No Longs or CVS Pharmacy anytime soon
3/10/09 - CONFIRMED - There is indeed a new Sage Commercial 'For Lease' sign in the front of the Longs/CVS Pharmacy building as Daryll Drake mentioned in the last Redevelopment Agency Advisory Board meeting. This definitely contradicts the efforts and tone of the Redevelopment Agency in the previous RDA meeting, where RDA was discussing possibly postponing other projects to give CVS Pharmacy financial incentives to open downtown. The strange thing is that CVS is in open communication with RDA, and as of the CAC meeting last Tuesday, has not informed RDA they do not plan to open a CVS there. So I am still hesitant to say that CVS has completely pulled out of the project until someone 'official' confirms that with me. CVS has a long term lease with the building, but can sub-lease the space. With that' for lease sign' on the front of the building, it certainly doesn't show much faith that CVS will open. Now, excuse me while I go drown my sorrows with a shot of Odwalla orange juice. Yeah, I'm THAT hardcore.
Post your comments
Posted by: Devin Sommerton - 3/11/2009 9:23:00 PM
Very accurate post Mike and I watched the meetings as well. Dead on, and one of the most important clues to the weaknesses of STAR bonds. At the Citys own admission, no steps were taken by anyone in the Cabellas STAR bond deal post-opening to track and verify at least 50% of the shoppers are truly from out of state, nor does the state require that information be tracked for any period of time. According to your post, any employment number requirements are only applied to when a STAR Bond project first opens, and not tracked over a period of time. Wonderful! The government should just make it easier and say No accountability is required by developer except for the first week of operation.
Posted by: Quinn - 3/11/2009 10:27:15 PM
We do an outside report that in a perfect world, these are what our numbers would be at the time the project opens? Who cares what the economy is like 5 years after the STAR project opens right? Then there is no accountability on the developer to make sure the project lives up to the intentions of the legislation? Is that what I get out of this STAR bond discussion? No wonder why developers are eager to rush their STAR Bond projects through before legislators change it. God forbid they be held accountable for their projects after they actually open! Ridiculous. Absolutely ridiculous.
Posted by: Mason - 3/11/2009 11:09:52 PM
I recall that Nevada Land is applying for a STAR bond in the near future. Is that not included in layering of finances since this is already a TIF district?
Posted by: Yancy - 3/12/2009 9:17:44 AM
I can see why congress wants to modify the star bond tourism legislation now. Thanks for the post guy, very informative. So now it's a race to see what STAR bonds can be pushed through before the legislation changes.