Friday, March 26, 2004
 
Optimism Until the Fine Print

What's not to like about the headline and lead for this St. Louis Post-Dispatch column?
    Buyer's vision is 100 apartments for Pet Building

    It's happening. Mothballed for months, downtown's distinctive Pet Building has a buyer - and a metamorphosis in the works. Balke Brown Associates has the property under contract.

    Sale terms are not public, but here's the vision: to turn the 15-story office building into 100 apartments for an estimated $30 million.
Yay, team! Go development! Build! Build! Capitalism, rah!

Until the dreaded Fine Print strikes:
    The hurdle - and it's a big one, says Land - is securing the state and federal historic tax credits to make the deal work.
Never mind. It's not capitalism--it's crony capitalism. Any company that can even conceive of buying a property for $30 million dollars should not count on sucking from the government teat, and I mean should not count on my personal tax contribution to make it work.

Who died and made you Suharto?

 
To say Noggle, one first must be able to say the "Nah."