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 Home Depot Deal could give schools $800k+
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John Beagle
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Posted - 01/16/2008 :  09:38:27 AM  Show Profile  Visit John Beagle's Homepage  Reply with Quote Report Abuse

From an email dated January 15:

Afternoon Ms. Thorpe:

Per our last email, you needed to wait in order to provide any additional information on the Home Depot deal.
Now do you have news we can use?
Any other news regarding finances in the School District?

-----------------------------------------
email: kthorpe@monroelocalschools.com

-----------------------------------------
Read her answer below.

"I don’t know the key to success, but the key to failure is trying to please everybody" #BillCosby

John Beagle
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Posted - 01/16/2008 :  09:41:59 AM  Show Profile  Visit John Beagle's Homepage  Reply with Quote Report Abuse

John:

Now that our negotiations with Duke Realty are over, I can share our part. Keep in mind that the city still hasnt approved their end of this deal yet, so it could still fall apart.

In exchange for approving an 80%, 15-year abatement, the district will get an one-time donation of $177,500 and an annual donation of $41,500 from Duke Realty for the life of the abatement. Most of these donations will be put into our Permanent Improvement Fund to provide long-term district repairs and maintenance such as repaving parking lots. A portion of the donation each year will be used to sponsor an event or program; such as a science or arts fair. The abatement agreement that we have with the city also calls for the city to share their income tax with us. However, the city requested that we waive the income tax and instead the city will be paying us TIF revenue. Income tax is a general fund for the city and they can use it as they please. TIF monies can only be used to fund infrastructure or pay school districts it is a restricted fund. It was in both of our interests to allow the city to transfer their portion of the payments to the TIF revenue rather than the unrestricted income tax. We have estimated these TIF payments to be around $70,000 per year during the abatement period.

If you have any questions, please let me know. As for other interesting school funding issues, there will be a community forum on Wednesday, January 23rd at 7:00 p.m. in the High School Auditorium to discuss the upcoming Bond Issue. If you could include this information so we can let more people know about it, I would appreciate it.

Thanks!

Kelley Thorpe
Treasurer

Monroe Local Schools
231 Macready Avenue
Monroe, Ohio 45050
(513) 539-2536
(513) 360-0608 (fax)

"I don’t know the key to success, but the key to failure is trying to please everybody" #BillCosby
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John Beagle
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Posted - 01/16/2008 :  09:43:56 AM  Show Profile  Visit John Beagle's Homepage  Reply with Quote Report Abuse

Note: $177,500 plus annual donation of $41,500 from Duke

That's $622,500 plus $177,500

$800,000 From Duke

"I don’t know the key to success, but the key to failure is trying to please everybody" #BillCosby
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blueblood
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Posted - 01/16/2008 :  09:49:40 AM  Show Profile  Reply with Quote Report Abuse

Plus the $70,000 TIF money also? So $177,500 the first year and $110,000 per year projected till end of abatement?

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scooter
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Posted - 01/16/2008 :  10:10:54 AM  Show Profile  Reply with Quote Report Abuse

Is Duke Realty Hiring ???

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John Beagle
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Posted - 01/16/2008 :  11:42:32 AM  Show Profile  Visit John Beagle's Homepage  Reply with Quote Report Abuse

That's right we cant forget about the TIF.

It is impressive though, that Duke, will provide $800k on behalf of their client. Looking purely from a corporate funds standpoint, it is good to see successful American companies sharing helping.

The TIF is nice, but its is Corporate America that is driving this deal.

"I don’t know the key to success, but the key to failure is trying to please everybody" #BillCosby
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kolby
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Posted - 01/16/2008 :  12:51:20 PM  Show Profile  Reply with Quote Report Abuse

I lived in Indianapolis for a while, where Duke Realty has a large presence. They are great to any community that they move into. This shows how much they are willing to work with communities in general. Hopefully, they'll have a nice active role in further development for Monroe (i.e. the Vandacar project).
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Eagle
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Posted - 01/16/2008 :  12:53:13 PM  Show Profile  Visit Eagle's Homepage  Reply with Quote Report Abuse

Well Take into consideration of how large scale this project is and $800,000 is a drop in the bucket.


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John Beagle
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Posted - 01/16/2008 :  3:59:58 PM  Show Profile  Visit John Beagle's Homepage  Reply with Quote Report Abuse

$800k is more than a drop in the bucket.
What about the TIFs it will bring?
What about the business it will bring to our local businesses? And new business attraction?

All said and done, this deal could benefit the city by several million dollars over the next 15 years.

While its not the solution to end all problems, it is a good start.

And that's my opinion. Whats yours?

"I don’t know the key to success, but the key to failure is trying to please everybody" #BillCosby
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Cherokee
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Posted - 01/16/2008 :  4:06:49 PM  Show Profile  Visit Cherokee's Homepage  Reply with Quote Report Abuse

is it going on 63 or near Butler Warren Rd?
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John Beagle
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Posted - 01/16/2008 :  10:44:22 PM  Show Profile  Visit John Beagle's Homepage  Reply with Quote Report Abuse

no, its going in Monroe Commerce Park on Salzman.

"I don’t know the key to success, but the key to failure is trying to please everybody" #BillCosby
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Bob Kelley
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Posted - 01/16/2008 :  11:23:43 PM  Show Profile  Send Bob Kelley an AOL message  Send Bob Kelley a Yahoo! Message  Reply with Quote Report Abuse

There is no official deal as of yet. This is a deal for this site, it's not the only site under consideration.
quote:
[i]Originally posted by John Beagle[/i]
[br]no, its going in Monroe Commerce Park on Salzman.


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John Beagle
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Posted - 01/17/2008 :  10:53:12 AM  Show Profile  Visit John Beagle's Homepage  Reply with Quote Report Abuse

quote:
[i]Originally posted by Bob Kelley[/i]
[br]There is no official deal as of yet. This is a deal for this site, it's not the only site under consideration.
quote:
[i]Originally posted by John Beagle[/i]
[br]no, its going in Monroe Commerce Park on Salzman.




I believe it is the only site that Duke wants to consider. Can city council get a better deal than what is being proposed for schools at the Duke location?

"I don’t know the key to success, but the key to failure is trying to please everybody" #BillCosby
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Bob Kelley
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Posted - 01/17/2008 :  11:17:51 AM  Show Profile  Send Bob Kelley an AOL message  Send Bob Kelley a Yahoo! Message  Reply with Quote Report Abuse

Duke is not the customer, Home Depot is......they will decide where they want to go. They have 2 sites in Monroe under consideration.

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John Beagle
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Posted - 01/17/2008 :  11:28:32 AM  Show Profile  Visit John Beagle's Homepage  Reply with Quote Report Abuse

quote:
[i]Originally posted by Bob Kelley[/i]
[br]Duke is not the customer, Home Depot is......they will decide where they want to go. They have 2 sites in Monroe under consideration.


Per Ms. Thorpe:
...the district will get an one-time donation of $177,500 and an annual donation of $41,500 from Duke Realty for the life of the abatement

"I don’t know the key to success, but the key to failure is trying to please everybody" #BillCosby
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Bob Kelley
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Posted - 01/17/2008 :  11:30:12 AM  Show Profile  Send Bob Kelley an AOL message  Send Bob Kelley a Yahoo! Message  Reply with Quote Report Abuse

Only if Duke is chosen by Home Depot. The second site under consideration is the Vandercar site, whom also paid big upfront money to the school and tiff payments to the school.
quote:
[i]Originally posted by John Beagle[/i]
[br]
quote:
[i]Originally posted by Bob Kelley[/i]
[br]Duke is not the customer, Home Depot is......they will decide where they want to go. They have 2 sites in Monroe under consideration.


Per Ms. Thorpe:
...the district will get an one-time donation of $177,500 and an annual donation of $41,500 from Duke Realty for the life of the abatement


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John Beagle
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Posted - 01/18/2008 :  09:29:20 AM  Show Profile  Visit John Beagle's Homepage  Reply with Quote Report Abuse

Bob, please keep us up to data on the HD deal. The schools have approved the deal with Duke/HD, now it is up to the city. With 2 potential locations on the table, this is an important issue for the city and the schools.

Thanks for keeping us informed.

"I don’t know the key to success, but the key to failure is trying to please everybody" #BillCosby
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Tracy
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Posted - 01/18/2008 :  11:10:14 AM  Show Profile  Reply with Quote Report Abuse

quote:
[i]Originally posted by John Beagle[/i]
[br]Bob, please keep us up to data on the HD deal. The schools have approved the deal with Duke/HD, now it is up to the city. With 2 potential locations on the table, this is an important issue for the city and the schools.

Thanks for keeping us informed.



John if you have time on Tuesday evening come join the meeting I believe this will be an item on discussion. I will know for sure later today.

TRACY
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juve321
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Posted - 01/18/2008 :  4:49:26 PM  Show Profile  Send juve321 a Yahoo! Message  Reply with Quote Report Abuse

quote:
[i]Originally posted by Tracy[/i]
[br]
quote:
[i]Originally posted by John Beagle[/i]
[br]Bob, please keep us up to data on the HD deal. The schools have approved the deal with Duke/HD, now it is up to the city. With 2 potential locations on the table, this is an important issue for the city and the schools.

Thanks for keeping us informed.



John if you have time on Tuesday evening come join the meeting I believe this will be an item on discussion. I will know for sure later today.



What time and where is the meeting? Been here over 2 years and never attended one...
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Tracy
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Posted - 01/20/2008 :  09:37:01 AM  Show Profile  Reply with Quote Report Abuse

quote:
[i]Originally posted by juve321[/i]
[br]
quote:
[i]Originally posted by Tracy[/i]
[br]
quote:
[i]Originally posted by John Beagle[/i]
[br]Bob, please keep us up to data on the HD deal. The schools have approved the deal with Duke/HD, now it is up to the city. With 2 potential locations on the table, this is an important issue for the city and the schools.

Thanks for keeping us informed.



John if you have time on Tuesday evening come join the meeting I believe this will be an item on discussion. I will know for sure later today.



What time and where is the meeting? Been here over 2 years and never attended one...



6:30 pm Tuesday evening at the city hall building. Stop up and meet the council members

TRACY
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John Beagle
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Posted - 01/22/2008 :  10:31:48 AM  Show Profile  Visit John Beagle's Homepage  Reply with Quote Report Abuse

This will be discussed tonight at the City Council Meeting.

EMERGENCY RESOLUTION NO. 07-2008. A RESOLUTION AUTHORIZING AND DIRECTING THE CITY MANAGER TO ENTER INTO A COMPENSATION AGREEMENT FOR THE HOME DEPOT DISTRIBUTION CENTER BY AND BETWEEN THE CITY OF MONROE, THE MONROE LOCAL SCHOOL DISTRICT, AND DUKE REALITY OHIO, AND DECLARING AN EMERGENCY.


From Monroe Council Summary Agenda

"I don’t know the key to success, but the key to failure is trying to please everybody" #BillCosby
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itbedave
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Posted - 01/22/2008 :  4:06:32 PM  Show Profile  Send itbedave an AOL message  Send itbedave a Yahoo! Message  Reply with Quote Report Abuse

So, how does the school divy up this money? Does it go into the general fund? Can Home Depot/Duke or anyone else specify that it has to go toward specific programs or costs? Just curious.
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Bob Kelley
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Posted - 01/22/2008 :  10:40:02 PM  Show Profile  Send Bob Kelley an AOL message  Send Bob Kelley a Yahoo! Message  Reply with Quote Report Abuse

Home Depot gets go ahead in Monroe
by Denise Wilson

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John Beagle
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Posted - 01/28/2008 :  10:05:36 PM  Show Profile  Visit John Beagle's Homepage  Reply with Quote Report Abuse

According to the city finance director, Kacey Waggaman the city revenue nearly the same if it goes to Duke or Vandecar.

But the schools benefit more if deal goes to Duke.

"I don’t know the key to success, but the key to failure is trying to please everybody" #BillCosby
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