Putting a price tag on Riverspace
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- June
- 6
Riverspace Arts in Nyack estimates it will cost $100 million to fulfill its lofty plans to build a new arts, retail and residential complex in downtown Nyack.
The catch is they want about a quarter of that funding to come from taxpayers, via support from state and local government. Riverspace, a not-for-profit organization, also wants to negotiate a lower tax rate by entering into tax agreements with municipalities.
Nyack Mayor John Shields said he would support an agreement letting Riverspace pay taxes equal to what is currently owed on the four-acre site, even after new real estate is developed. He believes the benefits – revitalizing downtown and supporting the arts – would outweigh the cost.
Here’s more details on Riverspace’s plans, which were discussed at a meeting last night: Riverspace reveals plans for Nyack arts and retail complex.
This entry was posted
on Friday, June 6th, 2008 at 2:58 pm by Hannan Adely.
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I read somewhere that the Algonquin word Nyack means “Expensive Hogan”
How much is 4 acres worth in downtown Nyack? Should Nyack demand fair market price for its market share? No question here, responsible leadership needs to be clearer when identifying realistic goals and objectives.
MAyor Shields fails miserably at the above. Preferring instead to aquiesce to the loudest (in this case richest) voice in the room at the time he thinks this is the democratic process, someone should tell him its not. He is the Mayor of all of Nyack, not just his friends.
I’ve lived here since 1987, not as long as some, longer than others. Fifteen of those years in the house we live in now. During the same time my property value has increased, property taxes have tripled just for Nyack alone. Now according to all conventional wisdom today my 40 by 80 ft lot certainly isn’t worth three times what I paid for it. There are lots of people living on fixed incomes (or as in my case hoping to soon) and or kids still in school who can’t afford to live here when they retire or come home when they graduate. This is a real problem.
The real estate mantra that a rising tide lifts all boats has a down side. Tides ebb as well as flood. Much heralded high property values cut both ways, as in higher rents and higher taxes. Why should we willingly give up real property, and income for the village in terms of tax ratables we all have to pay in order to support this redevelopment if the private sector has already decided it can’t afford it alone; Because it will improve my property value?
The money has to come from somewhere and what you would propose is; the old tenants on the north side of Main St should carry the water for the new tenants on the new streets to the south.
We can’t even afford to light and plow and pave the streets we have now let alone adding more.
$4.8 million for two and a half buildings on the north of main St. At least six large empty apartments not yet developed above the hardware store. Most of those new row houses next to Seth Glasser's shop on High Ave are empty and the occupied ones may be renters not owners. Lagana's on Main St hasn't come on line yet either, there’s at least two more east on Main St by Claremont too.
Greatest housing slump in close to twenty years and Nyack has a lot of inventory already and more coming on line shortly. We're not considering giving them tax exempt status too?
Personally I would be happy to see this entire project as a "for Profit" enterprise. Hell I’d probably invest if I liked the terms of the prospectus enough.
Lets separate "Riverspace" for a minute and imagine the $100.000,000. coming from private financing; If you actually have to purchase the property I’d guess you’d have a deficit of close to 50%. And I wouldn’t be far off. Add to this the loss of revenue during construction, lack of parking revenue while you build this garage (est $500,000 net loss per year) Somebody's trying to do this on the cheap.
Enter Riverspace all smoke and mirrors, and we have a “not for profit” commercial development? I mean this in the best way, (please remember for over thirty years some of my best friends have been smoke and mirrors).
I still believe Nyack can and does do things to make its own wind and promote itself.
I admire Debbie Reich, Elliot and the rest of Riverspace for what they are trying to achieve here But I don't think they can expect to synthesize or create the kind of demand Mr. Dagenshein argues this project needs economically to support itself by simply building a state of the art venue, even not burdened as it is. If this were in fact true then almost every state university and many private Universities like SUNY Purchase, Yale, NYU and Bard College would be destinations for films, theater and music, this is not to say these institutions don’t offer programs themselves, they’re just not on the scale we would need for an ongoing enterprise, commercial or not.
The model for the community Arts center should combine and build on successful models like Elmwood Playhouse and Main St Arts, Jacob Burns or Boscobel; not Lincoln Center or BAM.
Even so the production crew alone would have to be on par with a Spoleto or Shakespeare festival operation only year round, there are more but these two are the only Off Broadway” scale projects I’ve personally been involved in.
This is nothing against he current board of Riverspace, all capable professionals in their own fields but Id for one be more comfortable about supporting this effort if there was a little more track record approaching the sort of scale we are talking about funding.
Few of the issues I have listed here originated with me. I have read some of them before and I know the Riverspace Board has heard them as well. I don’t believe they have been adequately addressed, even “blown off” by some accounts. I’m pretty thick skinned so the hate mail and threats I get don’t bother me as much as they used to. Regardless, you are right that ad homonym attacks do little to forward any sort of dialogue and I apologize now to anyone I may have offended, either accidentally or by design.
Finally theaters like the ones presented are best NOT repeat NOT run backstage by volunteers.
Trust me on this one, its all fun and games until someone gets an eye put out…..then its nothing but fun.
En Boca Al lupo.