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_I <br />NOV <br />13 <br />1,s® <br />BOOK <br />81 f',t M <br />They know they <br />can't live <br />Mr. <br />Greco announced that DeBartolo at this time is <br />going to <br />withdraw their petition for the mail, but hopefully they will not <br />be gone forever. They do want to make this work, but in order to <br />make any major changes in the Development Order they now have, <br />they would have to go through a major portion of the whole <br />process again, <br />and there <br />is no <br />point in <br />their accepting a D.O. <br />They know they <br />can't live <br />with <br />and can't <br />build. <br />For the benefit of the audience, Mr. Greco explained that <br />DeBartolo Corporation has owned 216 acres of land here for about <br />6 years and they have a considerable amount of money invested in <br />it. They originally laid out a master plan for the whole <br />property, as is normal, but when they applied concurrency to it, <br />the off site costs were 40 million dollars. He clarified that <br />concurrency means you survey practically every road in the county <br />and someone must do what is needed to bring it to a certain LOS <br />or no one builds, not just DeBartolo. The costs of the off site <br />transportation as it stands in this D.O. were about 12.6 million, <br />and when you add in sewer, water, things like day care, etc., <br />that were thrown in by the Region, you are over 16 million, and <br />that simply won't work. They need to regroup and try to find a <br />way to cut the costs enough to make the project workable. <br />Mr. Greco continued that he has been with the DeBartolo <br />Corporation 18 years; they have 25 malls open in Florida with <br />investments of over 3 billion dollars. He believed that what has <br />happened with concurrency makes their developments all the more <br />valuable because no one will be building projects with the kind <br />of costs concurrency requires. He advised that this is the first <br />project in 18 years when they had the department stores committed <br />that they have backed off from in the entire country. They <br />wanted to add a Sears store to their mall in Boynton Beach, but <br />found out the off site costs involved were 7 million dollars. <br />Mr. Greco noted that this, in effect, is creating a moratorium. <br />He felt it is fortunate that Indian River County has factored in <br />impact fees to deal with a big growth, but some places in Florida <br />22 <br />