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October 15, 2009
Forest City in the News
Dallas Morning News, Dallas City Council approves subsidy packages for Deloitte, Continental Building
Forest City just lined up more subsidies for a project in Dallas:
The Dallas City Council approved two major subsidy packages Wednesday aimed at drawing workers and residents to downtown.
A $17.5 million tax-increment subsidy was approved for Cleveland-based developer Forest City to restore the vacant and decaying Continental Building on Main Street.
...
In 2005, Forest City received $68 million in city subsidy, mainly for redevelopment of the Mercantile Building, which has since become one of downtown's largest apartment complexes.The deal became one of the richest tax subsidy packages in Dallas' history but proved to be too little to restore both the Mercantile and the Continental as intended.
So the council returned to the subsidy table for the Continental on Wednesday, with the hope its redevelopment will bring downtown more of what it desperately needs – residents.
The $17.5 million in tax increment money – paid out over many years – will be used to help repay federal loans Forest City also needs for the deal.
NoLandGrab: Forest City Enterprises CEO Charles Ratner has already stated the developer's intention to seek more subsidies for Atlantic Yards.
Chicago Sun-Times, Mercy Medical Center: Chicago's clout hospital
Forest City was a key player in an insider land deal in Chicago involving two Chicago aldermen.
PR Web, Mall Seeking Top Trendsetters!
Just in time for the holidays, Forest City's Pittsburgh mall is drumming up some excitement with "Project: Style." The four top contestants will win a $150 gift card to the mall.
Posted by lumi at October 15, 2009 4:33 AM