Is New Rochelle’s City Council Support for Capelli Crumbling?

Has the city council had it up to their (50 story) necks with the delays and empty promises by the Capelli organization. You might guess as much after the council meeting, where a 12th (that’s right – 12th) extension was sought after and granted at the request of the city’s favorite developer. Councilmen Trangucci and Tarantino realize that there has to be a point where the return just isn’t worth it. It is possible to have too much in one area (the expression -10 pounds of crap in a five pound bag comes to mind)and perhaps this isn’t the right fit for the area. If the developer is having so much trouble to get things rolling, maybe it’s time to pull the plug and reevaluate things. Mr Fertel is begining to see the light. What if, the project starts and then runs into more economic issues or performance setbacks, there’s no city money to move things along, so you’ll have exactly what Mr F alluded to on 40th street. A powerful commentary from someone who typically supported the project at the expense of the taxpayer. Even Mr Stowe came out of his comfort zone to actually speak up with reservations about Capelli’s ability to deliver. Good for you Mr Stowe, finally. No surprise about Ms Sussman’s (she IS the IDA) support, who else will she be able to give a tax abatement to? Given the Capelli woes it wouldn’t be surprising to see the IDA sweeten the deal (more taxpayer subsidies) to help line the pockets of the Capelli group. Remember, by law, if a project doesn’t perform as outlined,(their agreement outlines how much in revenue the city will realize and how many jobs will be created by the development) the IDA is entitled to ask for PILOT money to be returned to the taxpayer (it’s called a clawback). Has the IDA explored this with the many projects we subsidized ? Look at the LOFTS at New Roc, they didn’t tap into their target market, so now they’re advertising them as the perfect place to “raise a family” with free preschool and “award winning school system”. We were told by councilmembers that these new units won’t affect the school population. They will now, and who pays for expanding the schools?(raise your right hand and promise to give the school board even more money from now on). As for the mayor, what can you say. Is it any surprise ole Chuck Schumer came to town to strongarm the postal service to yield to the pressure of Mr Bramson’s “edifice complex”? Someone suggested the Bramson to Lowey to Schumer connection. Is it possible? I don’t know. You tell me. We are all owners of the postal facility as taxpayers, so shouldn’t we get fair value for this prime piece of property, or is this just another way to get the taxpayer to finance New Rochelle’s developers. Who’s tax dollars pay to move the facility? I salute the council members who ask the tough questions and in doing so, expose the revenge of unintended consequences. We all benefit from this reflection. Get involved, check the facts, call your councilperson and ask questions. Afterall, it’s better that the foundation of support collapses before the local tax base does.Right?