Preservation or historic bail out?
The writer is responding to a column by Brian Davis, director of Historic Salisbury Foundation, “Future of preservation in danger.”
On June 5, Mr. Davis was pleading to continue state historic preservation tax credits to save the bad business plans of Downtown Salisbury Inc. and their over-inflated value of property in the downtown area. When was the last time a private developer even looked at downtown Salisbury without expecting the taxpayer, through tax credits, to help justify investing in the shell that was once (40 years ago) a viable shopping and business district?
DSI and a consortium of banks bought the Empire Hotel in 2007 and then left it to rot. The downtown merchants pay nearly an extra 17.5 cents per $100 valuation in taxes for the privilege of watching it rot. No buyer has scooped up this dilapidated property at any price.
A few months ago, city staff proposed that the city give grants to rehab apartments in downtown; up to 25 percent of the cost would be paid to the owners from Other People’e Money. Question: Who owns the property that would receive this largesse?
The 500 block of North Main Street has sat undeveloped for almost as long as the Empire Hotel has been closed. Now the school board will once again save some Daddy Warbucks with taxpayers’ money. Does either parcel have any real commercial value?
The loan on the Empire is seven years old, with no interested buyer at any price. The 500 block has sat empty for just as long or longer. Ask yourself:
1. Who were the owners of these various properties?
2. Why has there been no private development in downtown Salisbury in the last 20 years without use of the tax credits?
3. How solvent are the banks that hold loans on DSI property if they are holding over a million on their books that has no commercial value?
4. What is the true value of the empty land in the 500 block of North Main Street and a abandoned ex-flop house?
5. Is the city of Salisbury a house of cards?
— Joe Coladarci
Salisbury