Why spend $75,000 for an option to buy Eastland’s old Belk site for $3.5 million? Why signal a willingness to spend millions more to subsidize re-development of the once bustling shopping mall?
One reason for the city’s agreement with Belk was to send a signal to the development community that officials are serious about changing the mall, said Economic Development Director Tom Flynn. It was also planned around a deadline: Glimcher Realty, which manages the mall and has been trying to sell it for three years, has a mortgage payment of between $36 million and $38 million coming due in September, Flynn said.
Huh? So city taxpayers are trying to help a private landowner make their mortgage payment? Or are we just trying to pump up the value of the property? Why? Let the current owner default and cut a fire-sale deal with the note-holder, if we absolutely, positively must play real estate mogul.
What the hell is going on around here? And are you sick of my questions yet?
