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It is becoming increasingly apparent the affect of the exhorbitant tax incentive given to Veranda Partners by the City of Orlando to develop Veranda Park is having on the residents and businesses in Metrowest. See Economic Incentive Agreement or www.MWOrlando.com and the link to the Economic Incentive Agreement.
With city taxes already too high, and cuts having to be made, why would the city have to give away half of the property taxes collected for a 10 year period to a wealthy developer, who admittedly, doesn't need the money anyway?
You just have to question the reasoning behind a decision such as this. Businesses can't afford to keep their doors open now for the taxes, and homeowners are losing their homes to foreclosure because they can't afford the payments. Taxes and insurance are a big part of this. Add in the HOA fees which have skyrocketed under their control, and it has to raise questions.
We can only hope that the Veranda Park project goes bankrupt and they cannot meet their construction deadlines, so they cannot realize this windfall profit at the expense of the city residents. Look at the advantages of a new owner of Veranda Park. Control of the Master Association would revert to the people as all 5 members would be elected, as opposed to 3 members being appointed by Veranda Partners. Home prices could roll back to an affordable price allowing residents more disposable income to enjoy the businesses in the area, allowing them to prosper. Actually the home prices are rolling back anyway, regardless. A domino effect occurs when houses foreclose. The HOA's are not able to collect their fees, to pass on to the Master Association, and therefore have to raise the dues more. More increases in HOA fees increases the strain on more residents, and increases the likelihood of more foreclosures. Bankrupt properties also are not maintained, therefore further deteriorating home values in the area. It's a downward spiral.
Maybe the city would consider lowering the property taxes in the area by at least a portion of the tax savings they would realize by not having to give away that half to Veranda Partners. We're already paying for our own extra Police Protection anyway. (Well, it was a thought. Never seen the government give back any taxes.
At least I'm being optimistic, since I too am facing the possibility of losing my home of 15 years due to this escalation. I agree, my problems are expounded by other factors, like being sued by this tyrant for Slander, and a divorce, but I would still like to have a fair chance and to once again believe in the American Dream of Home Ownership.
I am thankful though, that through it all, I have not lost my right to Free Speech, and am still able to write my opinions here. That makes it all worthwhile.
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