How does a building end up being co-owned by the city and another party? I don't understand what circumstances that would result in a developer owning 20% of a building, while the city government owns the remaining 80%. We have had several instances of city government on the Virginia side of Bristol dabbling in real estate and in all cases it has not turned out well. Taxpayers are on the hook for millions of dollars that were spent on a couple of instances where the city BOUGHT land for millions and expected development and the resulting returns have never been realized. The city is deeply indebted as a result of the loans taken or bonds that they used to purchase the real estate.
Is Utica playing loosely with eminent domain? I wonder about their involvement in the property for the hospital, and there were questions raised during the arterial reconstruction also was there not?
Thankfully our local city and county government here on the Tennessee side have not been caught up in the trend where government purchases land and then loses their ass on it. Our only disputes have been over tax breaks given to developers of new properties and shopping areas.
Charlestown Mall is the same thing. Part is owned by Frankfort and part by Utica. Seems silly to me. I can't see why this guy cannot buy the remaining 80% of the building in question unless the City wants to be the developer for their own vision of Utica.
Post by clarencebunsen on Sept 7, 2019 10:39:52 GMT -5
It is the Northland Communications building, 317 Court St. A vacant building with a parking lot on each side. Not in the hospital footprint. A willing buyer. Why can't this be resolved in an afternoon?
Crossbows don't kill people. Quarrels kill people.
The internet doesn't make you stupid, it just makes your stupidity more accessible to others.
That is the old annex building for Oneida National Bank, it's connected to the old Main Office building on Genesee Street. I can't imagine how that ever became a two owner property. I recall something about it from years ago but don't remember what it was all about. I don't care if it's City owned or Urban Renewal owned, the city shouldn't be involved in the real estate business as much as it seems to be. Eminent Domain seems to be another tool in their box instead of what it was meant for. "Won't sell? No problem, we'll take it, tough crap" .