AW - DH

vlagrl29 · May 2015

DH had a meeting today with the EDC dept of the city regarding his business. The lot he bought in the columbus park area of our city was in the urban renewal zone. He will be building his photography studio on the lot and in turn creating business and jobs there. This meeting today was to see if he qualified for tax abatement . originally in the meeting they were going to give him 5 years and a percentage of tax abatement, but he was able to talk to them and convince all of the board to give him 10 years of tax abatement at 100% which means he doesn't have to pay personal property taxes on his studio for 10 years which is amazing! The plan is to have his studio paid off in 10 years if not sooner and then when that happens the taxes will kick in and he will have to pay those at the end of the year. I'm so proud of him and this will help our family out as well financially. Everything is falling into place very nicely. Hopefully he will be breaking ground next month!

blondie42107 · May 2015

Great news! I hope everything continues to go well!

Xstatic3333 · May 2015

That's great! Go H!

Mustard76 · May 2015

Awesome news!

jessica490 · May 2015

Congrats, that is great!

FirstMate06 · May 2015

Yay, congratulations!! Good news rocks :-)

lifeonthehill · May 2015

Congratulations to you and H!

short+sassy · May 2015

So exciting! Congratulations to you and H. And good for him on being such a great negotiator. Can I borrow him next year when my area's property taxes are due for a reassessment, lol?

Sisugal · May 2015

FABULOUS!

vlagrl29 · May 2015

He is quite the negotiator now only if his builder can get this project in his budget. He had already cut out the kitchen and 2nd floor. I don't think I will ever understand how this studio can cost more than our house and it doesn't have as many finishes.

Erikan73 · May 2015

Congrats!!!!!

AprilZ81 · May 2015

vlagrl29 said:
He is quite the negotiator now only if his builder can get this project in his budget. He had already cut out the kitchen and 2nd floor. I don't think I will ever understand how this studio can cost more than our house and it doesn't have as many finishes.

Ask to see how much it would cost to built the facility with the capability of adding a second floor in the future. It will make expansion easier down the road if they don't have to restructure the roof to support a second story.

short+sassy · May 2015

AprilZ81 said:

vlagrl29 said:
He is quite the negotiator now only if his builder can get this project in his budget. He had already cut out the kitchen and 2nd floor. I don't think I will ever understand how this studio can cost more than our house and it doesn't have as many finishes.
Ask to see how much it would cost to built the facility with the capability of adding a second floor in the future. It will make expansion easier down the road if they don't have to restructure the roof to support a second story.

A bit off topic, but when JP Morgan bought real estate in the oh-so expensive financial district of NYC...oh-so expensive even back then in the 1930s...they purposefully only built a 4-story building on the land instead of a skyscraper JUST to show how truly wealthy they were.

But they built the structure and foundation to support up to a 40-story building...just in case .

vlagrl29 · May 2015

AprilZ81 said:

vlagrl29 said:
He is quite the negotiator now only if his builder can get this project in his budget. He had already cut out the kitchen and 2nd floor. I don't think I will ever understand how this studio can cost more than our house and it doesn't have as many finishes.
Ask to see how much it would cost to built the facility with the capability of adding a second floor in the future. It will make expansion easier down the road if they don't have to restructure the roof to support a second story.

Yes of course DH wanted that for future use, but he was still over budget so they hacked it off completely. I think his builder is maybe too expensive and not willing to come down in price. DH is a negotiator and was trying to tell him to negotiate with his vendors but he didn't want to. So guess what? DH got a call from his builder today letting him know that he can't build this building because the budget is too tight and he can't afford to loose money on it. Seriously - they were 95% done and probably going to break ground in a couple weeks as soon as the permits came in. WTF?! So now DH is trying to find a new builder as I type this. He says if nothing is going as of mid June he will just build it himself. I really don't want him to do that because it will be very time consuming and stressful so I"m praying the right builder comes along. There is no way he won't build it after everything he as done thus far with the tax abatement and getting an exemption to not have a parking lot.

vlagrl29 · May 2015

His budget has always been $250k - since the original design with the architect they cut the kitchen, 2nd floor, garage, sq footage of the entire building, windows, doors, and an outside deck. With the 2nd floor they cut his office, closet, bathroom. The builder wanted him to cut the basement, but DH really needs it for storage and that stuff is NOT coming into our basement. you would think with the budget he has that you can afford a kitchen and the future expansion of a 2nd floor. Most of his space is open due to need to take photos with 1 office, 1 music room and 2 bathrooms so it's not like he is going with fancy expensive finishes. He would seriously do an IKEA kitchen and a small one at that. The house we live in was bought at $195,000 and has a lot more stuff to it and the sq ft is about the same.

AprilZ81 · May 2015

vlagrl29 said:
His budget has always been $250k - since the original design with the architect they cut the kitchen, 2nd floor, garage, sq footage of the entire building, windows, doors, and an outside deck. With the 2nd floor they cut his office, closet, bathroom. The builder wanted him to cut the basement, but DH really needs it for storage and that stuff is NOT coming into our basement. you would think with the budget he has that you can afford a kitchen and the future expansion of a 2nd floor. Most of his space is open due to need to take photos with 1 office, 1 music room and 2 bathrooms so it's not like he is going with fancy expensive finishes. He would seriously do an IKEA kitchen and a small one at that. The house we live in was bought at $195,000 and has a lot more stuff to it and the sq ft is about the same.

I know labor is expensive, but that does seem like a lot of money to be constantly cutting items off of the list.

vlagrl29 · May 2015

The builders cut is $20k and after he cut off the 2nd floor the cost really didn't go down that much. IDK - apparently when you build houses in a neighborhood things are cheaper because they buy them at bulk but when you are building something customized its more expensive.

AprilZ81 · May 2015

vlagrl29 said:
The builders cut is $20k and after he cut off the 2nd floor the cost really didn't go down that much. IDK - apparently when you build houses in a neighborhood things are cheaper because they buy them at bulk but when you are building something customized its more expensive.

Maybe, but 2x4's aren't that expensive. lol

vlagrl29 · May 2015

I also told DH the worst thing that could happen is for it to just be a shell of a building and then he would have to finish everything later - with what money? I think with the money he has for it that he should have at least a kitchen and flooring.

AW - DH

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