iStar took full page ad in current issue of the LB Herald. Below is the gist of the ad, but PLEASE GO OUT AND BUY THE LB HERALD! This is in the current issue.
PERCEPTION…iStar’s Long Beach Wayfarer project will pay no taxes for 25 years.REALITY….Long Beach Wayfarer project will pay 41.1 million in taxes in taxes over the next 25 years– $25.1 million more than if the property remains vacant vacant.The project is currently the 6th largest tax payer in the City of Long Beach.In 25 years, the project will pay 5x more than the than the next largest tax payer and will continue to do so year after year.We want to be an outstanding corporate citizen, neighbor and frien. Should you have any questions or concerns please email me at email@example.comStar Karl Frey, Executive Vice President, iStar
Richard who send this in adds the following: “Your loyal followers might want to send letters to the editor and take Karl Frey up on his e mail request. They conveniently omit the $125 million dollars they don’t want to pay, and that they grieved their taxes of a million dollars and got them reduced to $500,000. They use that as the base for the taxes they will be paying forward.”