For people who won't read the article:

Current Property Taxes on the build: $499K per year, over the 30 year term they are discussing, that's $14.97M.

Estimated Property Taxes over 30 years for the redeveloped building: $56M.

Tax Break: $29M

Estimated Amount to be paid over 30 years: $26.8M.

Net tax revenue gain for the city w/ tax break: $11.83M.

Net gain w/o tax break: $40.83M.

So they’re giving a 30M tax break for a property worth 14M? Why not just buy the property for 14M and administer it as they wish?

The tax break is a reduction of property taxes over 30 years. Not a 30 M lump sum upfront payment.

Or it could be that the net gain without the break would be $0.

I don’t like giveaways to developers, but from the point of view of the city, increasing revenue by $11 million looks like a good plan.

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So many people think giving a developer a tax break costs the city money. If the break is necessary for the development to get built, it means the city gains money.

I don't disagree with the tax break.

What upsets me is that I have run a small, RI business, for fifteen years. I have never gotten a tax break, and I do pay taxes, aka make some form of profit.

I agree with this break

Not only is the City increasing its revenue through this break on the property in question, it will increase the values of the surrounding businesses, generate more sales for practically every nearby business, and drive down certain types of crime that stem from abandoned property. It will also create many jobs within the city. This is a slam dunk.

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At the end of the day we get some fancy a** upscale building that only the 1% can afford. 80% of these units are at market rate which means super expensive.

Increasing inventory generally leads to lower prices across the board or improved services as businesses move back into the area to support new residents. In other words, a big boost in inventory should lead to a drop in what that market rate is.

And with the bubble popping on our low interest inventory scarcity market that's driven up costs, the effect should be magnified, especially since the first of these units should be coming onto the market about the time that the market has stabilized at it's new, lower floor and people are looking to buy once again.

Maybe you're different, but I prefer a city with fancy-ass buildings than vacant and decaying ones, even if I don't personally live in them.

A little insight on the poor owner of High Rock, who can't afford to pay the taxes he owes...

Saying it again. The zeppelin dock and observation deck must be a permanent, easily accessible public amenity.