While still in the process of examining Belleville’s TIF spending, I’m compelled to point out another of Major Eckert’s development lunacies and deceptions for the city. First of all mayor you now say it will cost $1million for asbestos control and demolition of the building. Were you aware of the asbestos problem before you spent a half million dollars for the building? From an appraisal (market value) approach, if it costs you more to correct a building’s obsolescence then the purchase price, you have a negative property value. Conversely, the cost to correct the deficiencies makes the project infeasible because the cost to correct requires additional income that cannot be supported by the paying public. To the average Belleville resident, this means the developer has to spend more of his own money or ask the city for TIF money — your tax money!
Mr. Mayor, it would be interesting to find out if you have been in contact with the developer and talked with them about paying for the new roof as an enticement or concession to move the project forward. Hopefully Hillary is in charge of your e-mails and other records.
Larry Price, Belleville