Springbrook Senior Living Campus
The Senior Living Campus Project is on hold due to newly discovered detail. NEISD is not going to approve a total tax exemption. NEISD notified the WEDC president shortly before the scheduled meeting to approve the project.
Claim 1: Project will attract 937 new residents. Average income $42,000 yr which equals nearly $40 Million dollars. The resident are elderly and not expected to purchase things outside of Windcrest so that will generate about $4.4 Million in new sales tax.
Fact Check False: Ok, new residents bring an average of $42,000/yr. Assisted living cost are between $2,000 and $4,000 per month. That along nearly wipes out excess cash for many of these new residents have to spend. Lets assume they have some excess cash. Most Senior Living facilities schedule shuttle buses to hospitals and local shopping malls. Windcrest has neither, so no sales tax dollars for Windcrest.
Fact Check Partly True. The campus will have independent living Cottages. The projected 18 cottages, assuming two couples to a cottage (duplex) 72 resident each with 42,000 yr income would have 2.8 million. A long ways from the claim of $40 million
Claim 2: Developer/builder will purchase material in Windcrest which is expected to generate $900,000 in additional Sales Tax.
Fact Check False. Windcrest has a Home Depot, Dentists, Restaurants and Banks. The major expensive items initially are gravel, large drainage pipes, culverts, concrete and asphalt. These materials are not available in Windcrest. Home Depot could surely furnish lumber, nails, small plumbing, but not big ticket items. So this Claim is reduced at least by 50%, probably more.
Claim: After 15 years Springbrook will Sell the Senior Campus.
Fact Check: True: The Developer can depreciate the entire facility over 10 years. Therefore at the end of 15 years the entire facility is Sold. Nothing in the negotiations indicates the Developer must remain
Claim San Antonio Did NOT approve tax incentives for Senior Living Campus
Fact: True: Franklin Park has developed two large Assisted Living centers, one in Alamo Heights and another on TPC Parkway. Neither received ANY tax incentive from the San Antonio or Alamo Heights Economic Development Corporations. Why not?
Claim: Springbrook will bring millions in Sales Tax to Windcrest
act Check: False The Senior Living Campus would NOT provide any direct sales tax They sell no products that generate sales tax. Zero.
Claim: Franklin Park built a Senior Living CampusWITHOUT tax payer assistance.
Fact Check: True: Franklin Park built Assisted Living facilities without taxpayer assistance. Springbrook Investors should follow suit. If they don't see profitability in their facility without tax abatement, then a smart business person would not build. Build it and they will come.
Claim 1: Project will attract 937 new residents. Average income $42,000 yr which equals nearly $40 Million dollars. The resident are elderly and not expected to purchase things outside of Windcrest so that will generate about $4.4 Million in new sales tax.
Fact Check False: Ok, new residents bring an average of $42,000/yr. Assisted living cost are between $2,000 and $4,000 per month. That along nearly wipes out excess cash for many of these new residents have to spend. Lets assume they have some excess cash. Most Senior Living facilities schedule shuttle buses to hospitals and local shopping malls. Windcrest has neither, so no sales tax dollars for Windcrest.
Fact Check Partly True. The campus will have independent living Cottages. The projected 18 cottages, assuming two couples to a cottage (duplex) 72 resident each with 42,000 yr income would have 2.8 million. A long ways from the claim of $40 million
Claim 2: Developer/builder will purchase material in Windcrest which is expected to generate $900,000 in additional Sales Tax.
Fact Check False. Windcrest has a Home Depot, Dentists, Restaurants and Banks. The major expensive items initially are gravel, large drainage pipes, culverts, concrete and asphalt. These materials are not available in Windcrest. Home Depot could surely furnish lumber, nails, small plumbing, but not big ticket items. So this Claim is reduced at least by 50%, probably more.
Claim: After 15 years Springbrook will Sell the Senior Campus.
Fact Check: True: The Developer can depreciate the entire facility over 10 years. Therefore at the end of 15 years the entire facility is Sold. Nothing in the negotiations indicates the Developer must remain
Claim San Antonio Did NOT approve tax incentives for Senior Living Campus
Fact: True: Franklin Park has developed two large Assisted Living centers, one in Alamo Heights and another on TPC Parkway. Neither received ANY tax incentive from the San Antonio or Alamo Heights Economic Development Corporations. Why not?
Claim: Springbrook will bring millions in Sales Tax to Windcrest
act Check: False The Senior Living Campus would NOT provide any direct sales tax They sell no products that generate sales tax. Zero.
Claim: Franklin Park built a Senior Living CampusWITHOUT tax payer assistance.
Fact Check: True: Franklin Park built Assisted Living facilities without taxpayer assistance. Springbrook Investors should follow suit. If they don't see profitability in their facility without tax abatement, then a smart business person would not build. Build it and they will come.
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