Mike Benbow’s Monday column regarding the Collins Building report does not mention that the value of the building after the renovations and tenancy, by below market rate-paying tenants, is only $1.7 million.
So, while the construction costs have decreased from previous estimates, so has the renovated market value. The Port Commission would be asked to pay $11.2 million, either from grants and tax credit deals that have yet to materialize after five years of looking, or from the existing property tax, to see $9.5 million disappear immediately.
What I did not see in the report is how many jobs will be generated for $9.5 million. Presumably, as an economic development focused organization, the commission is taking that into account, weighed against jobs and value created by an expanded boat yard.
Eric Russell
Marysville
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