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Jaybee

University Club

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Jaybee    1

I don't know if any of you caught it already, but the City Council approved today the $3.7 Million tax increment rebate to the University Club project, which is paid out over 12 years. Probably will be in the paper tomorrow.

The Mayor, in talking about why he supports this (when previously he said he only supports subsidies for housing in Parramore), had backpeddled to say that what he really meant is that projects between Rosalind on the east and Parramore on the west should have incentives available to them. So, we probably should expect dynetech coming with hat in hand for their corporate welfare too.

And did anyone catch that commentary in the Sentinel today about the old-musty smell of the University Club? Thought that waz funny. :lol:

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Dale    599

I don't know if any of you caught it already, but the City Council approved today the $3.7 Million tax increment rebate to the University Club project, which is paid out over 12 years.  Probably will be in the paper tomorrow.

The Mayor, in talking about why he supports this (when previously he said he only supports subsidies for housing in Parramore), had backpeddled to say that what he really meant is that projects between Rosalind on the east and Parramore on the west should have incentives available to them.  So, we probably should expect dynetech coming with hat in hand for their corporate welfare too.

And did anyone catch that commentary in the Sentinel today about the old-musty smell of the University Club?  Thought that waz funny.  :lol:

<{POST_SNAPBACK}>

So what you're saying is flip-flopping can be good for downtown development ? B)

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UPSDAN    17

I heard one interesting thing on WFTV...One of the council members voted against this because it would block another condo project from being built on a parking garage on Magnolia....I have know idea what project this would be....

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Dale    599

I heard one interesting thing on WFTV...One of the council members voted against this because it would block another condo project from being built on a parking garage on Magnolia....I have know idea what project this would be....

<{POST_SNAPBACK}>

Block anotherproject from being built, or block the *view* of another project ?

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UPSDAN    17

[

Block anotherproject from being built, or block the *view* of another project ?

I though they said from being built. I believe the Tradition Towers are taking up most of the garage space from the garage just to the west. Someone must of had a proposal for something on that garage..

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Dale    599

[

I though they said from being built. I believe the Tradition Towers are taking up most of the garage space from the garage just to the west. Someone must of had a proposal for something on that garage..

<{POST_SNAPBACK}>

Well, unless the blocked project is a 500 foot tower designed by Caesar Pelli, I say survival of the fittest. B)

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cwetteland    89

In the drawings of Tradition Towers the garage is still there. Building on the garage would block the view but I don't think TT was dependant on the MOU so I don't know how the MOU and the other condo (what ever that is) are connnected.

It'll be interesting to hear more about this other project.

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Jaybee    1

I believe that the Tradition Towers/University Club intends to utilize some of the parking for the Central Garage next door, across from the library, for their project. Sources tell me that this particular garage is already full during the daytime... hopefully future reisdents will utilize this only at night. (?)

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bic    75

City smiles on club towers

Council green-lights $3.7 million in tax rebates for luxury high-rise

By Rich McKay | Sentinel Staff Writer

Posted February 22, 2005

Orlando Mayor Buddy Dyer defended $3.7 million in proposed incentives Monday for a new development that will house the private University Club, despite a pledge he made four months ago against downtown tax breaks.

Dyer didn't mean for his pledge to include tax rebates on new developments that would bring residents back to downtown, he said at Monday's City Council meeting.

His pledge was only directed at city cash and loans given large developers, such as the $22 million in incentives given to Cameron Kuhn for the Premier Trade Plaza, the largest mixed-use development in the city, which will include 305 residential units and a 12-screen movie theater.

"I think the media has a misimpression," Dyer said. "This is almost a no-brainer. This isn't cash up front."

The council then agreed in a 5-2 vote to approve a "memorandum of understanding" or non-binding agreement with Broadstreet Partners LLC for twin 37-story tower buildings on Central Boulevard with 325 luxury condos and a sky bridge that will house the University Club. Phil Diamond and Vicki Vargo cast the dissenting votes for the $175 million project.

The agreement includes tax rebates spread over 12 years to the developers of the Tradition Towers, called the University Club project in city documents. The proposal also includes an unspecified height restriction on the city's parking deck nearby, to prevent it from ever being rebuilt in a way that would obstruct the view in the towers.

Dyer said the current University Club building pays the city about $32,000 a year in taxes, but the proposed building would pay about $1 million a year that could be used for the betterment of downtown, including the Parramore neighborhood.

Dyer has said that he wants his tenure as mayor judged on whether he successfully rejuvenates the predominantly black neighborhood.

"I think of this as a good investment," the mayor said.

Diamond agreed that the project is a good one, but said that there is no reason to give the developer free money, when other projects downtown are being built without any incentives.

Vargo objected to the proposed restrictions on the city parking deck. She asked that city staff negotiate with the developers to recoup the value of the city's "air space" above the deck.

The University Club, established in 1926, had a history of excluding blacks and women from membership until 1992 when the club inducted its first black and first woman. The club remains among the most exclusive in town, where the wealthy and well-connected make deals.

City Commissioners Daisy Lynum and Ernest Page, who are black, said Monday that they support the project. Lynum said that the club's past "isn't relevant because just about everyone in Orlando used to discriminate."

Building on the twin towers is expected to start later this year and be finished in 2007.

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cwetteland    89

Well this explains the comments about the MOU limiting another project that could grow out of the garage on the Magnolia side. It seems that in addition to the 3.7 mil tax breaks (that I don't have much of an issue with) the city also gave away the airspace rights above the garage. In effect, forever limiting the use of that property to lowrise.

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I believe that the Tradition Towers/University Club intends to utilize some of the parking for the Central Garage next door, across from the library, for their project.  Sources tell me that this particular garage is already full during the daytime... hopefully future reisdents will utilize this only at night. (?)

<{POST_SNAPBACK}>

What is the exact location of the tradition tower? TIA.

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