Winston -Salem developer Bill Cannon has a compromise that could keep the city from forcibly taking over Harvey Davis’ property to build a downtown train depot:
It’s complicated, but here’s what Cannon wanted to make sure was understood. He proposes to sell $12 million in historic-preservation tax credits to wealthy investors. He gets capital; the investors get credits they can use to offset big tax bills later on.
Cannon (and Davis) think they can redevelop the station, give the city the top floor to operate a train station and still have space to rent to retailers. Condos and the like on adjacent land would be gravy.
A sticking point is a shortfall in funding of about $1.5 million to overhaul the building. The city’s not going to step in for a lot of reasons — a large one being another “public-private” partnership that listed heavy to the public end. (Hint: It’s near Business 40, made of brick and has a diamond inside.)
So what Cannon proposes is this: Let us try. If we don’t pull it off within a year of Davis vacating the building, we’ll walk. The city gets the property without resorting to condemnation.
I guess the assumption is the taxpayer will somehow come out ahead in this deal, but we are talking a train station here, which consistently screw taxpayers up one side and down the other.
