As tax day, April 15 approaches, it is instructive to consider what those sums finance in our region and beyond. Here's one thing to consider.

Plain Dealer Friday, April 04, 2008 

CEO Scott A. Wolstein , Developers Diversified Realty Corp.

Headquarters: 3300 Enterprise Parkway, Beachwood

Business: Real estate investment trust specializing in shopping centers

Scott Wolstein, Chairman and Chief Executive Officer $7,152,401

Change from previous year: +16.5 percent

Developers Diversified paid Wolstein a salary of $880,449, up from $641,667 in 2006. His compensation package included stock awards valued at $2,528,826 and option awards worth $628,812. He also received $700,000 in bonuses, $1 million in nonequity plan compensation and $1,414,314 in "all other compensation." The latter included contributions to the company's elective deferred-compensation plan, as well as car allowance, personal flight service and amounts paid for long-term disability and life insurance policies. Wolstein contributed $1,563,596 of his compensation to a nonqualified deferred-compensation plan, to which the company can make matching contributions.

OTHER KEY EXECUTIVES

David Jacobstein, Former president and chief operating officer $3,273,437

Daniel Hurwitz, President and chief operating officer $2,934,530

David Oakes, Executive vice president and chief investment officer $1,089,510

Timothy Bruce, Executive vice president of development $842,055

William Schafer, Executive vice president and chief financial officer $806,751

SOURCE: Proxy filing with the U.S. Securities and Exchange Commission on Thursday

Tracking Ceo Pay (This regular feature tracks 2007 executive compensation at publicly traded companies in Northeast Ohio.)

Here's what they get from us: (thank you Roldo)

Here’s the line-up of public loot (your money):

• BDOHS (port authority) will provide $11 million in loans.
• City of Cleveland will provide $6 million in Core City loans.
• Cleveland Public Power will provide $3.4 million in services.
• Cleveland Water Division will provide $740,000 in infrastructure costs.
• Cleveland will provide another $1 million from its general obligation bonds.
• The County, City and Cleveland schools will forgo $11,140,000 in property taxes under a TIF (tax abatement) program to help the project.
• Cuyahoga County will provide $1 million in subsidies.
• The State of Ohio will provide a grant of $3 million for “environmental remediation,” matched by a loan from Cuyahoga County of $1 million, both committed from the 2005 Clean Ohio program.
• Tax exempt Parking Revenue Bonds estimated at $8,540,000 will be repaid from Public parking facility revenues.
• Tax-exempt infrastructure bonds estimated to be $9 million are secured by annual payments by the Northeast Ohio Regional Sewer District.
• The sum of approximately $4,550,000 will be made available through the Federal Highway Administration.
• The federal government has appropriated and the city shall obtain and make available when required for eligible project costs a grant of $1,464,735 from the U. S. Department of Commerce National Oceanic Atmosphere Administration (NOAA grant).
• All rental and condominium units (some 300 units) will be tax abated at 100% for 15 years. No cost estimate given by the city, port authority or county.
• The city agrees to enact legislation as necessary to amend and extend the CRA residential tax abatement program to assure that all residential improvements are eligible for the full 15-year, 100% abatement of real estate taxes. No cost given.
• The Greater Cleveland Regional Transit Authority (RTA) will construct a transit station on the RTA Waterfront Rail Line for the project “…all at no cost or expense” to the developer. No total or estimated cost mentioned.
• The City of Cleveland “shall take all necessary action to vacate all existing streets within the project site to the extent no longer require as public improvements for the project, and any easements which impair or adversely affect the development, construction or occupancy of the project, or which lie within the project site and are no longer required for use as public improvements for the Project.” No cost estimate given.
• The City of Cleveland “shall convey to the developer all the land owned by it (the city) within the residential site not necessary for public improvements by official quit-claim deed…” No cost estimate given.
• Under a section called “public improvements”, it states: “Public improvements necessary to support the Residential project will include but may not be limited to the following….
• Abatement, demolition and environmental remediation (including all necessary earthwork and soil clean-up) of the Project properties as they exist as of the execution date of this Agreement so as to allow for construction of the Residential Project.
• On-site paving and landscaping for all areas from the building lines of the Residential Project to the street curb as well as the public spaces of the Riverfront Park described below.
• A Riverfront Park extending from the southern boundary of the Project along the Cuyahoga River ’s edge north to the Norfolk & Southern rail line with an eastern edge defined by a realigned Old River Road and a new street network described below. The Park may include but not be limited to the following elements: a riverfront boardwalk, gather places; pavilions; project signage, retail kiosks; and a marina for transient boater use.  The Riverfront Park shall be planned in such a manner so as to receive the proposed extension of the Towpath Trail…
• Utility improvements, replacements and/or upgrades sufficient to provide necessary storm and sanitary sewer, water, electrical, gas and thermal heating and cooling services for the Residential Project and the permanent improvements in the public right of way (e. g. street lighting) and property (e.g. Riverfront Park fixtures and appurtenances) for ongoing and seasonal needs.
• Street improvements, realignments and additions to serve the Residential Project and its associated parking facilities, including all necessary traffic control equipment and signage…
• Bulkhead repair, replacement and improvements sufficient to maintain the long-term integrity of the eastern edge of the Project site bordered by the Cuyahoga River .
• The Public Parking Facilities and Private Parking Facilities estimated to consist of a minimum of 1,600 spaces in total and sufficient to serve the retail and residential uses of the Project by way of four structured facilities and no fewer than two surface lots, including all necessary equipment, landscaping and appurtenances.
• An allocable share of land acquisition costs associated with the square footage occupied by the Public Improvement as a percentage of the entire Project square footage (Residential Project plus Public Improvements.)
• Any and all soft costs which may be attributable to construction of the Public improvements including but not limited to architectural and engineering services, lighting, traffic and parking consultants, permits/fees, testing and inspection,  temporary utilities, financing fees and costs and capitalized interest on bonds or loans.

I would love to do the math here, but I do have to get up and go earn a meager income. Can someone compare the funds for infrastructure, tax breaks, etc in Roldo's litany of support linked above to this compensation report? Is this where the term "corporate welfare" came from? I thought we curtailed welfare in this country. Did we just move it from one caste to another?

Shoring vs. scaffolding.  Thanks Jeff.  Fascinating distinction.  Wikipedia makes more of a distinction than Merriam-Websters. 

I need to self-check myself on language.  English is not an easy language for expression.   I got into it today with a colleague, although he may want to call me an underling, now, over splitting hairs. 

In your instance, the hairs need to be split.  In his instance, they don't, although I will concede to him that he is the better writer and master of English.