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Sunday, January 30, 2000 Page: 3
Following are the written responses to a series of written questions sent
to Michael Greco Sr. regarding his plans for downtown. Greco owns numerous
downtown properties as well as Greco Apothecary, a drugstore. Several
prominent merchants in downtown have publicly questioned what Greco plans to
do with his properties. Greco: I am happy to hear that the downtown committee
looks forward to learning of my plans, and I respond by saying that I have
acquired properties in the core of the downtown for a major downtown
development at no expense to the city. The downtown committee was informed
that I was working on a major development for the downtown. This is no longer
just a dream. When I am ready to proceed, the plan will be revealed. I hope
the community realizes that there is considerable overhead expense involved in
the acquisition of these properties, close to $100,000 per year, including
taxes, insurances and other overhead expenses. I am doing this without
government grants. Times Leader: What are your plans for the buildings you own
in downtown Hazleton? Greco: A major downtown development. TL: How many
commercial properties do you own downtown? Greco: I own 15 properties, and
seven of them, or nearly half, are presently being used for retail, offices or
parking. All are targeted for a major development project. TL: How much money
have you invested? Greco: A few million dollars, including property
acquisition and improvement. TL: What is the value of these properties? Greco:
When looking to the future, because these properties are next to each other,
they are of greater value combined than as individual units. As a large
portion of the project they give the project a head start, in terms of time.
Their value is not only in face value, but its value as an opportunity for
development. These properties represent the core of downtown, and I believe
that by working together we will bring the downtown back. TL: Do you belong to
or participate with the downtown committee? Greco: Yes, I belong to the
Chamber (of Commerce), as well as the downtown committee. I believe it is very
important for each retailer, service business and business property owner to
not only belong, but to actively participate, so we can have sound input and
move forward as a unit. TL: How do you view the future of downtown? Greco:
Time is short. We have only a few years at the most to bring back our downtown
and develop it. If we don’t we could easily lose our status as a city. If that
happens, unfortunately, property values will be much less and we will be
facing higher taxes and fewer services. TL: What do you think are the most
important steps needed to reinvigorate downtown? Greco: A large, major
development can and will succeed and will give to Hazleton, once again, a
downtown. City government must support this major downtown development as a
single entity. A piecemeal approach to one small project at a time will not
achieve our goal. We must all work in unity, and forget any past differences.
We have plenty of talent and ability locally to make it work, but for it to
succeed we must to it together.