Local News
Harbor leasing company files for reorganization
ROCKWALL — Mariah Bay Leasing Company, which administrates the leasing of retail space at The Harbor, has filed for Chapter 11.
The City of Rockwall released a statement on the issue on Wednesday, stating that property taxes are still due for the development, which is part of a special taxation district.
“This property is located in the Harbor Tax Increment Financing (TIF) District that was created by the city to fund the public improvements the city constructed at the Harbor, including roads, utilities, spray fountains, walkways and other public enhancements located along the lake edge,” the statement read.
“The City issued debt to pay for the public improvements and that debt is paid for through the property and sales taxes that are collected within the TIF.
“This property owner is one of a total of 38 property owners that pay property taxes into the TIF, which incorporates a total of 113 acres.
“The total property taxes owed to the city under the TIF equals $ 529,419. This number includes taxes collected by the county and pledged to the city for the TIF. The total collected in the TIF to date equals $300,050. The Harbor development, which includes this property owner as well as several others, has paid a total of $256,061.
“They still owe a total of $223,063, only a portion of which is owed by this particular company. Property taxes are still owed and payable even in the event of a bankruptcy. These dollars will be collected by the city. Sales taxes continue to be paid by the tenants and the businesses will continue to operate.”
Developer Rob Whittle said in a statement on Thursday that many businesses in The Harbor are feeling the crunch of the slow economy, but that The Harbor is still drawing in crowds and that other aspects of the venture are doing well.
“Many of the restaurants have had a spectacular year and the movie theater has had the best attendance and sales year that it has ever had,” Whittle stated. “However, a couple of the retailers have suffered in this national economic slowdown with several tenants having to close their businesses. The goal of this reorganization is to lower some the rental rates to a level that are more in line with the prevailing Rockwall market rates.”
Whittle said that The Harbor attracts an average of 25,000 people per week.
“The issue is not drawing people. The Harbor is drawing more people than it ever has. The issue is lowering the rental rates to a level that allows retailers to thrive until the market rebounds. This can be accomplished through restructuring the mortgage loan.”
The Hilton Hotel and Conference Center is not affected by this filing.
“The Hotel just had one of the strongest months it has ever had and April is looking as if it will be the strongest month since the Hotel opened,” Whittle said. “We are still working on solutions to some of our key issues including additional parking. The hotel is routinely sold out during summer weekends. The Harbor opened in November 2006. We are expecting a strong vibrant summer crowd again this summer. We have been very fortunate to have had such great community support.”
- Local News
-
-
Taking Shape...
With construction in its earliest stages at the Rockwall County Courthouse building site, county commissioners and a construction company representative concentrated this week on procedures for keeping commissioners in the information and decision-making loop.
-
Veterans applaud vote on memorial
A recent vote by Rockwall County Commissioners Court was applauded by the audience of almost 30 people.
-
Heath to look at entry corridor concepts
City of Heath staff members got the nod recently to move forward in the development of concepts for entry corridors, beginning with the Farm to Market 740 entry into the city.
-
RCP production features returning students for ‘That’s Entertainment’
“That’s Entertainment,” a musical tribute to Broadway, opens tonight and runs through Aug. 8.
-
Award-winning imaginations | Cullins-Lake Pointe DI team
These Doris Cullins-Lake Pointe Elementary School students got to tell Rockwall Independent School District trustees about their competition in the Destination Imagination Global Finals Tournament held at the University of Telnnessee. The team placed first in the regional tournament, second in the Texas State Tournament and eighth out of 60 teams in the global finals. The students had to build a structure out of newspaper and glue. It needed to be as light as possible and hold as much weight as possible to obtain the highest score. Team members are (from left) second grader Megan Woolly and fifth graders Ryan Hollifield, Andrew Murphy, Zach Dougal and Chris Dulac.
-
Home school resource center opening new campus in Rockwall
School is out for the summer, but a program called Classical Conversations (CC) is gearing up for the 2010-11 school year. A North Carolina-based home school organization, CC serves the Dallas Metroplex, including a new campus in Rockwall which will meet at Trinity Harbor Church at 306 E. Rusk.
-
County considers modular building to ease overcrowding
Rockwall County commissioners soon will decide whether a modular building is the temporary solution to easing overcrowding in the Rockwall County Government Center.
The building at 1101 Ridge Road is operating at capacity, but more office space will be needed in November when the new 439th District Court opens. -
Ground broken in Fate on new home for volunteer fire department
City and county officials, firefighters and residents gathered in downtown Fate on Monday to celebrate a “very special” and “historic” occasion — a groundbreaking ceremony for Fate Fire Rescue’s new home.
-
Former policeman hired as RISD director of safety and security
The Rockwall Independent School District is pleased to announce that Bart Rosebure has been named as the new director of safety and security. The Board of Trustees approved the hiring at their regularly scheduled meeting on Monday, July 19.
-
DA warns residents to guard against identity theft
Rockwall County’s criminal district attorney is taking a program to senior citizen audiences because she wants to warn them about one of the nation’s fastest growing criminal enterprises.
These criminals are thieves, but they usually don’t steal belongings from their victims. What they want, instead, is the victim’s identity. - More Local News Headlines
-
