Things are regularly built on 100 year floodplains, its no big deal. I believe the big problem comes with 1-50 year floodplains, like the urbandale neighborhood.
I think that this is good news. It opens up usage of the bonds for other projects, that may not be able to happen without them. This could allow any of the currently stalled projects to proceed, or even better, it could allow for a new Impression 5 could be constructed, or some other public use structure, like a new art museum or performing arts center. I can't wait to see what comes of these bonds.
EDIT:
I was just by the site and they are now drilling the foundation.
I agree. The fact that AF/Christman isn't even balking at building without the bonds suggests it wouldn't have been the best use of the bonds. The way I see it, if they were going to bulid it either way, we could have gotten the parking garage with the bonds and nothing else, or we get the AF parking garage plus another project that in this lending climate likely wouldn't have happened.
What are the possibilities the bonds could be used to do something with the Knapp's building? I'm thinking a new performing arts center for Boarshead.
I've been wondering exactly what the bonds can and can not be used for, myself. I thought it was only public projects, too, but the garage wasn't a public project.
BTW, if anyone has been downtown during the day anywhere near the Accident Fund site in the past few days, you could hear the drilling. At first, I had no idea what it was and it freaked me out.
I don't think Knapps is well suited for that purpose. If a performing arts center is built, I would like to see a modern building. I think something with two theaters, one with 1500+ seats and another with several hundred seats would be the best setup for Lansing. I imagine the most likely candidate for the bonds would be, if private: Capitol Club, the Lenawee or Ballpark North/Market Place. If a public project is chose I would think a Lansing Center expansion, a new downtown library/Impression 5, a new parking ramp (blah), or that hinted-at arts center that may go next to the Lansing Center would be the most likely candidates. I think any of the options besides a parking ramp would be a great use of funds, although I personally prefer the Lansing Center expansion, it would offer the most to the city, in that it would do more to spur further development.
Accident Fund Insurance Co. of America is unable to use $31 million in tax-exempt bonds to construct a 1,000-space parking ramp for its new downtown Lansing headquarters near Grand Avenue at Ottawa Street. Tax law limits the types of collateral used for the bonds and Accident Fund's investments weren't eligible. The company now plans to use taxable bonds, freeing up $16.2 million in Recovery Zone bonds for Ingham County to allocate and $14.8 million for the city of Lansing to assign. The city of Lansing will send out a request for proposals for the money Accident Fund can't use. But Bob Trezise, president and CEO of the Lansing Economic Development Corp., doesn't think there are any projects that would be eligible for the bonds. "You can't use this money unless you have a letter of credit," he said. "It goes back to the really incredible financial crisis that is in full throttle. We see no sign of it curtailing at all." If the city doesn't use its allotment, it'll likely revert back to the state, Trezise said.
That is to say that if any of the dormant projects planned for downtown don't have financing, now, than these bonds are as good as gone for Lansing. Nobody is lending right now, especially for huge projects. Too bad, really.
I'm completely unclear as to why they can't use the bonds for the ramp myself. I don't know what other projects would be eligible, whether they have to be public or private or what. It would be nice to see some clarification. Either way there is now $30+ million dollars of bonds floating around that can be used for something.
I see your point Hood, but even if you don't think the Kanpp's building is the best for the theater most want to see downtown, do you not agree that developing that into something would be a best next step for downtown?
What I mean is, I think that restoring and developing the Knapp's building would have a bigger impact on downtown than building a completely new structure. Assuming it didn't get turned into an office building. There's two reasons in my mind for this, the first is that this building is so prominent that removing it as a vacant deteriorating building would alone have a huge impact. The second is because the building is so prominent that if restored it would add a significant positive image for downtown.
But now as I write this I realize that what it is developed into would make a huge difference as to how big of an improvement it would be. As I said, if it were developed into an office building, the impact would probably not be as significant as Capitol Club being built or a new library/museum.
I do think that redeveloping the Knapps would be huge for downtown, but I don't know of a realistic use for it besides an office building with some ground floor retail and perhaps some penthouse residential units. One other possibility would be an entertainment building similar to The BOB in GR, but I'm not sure this area could support something like that as large as Knapps. This is all besides the fact that to renovate the Knapps while maintaining the buildings character would be prohibitively expensive, that's why it still sits empty.
Comments
It looks as if they are getting ready to start drilling the foundation for the ramp. The crane in this picture has a drill lying next to it.
I think that this is good news. It opens up usage of the bonds for other projects, that may not be able to happen without them. This could allow any of the currently stalled projects to proceed, or even better, it could allow for a new Impression 5 could be constructed, or some other public use structure, like a new art museum or performing arts center. I can't wait to see what comes of these bonds.
EDIT:
I was just by the site and they are now drilling the foundation.
What are the possibilities the bonds could be used to do something with the Knapp's building? I'm thinking a new performing arts center for Boarshead.
BTW, if anyone has been downtown during the day anywhere near the Accident Fund site in the past few days, you could hear the drilling. At first, I had no idea what it was and it freaked me out.
That is to say that if any of the dormant projects planned for downtown don't have financing, now, than these bonds are as good as gone for Lansing. Nobody is lending right now, especially for huge projects. Too bad, really.
What I mean is, I think that restoring and developing the Knapp's building would have a bigger impact on downtown than building a completely new structure. Assuming it didn't get turned into an office building. There's two reasons in my mind for this, the first is that this building is so prominent that removing it as a vacant deteriorating building would alone have a huge impact. The second is because the building is so prominent that if restored it would add a significant positive image for downtown.
But now as I write this I realize that what it is developed into would make a huge difference as to how big of an improvement it would be. As I said, if it were developed into an office building, the impact would probably not be as significant as Capitol Club being built or a new library/museum.