Wednesday, March 01, 2006

Lebo: Zamagias Condo Project

Today's Tribune-Review carries a long story today about the TIF proposal for the Zamagias condo development proposed for the Washington Road/Bower Hill Road intersection.

In an earlier post, I promised a link to a financial summary of the project that Zamagias prepared last summer -- which suggests that the project does just fine financially -- even without a TIF. Here it is (300 KB PDF).
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Blogger joe wertheim said...

Zamagias says that they cannot make a profit without a TIF (public handout!). Does this mean that Zamagias, as a developer, will only do projects when they can put their hand in your pocket? Doesn't say much about their capability, or ability!

March 02, 2006 5:20 PM  
Blogger Bill Matthews said...

These are the financials presented to the Mt. Lebanon Economic Development Council (EDC), before it formally recommended the Zamagias project and indicated its support for the requested public assistance on June 22, 2005.

More than disappointing, it is incredible that Mt. Lebanon never pushed back on the inordinate return on equity Zamagias is seeking – not one iota.

Zamagias has found the Municipality a willing (if not enabling) partner in the fleecing of Mt. Lebanon residents.

March 02, 2006 8:25 PM  

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