tag:blogger.com,1999:blog-33451159.post5146047159077583425..comments2023-04-03T07:35:52.219-04:00Comments on ------ Lawn: Just vote NO!Old Mill Hillhttp://www.blogger.com/profile/00325710488598264250noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-33451159.post-85687355477564678512017-12-26T11:58:54.618-05:002017-12-26T11:58:54.618-05:00There is no evidence that this conversion is going...There is no evidence that this conversion is going to change the fate of the property or downtown Trenton. <br /><br />Mr. Torricelli is asking, again, for the city to help underwrite his experiment; to fund his theory that the residential rental market is there. <br /><br />He has enjoyed enough of the city's largess over the past decade plus. It is time for him to fully fund his enterprises. He's in the business of investing and developing. He should be risking his money (or those of private investors) and not be coming to the city with his handout yet again. <br /><br /><br />Old Mill Hillhttps://www.blogger.com/profile/00325710488598264250noreply@blogger.comtag:blogger.com,1999:blog-33451159.post-32602347505081576112017-12-26T11:50:36.430-05:002017-12-26T11:50:36.430-05:00Your blog post misses the point of Mr. Torricelli’...Your blog post misses the point of Mr. Torricelli’s request. Indeed, the very problem you point to — an overburdened tax base — is precisely why the City needs more projects like this.<br /><br />Trenton is not the first NJ city to face a diminished commercial sector, lost industrial base, and shrunken residential population. Newark, Jersey City and New Brunswick, all struggled through periods of similar distress. But they turned things around by attracting new businesses and industries as well as recreating a downtown residential market. One of the key tools in that tool box is the tax abatement. <br /><br />Warren St has been transformed because Mr. Torricelli invested $3M plus in the Golden Swan building, in partnership with the City which provided critical support some dozen years ago. This building stabilized a block. Now there are new businesses, including Mr. Torricelli investing $3 million more across the street to bring a statewide union headquarters and now Trenton’s first Starbucks. <br /><br />But these projects require a partnership with the City. The office space market in Trenton has too much capacity. This office space has sat for nearly a year, empty. He already invested $250,000 to convert failing ground floor office space into the first new medical office in the City in years. Now Mr. Torricelli is ready to invest another $250,000 to convert these second floor offices into apartments. Succeeding with these downtown apartments can show local banks that residential living in the heart of downtown can succeed. He has asked the City to support that effort. Mr. Torricelli has been a good partner for Trenton - he has brought more than $10 million in investment to six projects in the City and this year alone has paid over $300,000 in taxes. <br /><br />Trenton still get taxes from this project — a steady rate as the apartments are leased. As rents go up, tax revenue will go up. Partnering together, we can demonstrate that downtown residential living can succeed. That will encourage more development, and with each new project, we will broaden the tax base for the whole City, which will help to ease everyone’s tax burden. <br /><br />Other cities in our State have successfully traveled this road. It’s time for Trenton to make use of the abatement tool to promote a stronger, more vibrant downtown. <br /><br />Sean Jackson / Sr. Vice President - Woodrose PropertiesSean Jacksonhttps://www.blogger.com/profile/05393240129778860479noreply@blogger.com