What’s the problem with the larger spaces on Main Street in downtown Lake Geneva that have been vacant forever?
These spaces, improved and sitting there in great shape, are owned by big real estate trusts and operations of that nature. Why are they vacant when it would appear that the real estate companies owning them have to be losing tons of money every month? Because the current system for business property owners does not work that way.
These big companies have big accounting and legal staffs. They’ve been able to figure out ways to work the state and federal tax rules to allow them larger tax credits (read; more money), than the rents they might collect would be (read; less money). These big dead spaces where Caribou Coffee/Peet’s and The Bagel Company used to be, are not losing money at all. Except they hurt the town, its image, the tourism and the potential of Lake Geneva itself.
It is high time that the City of Lake Geneva enacted ordinances to make sure that these real estate moguls can no longer cause this kind of harm. Innovative rules, fees and taxes could be created to make sure that the financial tab for keeping these business spaces permanently open would handsomely repay the city.
Hillmoor Really being Developed?