Official PEDCOR Companies website:
http://www.pedcorcompanies.com/
Alderman Hamerlinck has a post here explaining what this company wants to do, so I suggest that everyone read that post first. Just keep in mind that its spelled PEDCOR and not PETCOR. I believe it was Alderman Hamerlinck that called for last night's meeting on this subject.
The representative from PEDCOR, Joseph E. Whitsett, was certainly a good salesman. He had people offering to sell him lumber, satellite service, cleaning service, and contractors by the end of the meeting. He also explained the Section 42 housing stuff better than I have ever heard it explained before. Essentially the government allows companies to use cheaper financing methods if they limit their residents to 60% of the average local income. Most people would call that low income, but Mr. Whitsett was quick to point out that the average is around $60,000, so someone making $34,000 would be eligible to live in these apartments. Also, the rent isn't subsidized by the government, so the rents start at $550. This is the same financing that the Davenport Lofts use, but I never really understood the 60% of mean local income thing. PEDCOR even provided a list of some harmless sounding professions where the average pay fits into this range, such as school bus driver, graphic designers, or legal secretaries.
I'd call it low-to mid income housing, but some people would still be happy that its north of Locust. The question is always how well the complex is managed. The complex north of Culvers at 53rd and Jersey ridge is low income housing, and much gloom and doom was predicted when it was built. However, its been several years now, and it still seems to be in good condition, and I don't hear many police calls to it. Its all about the management, so I guess the only question is whether we trust PEDCOR Companies to run a low income apartment complex without turning it into Cabrini Green.
11 comments:
Hey, I have got to get this off my chest, has anyone driven by Niky's condos lately? I think the word gaudy is way too weak to describe that monstrosity. What the hell is she thinking? I'm all for bare breasted women....but only when I have a cold beer in one hand and a dollar bill in the other. Who would want to live there? Well, I guess when the bank takes the property over; they will probably remove all those hideous statues.
My gut tells me that this is a good project.
I looked at the company's stuff, and the bank that supports it is private so there's no SEC data. Based on the projects they've got running now, and what appears to be a good steay track record, I think the business is a good income generator for the bank. Because there are enough units in each complex, the size allows them to offer the 60% rent.
I'm curious what the Phase II rent schedule is.
At the meeting they said it would be basically the same as Phase 1.
Referring to 8:32AM:
Conservative Demo here:
Geeze, I like bare-breasted women. Bare-breasted women are nice. Just might have to take a drive out that way five or six times tomorrow.
We don't need more new construction rentals in this town. We have enough.
To 6/24/2006 8:32 AM
Get a life DUDE!
Niky has got a nice crop of wheat (or whatever) about ready to harvest but not too many condos.
I'm pretty sure things aren't going according to her original plan out there. The fountains aren't even on most evenings. I haven't seen her around the blogs for a while, otherwise I'd say she'd post a response.
She seems to have fallen off the face of the earth. Good riddens!
So the guy actually explained Sec. 42 so that it made sense. Decent affordable housing for working families IS needed in Davenport. Let me call over to JLCS and let them know its OK now. Just as I've always said about Davenport-if you're not from here-it must be a good idea.
We have so much affordable housing in Davenport that we are tripping over it. We just lack appropriate people to rent the affordable housing - that then becomes a slum.
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