 percent become 60 percent? ” http://www.washingtonpost.com/wp-dyn/content/article/2007/11/09/AR2007110901968.html
Search Trivia: when searched on the washington post site, ‘fenty low income housing’ turned up 13 results. ‘fenty developers’ turned up 37..hmmmmmm
native son my ass.
lol yo this blog is bananas. dc bloggers, stand up. and fenty needs to step his game up, asapital. he’s making black people look foolish!