the agreement for the incentives was between the city and
Posted on: March 3, 2021 at 08:37:30 CT
lqf2b8 MU
Posts:
72144
Member For:
14.35 yrs
Level:
User
M.O.B. Votes:
0
the builders/owner group. It stipulated that 1k employees would occupy it with average salary of 100k. The builder/owner group had an agreement with waddell and reed that they would be the 1k jobs.
Waddell is backing out. The builder/owners will try to find a replacement but those numbers at that average will be tough. The city will have to decide to enforce their rights or not. If they enforce it they will be punishing the builder/owner who really didn't do anything wrong. The builder/owner would then turn around and sue Waddell and reed.
My guess is the builder/owner will get the tenants but it won't be near the average salary nor the rates Waddell was going to pay per sf. The city will say that is close enough and honor the tax breaks. Since the builder will still get the breaks they won't bother with any heavy litigation. They might tell waddell to kick a little in so they don't take a huge hit on the rate per sf they are inevitably going to have to take.