In questioning the heaps of tax dollars going to University of Rochester’s College Town project, I’ve pointed out the Mt. Hope Ave. corridor is not distressed. Typically, you think of HUD loans and grants going to support places that are economically challenged.
Census data for 2010 shows us the area is doing far better than the rest of the city. In several census tracts surrounding the project, unemployment ranges from 4.8 percent to 11.5 percent unemployment. Median household income falls between $27,018 to $51,875. Poverty rates fall between 20.3 percent and 38 percent. (Keep in mind, there’s a heavy student population.) The average home lists for more than $100,000.
Meanwhile, on the west side of the river in several census tracts surrounding the Brooks Landing project, unemployment is between 17 percent and 23 percent. Median household income is between $14,022 and $29,422. The poverty rate falls between 37.5 percent and 50.4 percent. The median sale price for homes is under $65,000. In the Plymouth-Exchange neighborhood, homes sell for less than $40,000.
The Brooks Landing project has also received substantial tax incentives and other support. There’s no question the Plymouth Ave. corridor is benefiting, as the college’s success is finally crossing the river. It took a boost from government and the college to make that happen.
But Mt. Hope Ave. doesn’t need a boost. It’s an extremely busy commercial corridor in a neighborhood with high property values and low unemployment. The College Town developers are getting a $20 million loan, to be paid back with their property taxes, as sweet a deal as we’ve seen in ages. If I’m the landlord of Bruegger’s, Starbucks, Chipotle and McDonald’s across the street, I’d be banging on City Hall’s door’s asking for the same deal to level the playing field.
I bet College Town will be great for the college and the city. I’m just at a loss to explain why taxpayers are paying one-third of this $100 million behemoth.
Links of the Day:
– This cafe and deli seems like a great addition to Plymouth Ave. I walk the corridor often and it’s great to see vacant storefronts getting rehabbed.
– College rankings are a racket with implications beyond simple prestige.