that was the figure used by Utica Councilman-At-Large Edward Bucciero at the Democratic Caucus meeting on January 5, 2011 regarding the proposal by a non-profit, Housing Vision Consultants, Inc., to build low income and senior housing in the vicinity of Oneida and Hobart Streets in Utica.
After doing his calculations, Mr. Bucciero figured there would be a $1.5 million profit which calculates to a 19% profit margin. Mr. Bucciero asked "when somebody from the community comes to me and says how could you spend a half a million on a two family, what should I say to them...here's the budget, you figure it out?" He added that he could not support the project.
Of course, in defense of the project, the usual excuses were heard from some council members...no local taxpayer dollars are being used [only Federal money]; if we don't use the money it will go somewhere else; it is not perfect, but its a very good thing for the community.
A recent YNN story Cornhill housing project one step closer to reality shows Tim Trent talking to a reporter regarding the project.
According to this evening's WKTV news story, Debate over low-income housing proposal in Utica, the City Council's Urban and Economic Development Committee met tonight to discuss the project [01/10/11]; the full Council will vote on the project at their meeting this Wednesday evening.
WIBX has more on the story here!
Also discussed at last week's meeting [at the beginning of the videotape], was a 20-year Payment in Lieu of Taxes [PILOT] agreement that is to be signed with Housing Visions giving them property tax benefits that will, according to their representative that attended the meeting, make the project feasible for them to undertake.
Here is a copy of the agenda for the January 5, 2011 Democratic caucus listing the other topics that were discussed.
On another note, the first meeting of the New Hartford Town Board for 2011 will take place Wednesday, January 12, 2011 in Butler Hall starting at 7:00 p.m.
Agenda now online!