Downtown Fresno Hot Market

[izne1home]

https://www.fresnobee.com/news/local/article278456524.html

The city began to see a spike in interest from developers and investment firms from across the country after the announcement of the state's $250 million investment for improvements to the city's downtown infrastructure, a city official told The Bee. Multiple experts who spoke with The Bee say the investment will help cut down on development costs, making downtown more attractive and leading to more private investment. But some also warned that careful attention needs to be given to the long-term viability of the state money and that planning has to be done right.


Good luck.  If pouring $250M into the epicenter of Fresno permanently turns things around, we might have stumbled across the cure for cancer.  This is like thinking an expensive remodel of your home will automatically kill the termites, reduce neighborhood crime, and encourage the homeless to move elsewhere. 

[BallGuy]

https://www.fresnobee.com/news/local/article278456524.html

The city began to see a spike in interest from developers and investment firms from across the country after the announcement of the state's $250 million investment for improvements to the city's downtown infrastructure, a city official told The Bee. Multiple experts who spoke with The Bee say the investment will help cut down on development costs, making downtown more attractive and leading to more private investment. But some also warned that careful attention needs to be given to the long-term viability of the state money and that planning has to be done right.


Good luck.  If pouring $250M into the epicenter of Fresno permanently turns things around, we might have stumbled across the cure for cancer.  This is like thinking an expensive remodel of your home will automatically kill the termites, reduce neighborhood crime, and encourage the homeless to move elsewhere.

I love this, and if this is the first step of a larger plan that is already made, I'm all for it. Companies get in trouble when all they are doing is attracting talent. It's an entirely different skill set retaining talent.

Food for thought, there's a lot of really wealthy people that stay really wealthy by figuring out tax breaks etc. Look at LACC, land value worth 25-30b dollars, and they pay 0 property tax in the middle of one of the weatlhiest neighborhoods in the nation. Many sport franchises have similar deals. If the state can offer continued support to businesses coming in that RETAIN them, then hats off. They will lose a fortune (in the short-mid term), but at least it will bring some pride to a local town.

[izne1home]

I love this, and if this is the first step of a larger plan that is already made, I'm all for it. Companies get in trouble when all they are doing is attracting talent. It's an entirely different skill set retaining talent.

Food for thought, there's a lot of really wealthy people that stay really wealthy by figuring out tax breaks etc. Look at LACC, land value worth 25-30b dollars, and they pay 0 property tax in the middle of one of the weatlhiest neighborhoods in the nation. Many sport franchises have similar deals. If the state can offer continued support to businesses coming in that RETAIN them, then hats off. They will lose a fortune (in the short-mid term), but at least it will bring some pride to a local town.

Tax breaks are the icing on the cake for companies already attracted to a location, particularly if you have cities competing.  They are deal closers.  Fundamentally, Fresno needs to worry about becoming attractive before it offers incentives. 

Assume you are looking at two houses and you can envision yourself living in either one of them.  One of the brokers calls and offers to reduce his commission to 1%.  That's all the incentive you needed to make your decision and you buy that house.  That's like a tax incentive.  But nobody would ever buy an unattractive house on the wrong side of town solely because it is listed with a 1% brokerage fee. 

I think that is what comments like "paying attention to the long-term viability" are driving at without coming right out and saying it.   

[izne1home]