QUOTE (avgwhiteguy @ Nov 24 2008, 09:59 PM)
As we begin to speculate about potential mayoral candidates for the next election, I am curious about something. Could a new administration repeal or otherwise alter the current 20 year forgiveness of real estate taxes that the convention center enjoys?
I don't believe so. The Redevelopment Authority of the City of Lancaster is building and will own the hotel tower building and about half of the "shared space", until and unless the Penn Square Partners decide to purchase it (for a nominal fee).
I had thought long and hard about this some time ago. The only thing I could come up with would be if RACL would issue a Request For Proposals for some private entity to purchase the building. The sale would result in taxpayers losing our collective @$$e$ on the hotel tower, but at least it would make the building taxable.
QUOTE (Kate @ Nov 24 2008, 10:17 PM)
I'd like to see a private investor purchase The Lancaster Marriott from RACL. Although, IIRC, Penn Square Partners has first option (Artie could confirm this).
If I recall correctly, it is written that way in the agreements.
I'm too tired to look up the chapter and verse right this minute.