Re: [UC] Phillies & 911, & econoic studies

[Craigsolve]

In a message dated 6/2/2004 1:58:28 PM Eastern Daylight Time, [EMAIL PROTECTED] writes: That is the same report used to justify the Keystone Opportunity Zones declaration that 17th and JFK Boulevard is a blighted neighborhood... just because its a vacant lot! I challenge the Federal Reserve and the Economists in the audience to come up with the money that they claim is generated by these subsidies -- it would be more than enough to balance this years City budget ... if even just half of the report were true!   See below anti-KOZ article from Phila Business Journal. Since you cannot access the referenced study, it is hard to evaluate.   Interestingly its author is Kevin Gillen, a Wharton, Ph.D. candidate. I believe he is the same person who indicated that there is a local housing bubble and declining UC resale values. That report was on Hall Watch. It made this list briefly but with no critical analysis or real discussion.   It is time to recruit an economist to actively participate on this list. Blitz this guy with your invites. His contact info:   KEVIN C GILLEN WHARTON PHD, Student [EMAIL PROTECTED] http://assets.wharton.upenn.edu/~gillenk   On the bright side, if Citizens Ball Park keeps selling out, the Phillies should be able to maintain the building while building a championship team. Well, winning a championship? Look at the Eagles and Bills for living examples of repetitive disappointment and heartbreak respectively.     Craig Melidosian RealSolutions Network P O Box 33355 Phila PA 19142-0555 215-724-8148 24hr vocie/fax 215-724-3212 voice Breakthrough Relationships Enhancing Value in Community & Government Copyright �1998-2004      LATEST NEWS May 7, 2004 Group releases another anti-KOZ report Natalie Kostelni The Center City Owners Association, an organization comprised of 26 owners of Philadelphia buildings that represent almost 70 percent of Center City office space, has released a study indicating a Keystone Opportunity Zone in Center City could lead to s substantial revenue loss for the city. This is the third report the group has issued in its ongoing battle against a tax-free zone at 17th Street and John F. Kennedy Boulevard where Liberty Property Trust wants to build an office complex called One Pennsylvania Plaza with Comcast Corp. as the anchor tenant. Liberty and Comcast want the KOZ designation for the site, saying that will help the cable company grow thousands of jobs in the city. Liberty has commissioned two economic impact reports that concluded the city would not lose revenues but gain in light of the job growth brought by Comcast. The new report, called "The Potential Fiscal Consequences of KOIZs on the Downtown Philadelphia Office Market," was completed by Kevin C. Gillen , an economist at the Wharton School of the University of Pennsylvania, for the owners' association. The report takes into account the impact of Cira Centre, a building adjacent to 30th Street Station that is designated as a KOZ, the historical rate of job losses in the city as well as vacancy rates. The report concluded: The addition of Cira Centre and One Pennsylvania Place will bring a $44 million loss of tax revenues yearly throughout life of the tax-free zone; The School District of Philadelphia stands to lose at least $20 million per year in lost property taxes; and If Philadelphia were to continue to experience a loss of downtown companies at the same rate since 1990, which equates to about 2,100 people per year, the total annual loss from current levels of revenue collection is predicted to be nearly $91 million per year in each year of the opportunity zone's life through 2013. � 2004 American City Business Journals Inc. All contents of this site � American City Business Journals Inc. All rights reserved.