Today's Morning Call is dominated by Reilly's plan to own the entire 700 square block of Hamilton Street. Buried within the article are new interpretations of the NIZ, which has always been nothing but a pliable work of opportunity for Reilly. Conveniently placed after the jump to the paper's last page, we learn that Reilly is increasing his NIZ backed credit line from $185 million to $320 million. We also learn that this new project will be built on taxpayer backed speculation. The paper once again presents his press releases as facts. The apartment portion of the project has been moved from Walnut Street to 8th and Hamilton, supposedly to
avoid infringing on the residential neighborhood south of Walnut. Let me translate; The apartments have been moved to avoid and segregate the new sought yuppies from the existing low income population. Let me clarify that I don't think that these projects are bad for Allentown. There clearly has been a stagnation in center city for many years. However, as a long time independent observer of Allentown, no person or project deserves wholesale promotion, with no scrutiny.
illustration from The Morning Call
It is an attractive complex. Oh, how to pay for all of this!
ReplyDeleteThe use of the term 'credit line' is misleading. Maybe the Morning Call will go a step further and illustrate to what degree a debtor Mr.Reilly is. I'm concerned how deep his pockets really need to be here.
Everything is so magical!
Fred Windish
fred@6:32, when it comes to reilly and the niz, the morning call has shown time and time again that it doesn't want to go a step further. for instance, one wonders about the tax and debt breakdown for the mixed use arena building on hamilton street. although the first floor is part of the arena, reilly owns from the second floor up. i note that the new apartments, which supposedly don't enjoy the same tax benefits as commercial in the niz, will built above a commercial portion of the building. who scrutinizes what proportions are allowed under the different taxing guidelines, which are apparently also written in pencil.
ReplyDeleteWill they move a cigarette distributor into each building?
ReplyDeleteThe tax guidelines aren't written in pencil- they're written in chalk.
ReplyDeleteThat way, nobody can even see the erasures.