Staying ahead of the curve has been a challenge for Forest City Enterprises during these economic times . As if things weren't bad enough , the Cleveland based developer recently had it's wings clipped again by two leading credit rating firms . I won't bore you with the details , but a synopsis of the developers recent woes can be found at no land grab . What's interesting is that you won't necessarily see this info when you look up the stock trading info for the day . You'll see press releases and other analysis , but if it weren't for the folks at No Land Grab , I certainly wouldn't have known . Thanks guys!
The Aug 14 post about Bloomfield , N.J. having to pay 4.8 million to Forest City in an arbitration ruling is interesting in that the city claims Forest City is the one responsible for slowing down the development process. Sort of harkens back to Barry Fertel's criticism of Capelli's LeCount plans . The esteemed council member was concerned the project may stop midstream , leaving a hole in the ground similar to the halted project on 40th Street in Manhattan . Perhaps we should have the same reservations about Forest City and their phases planned for Echo Bay . Aside from doing nothing , the only thing worse would be a project coming to a halt soon after it begins .
The extension for Forest City's MOU is coming up soon . Do we haed down the road of LeCount and it's 12 extensions or should we stop and reevaluate just where we're going with this ? I know Forest City is having troubles, but you know what,so is every taxpayer in this city. Remember , in moving forward with this project (the merits and benefits yet to be defined) we will be paying off the bond to move the city yard estimated at 25 mil (do public projects ever come in as budgeted?) we have the sewage surcharge (700/year) and losses to the city coffers by the way of PILOT programs/tax abatements to the tune of 80 million dollars (the mayor , in his state of the city address says, we need to support our developers now more than ever) , and the devastation of the East End section of New Rochelle in the form of decreased property values and overcrowded traffic and noise . Who really benefits from this ? Not this generation . Point being , there IS a better way for Echo Bay and maybe now is the time to find it , before the ship goes down with our treasure chest.