CapCitySavvy wrote
Mommy, why is there a hole in our city?
by Eric on April 6, 2008
I can practically hear a child asking that question after looking at this picture.
Right now, that hole is owned by a fairly unmotivated group of investors. And why should they be motivated? It turns out that it’s profitable to own a hole in the center of the city. Who knew?
Using some rough numbers, those 200 parking spaces at $6/day bring in over $300k/year. The auditors website says that the lots pay about $125k/yr in taxes. Not a bad year’s work, eh?
Based on a 2006 article from Business First, the owners openly admit that they’re unmotivated…
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