– It’s going to cost taxpayers a lot more than originally anticipated to complete Midtown Tower.
Late last year, it was clear there was a funding gap. Christa and Morgan, the developers chosen to rehab the building, needed $2 million from the state to close on the $73.5 million project. The money didn’t come through in the first round of regional economic development council funding.
Now, the numbers have changed. In legislation to city council asking for approval to apply for state funding on a number of projects, the mayor says the city will ask the state for $4 million. The city’s share of the project is $8.7 million. The total cost of the project is now $62.1 million.
So taxpayers will have to foot 20 percent of the cost of rebuilding luxury apartments and condos. Nice. There should be more transparency about what exactly is going on with this property.
The legislation calls the tower the “centerpiece of the Midtown Rising Development.” There’s no question the tower should be a priority. It’s a scar on the city skyline. It boggles my mind, however, that the city dismantled the structure without having a clue who would do something with it and what it would cost.
Now we’re getting an idea.
– Street robberies are up in Rochester. The good news is that crime is still down considerably.
– Go Ursula! The Xerox CEO says her company would never sponsor the Masters, because of Augusta’s policy barring women as members. Also, Xerox isn’t into golf. Reuters reports:
“The way I think about it is, the Masters can do what the hell they want,” Burns said. “If they want to actually have no women in the Masters, then women and right-minded men should make a choice about what the hell they want to do with the Masters. If they aren’t interested in having me there, why would I go?”
Meanwhile, Reuters has a quick look at the company’s future in the technology service industry.
– Nice work if you can get it. New York State is hiring workers to clean up creek debris for $51.71 an hour.
– There’s a new book about Michelle Obama’s ancestors who were slaves. The New York Times review is very interesting.