Discuss Detroit » Archives - July 2007 » Dearborn may sell its Florida apartment tower ... « Previous Next »
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Thejesus
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Username: Thejesus

Post Number: 1897
Registered: 06-2006
Posted on Wednesday, August 22, 2007 - 10:43 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I found the fact that they own this at all very interesting...

http://detnews.com/apps/pbcs.d ll/article?AID=/20070822/UPDAT E/708220391/1003
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Novine
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Username: Novine

Post Number: 65
Registered: 07-2007
Posted on Wednesday, August 22, 2007 - 10:49 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

How does this solve Dearborn's budget problems? They get a one-time infusion of cash to cover the current deficit but absent some structural changes, won't those deficits be back again next year?
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Elsuperbob
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Username: Elsuperbob

Post Number: 64
Registered: 03-2007
Posted on Wednesday, August 22, 2007 - 11:00 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Something has to be done with it but I agree selling it is a one time solution. Maybe they should look into upping the rent. Perhaps not to full market value but at least so it makes a profit rather than break even. It's in a pretty nice spot, ocean on one side and a canal on the other if I remember correctly. They could bring in some good cash if they didn't hold down the rent.

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