A big bite coming Quincy’s way?
A bigfishtackle.com image

– News about Quincy from and commentary by Quincy Quarry News

Quincy Quarry Weekly Fish Wrap:  Quincy Center’s latest redevelopment plan a potential subprime loan giveaway sort of disaster?

On some levels, some things continue relatively quiet in the Q during the year end holiday season; other things, however, not so much to those who are paying attention.

Snow melting shortly after falling
A QQ night photography photo image

For example, the first barely measurable snow event of the season turned out to be a nonevent as this modest snowfall had all but melted away within twelve hours or thereabouts of its falling onto the Q.

Similarly, while the roadway is finished, all manner of final work on the Hancock Street Misalignment project will not be finished until sometime next spring. 

As such, this long-ongoing construction malignancy that was only supposed to take two constructions seasons to complete will be spilling into a fourth season of construction work.

Make Quincy taxpayers broke yet again?
A cropped Ledger image

There was also some interesting inside baseball sorts of breaking events for those who keep score as regards Quincy Mayor Thomas P. Koch’s latest pipe dream to make Quincy Center great again in spite of the fact that it will likely continue to break badly for already long suffering local taxpayers.

Specifically, two presentations were made this week as regards plans to build a 124 unit apartment building on what is currently publicly owned land.

And, to reflect the fact that the basketball season has commenced, going with a full court press was the game plan for both of these presentations.

Particularly curious was how the plan was talked up as having great economic benefit – but actual financials figures were wicked few as well as far between.

A cad/cam design rendering
An O’Connell/LBC Boston/Ledger image

For example – not even merely but the proposed sale prices for or a possible lease rate of the city property proposed to be handed over to the developer have never been forthrightly mentioned – think time share condo sales pitch.

Then again, neither were particulars as regards the opening $30 million round of publicly-financed infrastructure to be provided in support of this perhaps $40 million or thereabouts private development.

For example, how is this taxpayer-backed project going to manage to cover the debt service on the (at least, ed.) $30 million in public infrastructure spending needed when the project is also seeking a Chapter 121a property tax deal that will basically waive much of the property’s normal tax payments for close to the first decade after it might actually be built?

A City on the Move to hit the wall?
An Iconic Quincy Quarry News file photo

In other words, Kochnomics’ Koch and mirrors yet again, if not also alchemy.

Short form, the overall proposal is akin to agreeing to lend a subprime no-income verification interest-only and tickler interest rate mortgage loan just as interest rates are finally moving back up towards historical ranges.

What could possibly go wrong?

Follow Quincy Quarry to find out the myriad of ways that they likely will.

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