Iffy New Developement
We have been looking at some new developments – I know, I know…but we really like one – so here is my question – if we discovered that the developer owes back taxes – how iffy does that make the property – what could happen (he has many units already in contract). Thanks.
We have been looking at some new developments – I know, I know…but we really like one – so here is my question – if we discovered that the developer owes back taxes – how iffy does that make the property – what could happen (he has many units already in contract). Thanks.
You didn’t say if it was back real estate taxes, which I’m assuming it is…It may be as innocuous as the real estate tax abatement hasn’t been finalized yet. Depending on where/when built, the development likely qualified as -of-right for a 421a tax abatement. These take a while to process through the dept. of finance. check the discussion of real estate taxes in the offering plan.
I got a great union story here….
Hoffa Warns of Potential Strike in Teamster’s Washington Office
Aug. 10 (Bloomberg) — James Hoffa, president of the
International Brotherhood of Teamsters, is bracing for what he called the “embarrassment†of a potential strike by his own employees.
Hoffa, in a letter to officers of the union, warned that contract negotiations with workers in the Washington office “are not going well.†The workers “refuse to acknowledge the current economic conditions,†he said.
About 150 workers in the Washington office of the
Teamsters, whose contract expired June 30, are represented by the Office and Professional Employees International Union, said Bret Caldwell, director of communications at the Teamsters.
Hoffa wrote that the union members “have a right to take strike action, and their union knows the embarrassment that such an event would create.â€
“However, no amount of embarrassment will cause us to
commit to a collective bargaining agreement that jeopardizes the financial health of your international union,†he wrote.
The union, which has negotiated previous contracts with the Teamsters, needs to share in “prudent belt-tightening,†Hoffa said.
STRAIGHT FROM THE HORSE’S MOUTH!!!!!!!
Or he may have used chinese sheetrock.
Apparently you don’t know. If the developer owes back taxes that might just be the tip of the iceberg. Imagine if he skimped on concrete quality as well or some other construction issue.