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February 13, 2006
News from the mothership
For readers following the business dealings of Forest City Ratner's parent company, Forest City Enterprises (FCE), here's a sampling of news from around the nation in the past couple of days.
The Dallas Morning News, A Lot to Chew On: The Merc is eating up funds
Tax-increment funding (sort of like public subsidies for private developers) for a large FCE project in Dallas has dried up the public trough, putting "the kibosh on new tax abatements and tax-increment deals for other downtown projects for something like 10 years," upsetting other local developers.
The Boston Globe, Haverhill is the picture of progress
"This small city on the Merrimack River is poised for its second renaissance," with the help of developers like FCE. [No mention that the Globe's parent company, The New York Times, has a business relationship with FCE's subsidiary Forest City Ratner. OK, maybe that's a stretch.]
Crain's Cleveland Business, Case's downtown move 'on hold'
Case Western Reserve University's plan to relocate 325 administrative employees to [FCE's] Halle Building downtown from University Circle — a move that has been viewed as an encouraging sign for downtown’s languid office market — is on what the university calls "a temporary hold."
Cleveland Plain Dealer, Jury awards $700,000 over silt in Solon lake
[Dr. Stephen] Luczek sued the developers of the nearby Thornberry neighborhood, accusing them of fouling his lake with silt and mud and of failing to adhere to strict government water regulations.
On Thursday, after a seven-day trial in Cuyahoga County Common Pleas Court, a jury awarded Luczek $700,000 in damages.
The jurors ruled that Granite Development Partners, a subsidiary of Forest City Enterprises, was negligent in its construction practices and caused the erosion that damaged Luczek's lake.
Posted by lumi at February 13, 2006 9:29 AM