In its front-page hagiography of a major advertiser, the Reading Eagle didn’t include a couple of basic background facts about the $56 million hotel that retailer Al Boscov finally got under construction in downtown Reading, across from the hockey arena.
Will the hotel pay taxes? The property is owned by the Reading Redevelopment Authority. How will city loans be paid back? Remember, the Abe Lincoln Hotel, (under major renovations a few blocks away,) claimed it didn’t have to make loan payments to the city because it wasn’t making a profit.
And who made Boscov the de facto city planner? Just because these projects CAN eventually be funded, does that mean they SHOULD?
What about using economic development money for people who live in the city? Last month, City Council transferred $150,000 of its Family Business Loan Program money to the hotel project.
According to the City Hall website:
“This new initiative [Family Business Loan Program] is an innovative $51 million public/private partnership that will help to expand and attract family-owned and small businesses in the City of Reading.
“Can any business qualify for this special loan program?
“No. The program specifically targets small businesses, and only those businesses that meet the SBA’s definition of a small business would be potential candidates for these special loans.”
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