He said “Yes!” and went on to explain why:
What’s in a name? that which we call a rose
By any other name would smell as sweet.
(Updated version: No matter what you call it…a tax abatement is a tax abatement!)
I would check his math, though. He is much better at writing plays.
Check Shakespeare’s calculations below:
First Interstate says their 40 acre development will be valued at $45,000,000.00.
First Interstate’s stormwater management system takes up 7acres next to the 40 acre development.
These 7 acres will be donated to the city of South Euclid. So,no taxes will be paid on these 7 acres, even though they will be used every day as part of First Interstate’s development.
First Interstate will not pay taxes on its 7acre stormwater management system, so it WILL SAVE $312,637.50 IN TAXES PER YEAR.
What if First Interstate decided to put its 7 acre stormwater management system somewhere else on its property?
Oops! There’s no place else to put it.
See for yourself by looking at the site plan .
This chart was taken from document at this link at the City of South Euclid website. Document was provided by First Interstate.
Here is a plan for the 21 Acre Park that shows the 7 acres used for stormwater management from the proposed development.
PS. If you haven’t signed our petition yet, you can join 574 others and sign it by clicking here!