Purchased final piece of land for Downtown South. Could begin phase I in 2021.
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This Is Great News To Start 2021 ! Happy Happy ! 
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They’re drumming up anti-development non-sense on Nextdoor. Including dishonest description of TIG as a direct handout from the city. Stef loving the attention she’s getting on there.
That website is the NIMBY Version of Parler!!!
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Yesterday, City Council met and discussed (among other things) a draft policy on tax-increment grants (TIGs), that public-private partnership mechanism Kane wants to use for Downtown South but doesn’t exist yet in the City of Raleigh.
Click here for a quick refresher on what TIGs are!
TIGs are a new-ish way that cities can encourage developers to invest in projects that they may not do otherwise. Unlike the more popular TIF, taxpayers aren’t at as much financial risk.
Why is it less risky for taxpayers (at least in my eyes)? That’s because a project’s developer enters a contract with the city to make certain investments within the project area, and the developer gets reimbursed up to 75% of the rise in property values goes back to the developer. This means the public benefits of a project comes before developers’, and a new project that turns out to be a disappointment won’t be as painful to the city’s bottom line.
For example, let’s say DTS gets approved, and Kane enters a 10-year-long TIG with Raleigh where he’ll create enhanced greenways along Walnut Creek etc. If the city designates the DTS site as a Priority Area and its annual city property tax jumps up by $10M due to the land becoming more valuable, Kane’s company could get up to $7.5M refunded annually until the end of the 10 years. After that, the city gets to tax Kane for the full $10M every year.
One of the reasons why this policy has been taking so long to make is that this new TIG policy is being created for the whole city -not just Downtown South.
Links to: memo describing the draft policy / the draft policy / slide deck presented in above video
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Take this as the sarcastic comment as it’s meant to be…
But nextdoor seems as toxic a platform as Twitter, but It’s just the “ladies who lunch” crowd.
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It’s way more toxic than Twitter, and I’d call it triggered NIMBY’s who lunch.
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As a resident near North Hills, I see a lot of anti-development and especially anti-Kane nonsense on ND, and so much of it is so over the top and misinformed, there’s really no point in engaging in any discussion. Although I do have some sympathy for those who may have lived right on St. Albans for decades and now live next to giant buildings, most of the ranting is classic knee-jerk NIMBYism. I generally stay away from ND but it can be useful for selling/giving away stuff.
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I am sure those homeowners are crying all the way to the bank over their property values which are astronomically spiking way out of proportion with region-wide appreciation
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For some the money doesn’t matter, especially if they are old and $ secure.
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I still don’t have a ton of sympathy for them though, honestly. This is a risk you assume when you move to the suburbs. This is my biggest peeve with American suburban sprawl: folks think they can have all the perks of living in the city with none of the downsides, all while maintaining a fenced in lawn. But cities grow, that’s what they do. And eventually, somewhere down the line, you’re going to have developers knocking on your neighbor’s door, or perhaps yours. It’s inevitable.
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Now for low-income folks who get displaced when their landlord sells to a developer… I think the onus is on the city to ensure that there is a place they can move to that’s still close to their job, especially if they can’t afford (or don’t want) a car. But I really don’t feel too bad for individuals who have owned the same property for twenty-five years and stand to make a killing off of selling and moving a mile or two down the road. Maybe I will if I’m ever in that situation, but again, that’d be on me. It’s an assumed risk of suburban life.
Okay, hopping off my pedestal now.
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Eh, we can all just ignore the posts we don’t like on ND. I think ND is useful for reuniting lost pets and getting references for various contractors and being informed about crime. I posted when my house was broken into and ransacked, for example. I live in NH - I do like the appreciation in my land value (not my house value, which is plummeting), but I also agree that if I lived across St. Albans (I don’t) I would not be happy. Easy to make fun of NIMBYs but if you actually have a backyard, and something tall is being built in it, you might not like it. No big deal if a person feels that way about their largest investment. It feels different to me than if I lived in downtown in a high rise and then another tall building was built next to me and now I’m annoyed by perpetual shade. In that case, it’s to be expected.
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We can, because we know there are alternatives with a solid community. But NextDoor is also more mainstream, so there’s plenty of people (like my parents) who aren’t as tech-savvy and engaged online. Isn’t that exactly the sort of societal norm that we should be thinking critically and talking about?
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ND keeps my elderly mother in constant fear. I hate that platform.
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If you look at the aerials from 2002 there use to be about 4 houses directly on St. Albans (before alignment was changed) and Kane paid them $$$$. There was an old apartment complex also. Traffic is always an issue. Wait until the project behind the Hilton gets going.
The home ended up being rented at $1400 a month. Whoosh. It is possible they received additional incentives.
If folks on nextdoor are Attacking urbanism and our interests for growth in the city then we should be up there countering there every point it’s pros and cons to everything alot of folks just like to follow the herd, if Nimbyism is not challenged and checked it will grow like rampant wild weeds, I’m from California so I have seen first hand what Nimbyism does.
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Most of the people in there can’t be reasoned with. I completely understand the point, and wish there were a way to shed light on fact and not the crap most of those people gravitate towards, but at some point your mental health is more important than trying to get “them” to accept facts and reality.
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