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Genesis III


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If the city has owned it since 2001, why should it sell now? Why should it sell at the current tax valuation instead of the 2008 valuation?

Why did the businesses leave the area? The same reason other retail left downtown -- greener pastures in the suburbs drew affluent customers/residents away. Any place serving alcohol attracted the "wrong crowd". Single family homes sold to low and moderate income families were built on the land where the businesses were torn down on East Street and Chavis Way. The Raleigh Housing Authority built apartments on both sides of Davie on the next block east.

It is bad that the land has not generated a dime of tax revenue for the last six years, but there should not be a rush to sell it just because someone asked. Especially someone who doesn't want to pay right away (emphasis added):

"Plans also call for concessions from the city, including leased public parking that Genesis III can use and deferral of the sales price until five years pass.
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