Value of location Reefpoint Area

drcir

Interesting times we live in.

We are told the Harbor is just a booming place that soon the Lake Front will be filled with Boaters  here  to spend $$$ and save this city

DS

Docks of Gold right?

But yet the facts may not bear that out.

After all if this area was or will be very soon prime real estate rents be high if property can be found at any price.

Yet look at what Racine County can gets for the rent of the space for Reefpoint Brew House

from County of Racine Web site

2014 County Budget Revenues

0 $0 not a penny.

Interesting the shills on the Journal Times T say that its a busy place say its a busy great place

From the Journal Times 1-10-14

“I have been to the Reef Point at all sorts of different times of day and evening and later at night as well. They almost always seem to have a good business, and crowd on hand enjoying their wide selection of beer, food and view.

Was out there twice last week and the crowd was pretty good sized even later at night.”

Looks like Business is doing well yet they pay no rent.  Sources tell me they will not in 14 not sure for 2015.

Is that what it takes now to bring a business to the Downtown is to use the tax payer’s $$ to insure an income? Is that right?

Why might this be going on?

As I see events, the County going into Reef point knew it was a losing deal. Now County Goverment must try to sell the idea that Reef Point is a great thing to the public Downtown Racine Crowd that there is still hope for them as the City continues to fall apart. See we know that property in the Downtown area is falling fast and hard case in point 522 6th St once assessed at over 500K sold this year for less then 10% of that. As more know what might be going on in values the more folks who might leave the cult of John Dickert and the steady  loss of business become a rush for the doors.  Cant have that so lets use Smoke and Minors and create a belief that things are O.K. after all “We have this real cool place…”

This might sell in the Downtown of Racine not so much in Yorkville or Union Grove. How might they feel about their taxes going to pay for space for a Restaurant they will never use in a Harbor that may never make $$, that still needs (from talking to the few boaters at the Harbor and Harbor employees major investment) and who do you think the County Executive will look to find the money

Is the county’s job to do this?

Might this be yet another sign of Reef Point being an Harbor we need to walk away from and sell to the “Massive” numbers of boaters that are begging to come to Racine?

We see in Milwaukee what a Harbor can do, why not here? Lets take a look at that shall we?

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3 Responses to Value of location Reefpoint Area

  1. Lizzy Borden says:

    In a rare moment of candor – even Racine’s Water Witch (The Root River Siren) realizes that with only 3 months of Summer, Wisconsin will NEVER be a destination state like Florida and Nevada who have a big tourism trade.

    “Wisconsin will never be a destination state like they (Florida and Nevada) are.”

    http://rootriversiren.blogspot.com/2014/01/scooter-plays-wheel-of-desperate.html

    It’s also DESPERATION TIME for Lying Mayor John Dickert and Little Buddy County Executive Jim Ladwig. The Marina, Boaters, and Downtown are Blackholes that will only suck MILLIONS of $$$$ and never pay for themselves, much less pay for anything else.

  2. Mr. Racine says:

    The County and City of Racine managed to get enough funds and grants from tax sources to build the Marina – and they have come, but not the people with their money, just the bills. The NEVER-ENDING bills for more services and maintenance. YET – the Boaters can only afford to pay for a fraction of the costs – and it’s very small at that.

    There is NO value in Reefpoint Marina from an investment standpoint because it will never generate a return. It will NEVER provide an income stream. It can’t even pay for itself. What it does provide – is a site that is eligible for Federal, State and Local tax money to be poured into. Continuously. Without end. Except – it is ending, and it will end badly – because once the tax funds stop flowing – the Marina is toast.

    The future for the Marina is a sediment filled swampland ringed by the decaying infrastructure of a Marina that couldn’t generate a return.

    Downtown Racine and the Marina are the biggest welfare Queens in Racine – quite possibly the State, and John and Jim are her Pimps.

    • Lizzy Borden says:

      Look at the Revenues!!

      2012 – Actual: $1,431,574
      2014 – Estimated: $1,170,583

      Difference – Negative $260,991.

      Is that why Jim Ladwig seems so eager to avoid discussing the truth about the Marina? Figures don’t lie. It’s NOT turning around – and the County needs to get out – but the Marina has no $$$$ value on the market – because the total expenses, especially the future maintenance and replacement of equipment, exceed the revenue. That’s why the County taxpayers are there – to provide any shortfall not covered by the Federal or State taxes.

      No one will buy the Marina unless there are guarantees that the big expenses are taken care of by tax $$$ and that is why the Marina is a loser.

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