posted by Joe Polk at 12:55 PM /
The Galleria of Mt. Lebanon was mentioned in an article in today's Pittsburgh Post-Gazette regarding the state of malls across the nation and in the greater Pittsburgh area. They also did a profile of the Galleria itself.
Link: www.post-gazette.com/pg/09053/950837-85.stm (main article)
Link: www.post-gazette.com/pg/09053/950659-28.stm: (profile of The Galleria)
Link: www.post-gazette.com/pg/09053/950837-85.stm (main article)
Link: www.post-gazette.com/pg/09053/950659-28.stm: (profile of The Galleria)
Labels: galleria, shopping, shopping malls
4 Comments:
Did somebody say Tax Increment Financing?
The Galleria has done well and will continue to do well, as long as it continues to offer what consumers are looking for it. Although I am sure the tenants are in no way insulated from the current economic situation.
Back to the TIF - - Kudos to former School Director Ron Hoffman who stymied the public assistance request (TIF) for the Galleria and saw this business opportunity for what it was - free enterprise! The former owner that revived the property bought it at a very attractive (distressed) price and subsequently sold it for presumably a boat load of cash.
We could have used Ron when the School District finance team (including its financial advisor, who was paid $40,000 for its feeble report) was championing the Zamagias Properties project on Washington Road.
Not a thing going on up there - although they did get $1.4 million in public assistance to buy some property and put up a not-so-attractive fence.
In present value terms, this boondoggle has already cost us a few million dollars in lost taxes, by not going with the alternative project that would not have wasted 18 months chasing OPM (Other People's Money). A downside never considered by our Financial Advisor.
And, by the way, if the project stays on its current path, who is going to pay off the TIF loan? If the developer doesn’t, PA taxpayers may be footing the bill.
Wasn't Mr. Hoffman the same guy who said, "Our hands are tied", when the school district raised our millage rate 30% to accomodate the teachers' health insurance premiums? I attended that meeting until midnight when taxpayers vented their frustrations to the board. Don't get me wrong- I'm happy the Galleria & Continental didn't get the tif. Continental did flip the Waterfront in Homestead and left the taxpayers holding the bag there. Mr. Hoffman didn't do us any favors with the last early bird contract. Let's hope Mr. Silhol doesn't make the same mistake.
I'm going to call a halt here to further commenting about Ron Hoffman's service on the School Board. Discuss the merits of TIFs and the teachers' contract if you really want to, but don't personalize either one.
Thank you.
Don;t you "Trust Us," Mike?
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