For the record, we don’t blame Mike Kriozere or One Rincon Hill for doing what they did, but rather the city for negotiating a flawed agreement in the first place.
Regardless, the Board of Supervisors has approved Supervisor Daly’s legislation requiring developers to pay their development fees within 18 months of receipt of a Temporary Certificate of Occupancy (TCO) rather than upon request of a final certificate (which can happen years after the first occupant has moved in).
Whether or not our city and Rincon Hill would be better served by a Board thinking about incentives rather than fees in the current environment is a whole other matter altogether.
S.F. sets tougher deadlines for condo tower fee [SFGate]
Michael Kriozere (ORH) Responds: We’re Planning To Pay, Damn It! [SocketSite]
One Rincon Hill Still 70% Sold (And Reneging On Development Fees?) [SocketSite]

4 thoughts on “Focused On Fees But How About Incentives?”
  1. Anyone know if ORH is still just around 70% sold?
    I guess the anemic sales along with the requirement that the once planned TRH pay this fee 18 months after fist occupant pretty much puts the nail in the coffin of TRH.

  2. This extortion by the Board of Stupid-visors hurts not just buyers in this building, but all condo developments across the city. Moreover, who is going to want to build in this city when this 18 month time limit to pay the blackmail money in full becomes the common practice? Let’s face it each buyer is paying a portion of the extortion fee when purchasing a condo. I imagine that, in turn, it leads to higher rental prices as well, as owners have larger carrying costs. How is it possible for Chris Daly to be so universally despised and still on the board of this sham organization?

  3. A business associate tells me that his friend recently rented at ORH on a lower floor…direct from the developer.
    I hadn’t heard of this happening before. Has anyone else?

  4. Chris is smart…so smart that by going after the $Millions he may have tipped the voting demographics in District 6. If I look into my crystal ball I bet there may be some future re-drawing of the D6 boundary (how do you spell Gerrymandering?). Get out the vote in D6 November 2010 election…I will be supporting Matt Drake. I have met him, he is his own man, doesn’t owe anyone any favors, not associated with anyone or anything from “Downtown”. He understands the needs of residents and business in TL+SOMA+that edge of Mission at Stevenson Street. He has heart and class.

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