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5/7/2010 8:05:56 PM
 
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Section 5: OPA Board Subject: OC Bayside Debacle Msg# 738339
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Joe, That is why I ignore the taxes in looking at this situation and didn't worry about the assessed value. As long as we are whole - Moore paying the bill - it doesn't matter if the taxes are $1 or $100,000, there is no net benefit. I think I posted in one of these responses that the 40K is the important number in addition to insurance, utilities and maintenance. Ted |
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For reference, the above message is a reply to a message where: Ted, here is a new wrinkle on all this lease/tax business. Having Seacrets pay the real estate taxes is of ZERO value to OPA. Absolutely zero, regardless of the amount of the tax bill. By now you are probably wondering what I'm sipping on. Here's why. The taxes would not exist except for the lease income. OPA as a non-profit pays no real estate taxes. If we didn't lease the bayside property to Seacrets (or the use of the ocean side parking) there would be no tax bills to pay. The only property OPA pays any taxes on is the commercial piece on 589 across from the post office. I've confirmed all this with Art Carmine, OPA's accounting guru. So, if the new lease payment from Seacrets is $40,000, then $40,000 is the benefit, plus perhaps what Seacrets pays for insurance, electricity that may help reduce our costs. As an aside, this may also be a negative item insofar as OPA's battle with the IRS over taxes on parking income in OC. |
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