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CLT_sc

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About CLT_sc

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  1. My justification? Apparently the code was not read. Check intuit and a lot of tax writing software. https://www.google.com/amp/s/ttlc.intuit.com/community/state-taxes/discussion/i-live-in-nc-but-work-in-sc-while-filing-in-nc-do-i-put-income-earned-amp-taxed-by-sc-in-other-state/00/481850/amp if your argument against the Panthers is because it creates sprawl, I get it. I don’t necessarily think moving the HQ 25 miles south in another part of the metro is promoting sprawl, but that is a different argument. Do I think it is wise to spend State money on a museum very specific to Greenville, no. Do I think providing tax credits to the city of Greenville is great for resident in other parts of S.C., no. Do I think ICAR was a good investment, no. But, those event may be more acceptable because you love Greenville (not sure why you don’t live there). And, because I want to see S.C. be a better place, I understand why and the state does give money for projects in other parts of S.C., so it is what it is. As for the Panthers, this will create much more development around the site which builds a wider tax base. This is a classic case of it not being in greenville, therefore it’s not worthy, nothing more. Besides, urban development isn’t restricted to Main St development.
  2. Good question, I agreed with an earlier post and received a lot of negative comments because I didn’t praise Greenville. Funny thing, a lot of people re-wrote my thoughts from an earlier pos and then tried to argue. Since then, gvillesc has decided to inject tax law into the discussion as an “economic” event.
  3. Little complicated for an architect, lots of dependencies, but you will typically pay taxes in the state where you earn income. You can claim a credit in most cases from your home state. Example...NFL players “earn” money when playing a game in a CLT, they will file as a NR for NC. Many people working in CLT who live in Ft Mill pay taxes in NC because that is where the money is earned. If you want to read the code, reference S.C. DOR Section 12-6-1720, this will get you started. BTW, filing taxes is more accounting and related to specific tax laws. How you file depends on type of income, offsetting losses, where income was earned and a lot of other factors. As a discipline and in practice, accounting and economics are very very different.
  4. Tower crane going up today at Honeywell site.
  5. Are you suggesting that Hughes doesn’t contribute to MCMaster? Greenville is the biggest republican part of S.C. by a wide margin, do you think that doesn’t play into what the state gives Greenville? Aren’t there numerous Bob Jones graduates on the Greenville Board who also contributed? You are basing the museum assumptions on perceived revenue generation that may not materialize. The conference center will be utilized a lot in my opinion, it is a niche market similar to the alumni center at USC. The Panthers are moving hundreds of people to work in S.C. which will directly generate income tax revenue for S.C., that is the clear intent of incentives. A NFL team is way more than a few coaches and players, it is a legit HQ. Additionally, part of the incentive package is infrastructure improvements on I77 which is needed due to York County being one of the fastest growing counties in SC. Atrium health will be building an ortho center at the site which has already been announced, that directly creates jobs in sC as well. Between the two, the NFL project is far and away a better investment for the state. Like I said, if this was proposed at 101 and 85 across from BMW, you and other would welcome it as you did with the state investing tons of money for ICAR which has never lived up to the sales pitch.
  6. LOL, check the facts and metrics at the door, I get it. More of a “yea, that’s the ticket” than discussion based in fact.
  7. Actually, if you go back and read my first post on this subject, I actually agreed with a comment that this is a long term project....almost exactly what you said in your last paragraph. Gman agreed and gvillesc and cableagent downvoted it because I said it. But, consistently running at 15% (Greenvilles CBD vacancy for years) while not including space for sublease and then talking about adding 10% of the total market inventory is a very aggressive move. Longer term, as I said earlier, is more likely. And, I also did the state needs to get more aggressive in all metros for office recruitment, I presume you would agree. The panthers are creating hundreds of jobs in S.C., and much higher paying jobs than you think. This project is also just a start of building out the site with many other uses. Atrium is building an ortho facility which will create jobs along with hotels, office and residential. If this were in Greenville, you and others would not have an issue with it. It is certainly a better deal for S.C. than giving $25mm for a Bob Jones museum. What is the cash outlay for the county to get this project moving? The county has to spend money to get this project moving which is why this project goes nowhere without government assistance. I don’t disagree the location of this project is good and a selling point. What is the county paying to move the state offices, infrastructure, and for a county office building? What are the incremental cost of this v payback and timeline (of course with a time value of money)? Once that is determined, then you can what the developers are receiving in incentives.
  8. That’s what I wanted to hear. But, to be honest, I do like seeing a lot of green space in that corner. Hope they set Lu4 back a little.
  9. Misleading? The question to ask is would this project exist without being driven by the government? If you have the financials, please share. Panthers? It is an intersection and refund of income taxes. Not much different than what you would offer other HQ relocations and it’s the NFL which can drive a lot more development. If the state can provide direct contributions to a Bob Jones museum, giving tax incentives for the NFL is in no way out of line. In fact, between the two, the Panthers is a much easier call. As for being pessimistic, that is judgement. I rely on metrics and economics for what I see. And, if you see a 15% vacancy rate with negative absorption and a lot of inner market moves, adding 550k immediately is not what I would consider a good move. From what I see, if it happens in Greenville, it automatically becomes the best and biggest in S.C. Metrics are typically ignored or discounted and other cities are discounted as Government cities (Cola) or tourist cities (Charleston) or just car dependent Charlotte suburbs (Fort Mill/Rock Hill). But, Greenville always does it better.
  10. Lol, I know very well how Charlotte is being built. If you understood economics, you may understand as well.
  11. First, not trying to “put anyone in their place”, I love being in Charlotte and won’t apologize for being excited about how this city has transformed from a regional city years ago into a true national city. It is a model for how business builds a city v planning a city for hopes of attracting a business. It’s not a city where architects plan out massive blocks of the city hoping to attract business, but business employs architects and planners to build a bustling downtown area with over a dozen projects going up over 20 stories. It won’t win a lot of “hey, look at this planned city”, but 60k people vote each year to move here and stay, that is worth more than any silly architect award. So, let’s get that out of the way. Greenville’s approach has been different and nothing wrong with that, the Charlotte way of doing things won’t work there. Greenville has utilized political capital, government assistance and other mechanisms to encourage development. Nothing wrong with that, many cities do it and I wish Charlotte had the political capital to do more. Greenville is pouring a lot of money into and asking the state for more to build a museum for Bob Jones with an attached conference center. This particular project is employing government resources to kick start a development which hopes to add 550000+ sq feet of office space where the current rate sits at close to 15% not counting available subleased space. Not sure where we see 20% 2 years ago, I actually see a WilsonKibler report from 3Q17 with a vacancy rate of 10% (cbd) which would suggest you are adding to the vacancy rate in 2018-2019. So, I see it as a legit question to ask, how long will it take to absorb 550k when the vacancy percentage is at best flat lined and there is no concerted effort to attract office tenants. This would be questions 1-10 if you were preparing a proforma, not sure why it generates so much heartburn. No need in getting into the airport or other issues you brought up, you distorted the actual airport conversation, and that’s fine. But, Greenville folks do seem to have a hard time talking about the “what if’s”..... However, I will mention rail, high speed rail is a project to connect Charlotte and Atlanta. Gvillesc tried to make it into a “we got it over Cola” argument which is 100% dead wrong. The upstate will benefit, but the route is dictated by connecting Charlotte and Atlanta, not the upstate. As for more development than any downtown in SC, you may want to look around. Both Charleston and a Cola have had a lot of development. Charleston has been growing at breakneck speeds while Cola has just about matched Greenville in growth. For what it’s worth, I don’t see Greenville posters complimenting a Charleston or Cola on projects. I hear a lot of Cola just being a government city and Charleston being for tourists, but no “good job”. Rock hill attracted the Panther HQ and a couple of hundred jobs. The only comments I have seen from anyone in Greenville have been critical. So, it pays to look around the state and region, lots of things are happening in every city, and like it or not, Greenville is not leading every other city or metro (not even in SC), and there’s nothing wrong with that.
  12. If we are only going down one floor, are we close to seeing foundation work?
  13. Is LH going to remove the chain link fence along Stonewall? If we aren’t going to see new construction here, the fence is not that appealing and should be removed.
  14. It makes sense is so many ways to move the HQ out of SFO to CLT. But, common sense doesn’t always apply in business. Regardless, Wells is very entrenched in CLT. And, if the HQ moves here, all the better. I do expect Truist to capture a lot of the banking headlines in CLT as they ramp up their HQ. BofA and Wells will lose talent to Truist.
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