12/20/11 Workbook

Here is an interesting piece of news:

There seems to be more interest in commercial property on Germantown Road!!

As of January 5, the former DAVEY’S MARKET (in the 1500 block of Germantown Road at the corner of the intersection with Wilbraham Road) has been purchased by N & G TAKHAR OIL LLC.

Scouter,

I don't think that the bank would have listed a purchase price since it would be a repossession. I guess if the bank takes possession it doesn't have to list the title transfer with the county.

What I find interesting is that not one word of this has been transmitted by the Journal. I take that to mean that either this is not "good news" or this is the MMF plan. I'm surprised there has been no follow-up by the Journal to that story. Doesn't say much for their investigative journalism or their ability to inform the public.

Evidently, City Council wasn't the only ones unaware about plans for the Opera House. I find it a trifle suspicious that the day after council appropriates the money to MMF, the property they were supposedly going to purchase with the money winds up in the hands of an out-of -state mortgage company for almost double what MMF offered. Does that mean that MMF will have to have more money to purchase the property? Did this company have some inside information that allowed them to purchase the property knowing that they could make a profit from the city on the sale? Could this be part of the plan by MMF to purchase the property? Something is going on here that merits a more critical analysis. I just hope that the taxpayers haven't been taken to the cleaners (again) by this whole affair.

Well, well, well… I see that our new best friends, Bayview Loan Servicing, seem to be buying some other foreclosed property around town.  On December 22, they acquired title to 1701 and 1707 GERMANTOWN ROAD.  I can’t imagine why these folks from Florida would be interested in this property…unless they have inside information from executive sessions at City Hall that there might be some development going on out that way in the near future??? 

NAH!!! They probably just can’t bear to see a poor town quaint village up here in the rust belt struggle the way we are. Yeah…that’s it!!! That’s the ticket!!!

 

PARID: Q6511005000035
BAYVIEW LOAN SERVICING LLC		63 S MAIN ST

Mr. P,

The $3 to $4 million figure is a reasonably accurate figure for a restoration of the theater portion of the building. There's no telling what kind of damage that has been done to the "Commercial" part of the building. It also should be noted that curtains, lighting and sound equipment, and safety inspections for the "fly" system will be needed. I'd say that $5 million is closer to what it will take for a full restoration of the entire building.

ground swat wrote: ... but to act like you don't know how it's going to be spent if in fact the paper story is true is an insult to the taxpayer. Did I miss one of them asking MMF about the Sorg?

Apparently, the ONLY people in Middletown who were NOT aware that MMF had made an offer on the Sorg theater were the City Manager, the Economic Development Czarina, the Law Director, the City Council Members, and the members of MMF that were at the podium.  When they were questioned about any plans, eveyone hemmed and hawed, but no one had a clue!!!!  (They should have called me...I would've been happy to tell them...or, they could just READ THIS FORUM if they want to be informed!!!)

NOLA wrote: Having been in that building numerous times in the past year; if the city administration and MMF believe they are going to fix that building for less than $500,000 they are kidding themselves.

I heard a figure (supposedly from a restoration contractor who toured the building over a year ago) and he estimated "three to four million, conservatively". 

NOLA wrote: I want to know who will actually hold the deed or note when this is done.

 I'll try to keep an eye on this. When the title changes hands, it will be recorded and I will post it here.

NOLA wrote: Maybe we can create a "citizen committee" to determine how the city can be managed.

Sounds good to me!!!  Do you want to bring the tar ... or the feathers???    

Having been in that building numerous times in the past year; if the city administration and MMF believe they are going to fix that building for less than $500,000 they are kidding themselves. I want to know who will actually hold the deed or note when this is done.

The actions of this administration and the select few influence peddlers have pushed me over the limit of what I am willing to tolerate. FORGET renewing the 25% income tax for public safety (its not a levy); if this is how poorly they manage revenue; they shouldn't have access to anymore.   

Maybe we can create a "citizen committee" to determine how the city can be managed.

It would have been nice if someone with half an interest in that place would have at least covered up the windows in recent months to prevent rain getting in.

OK, the cat's officially out of the bag; MMF intends to purchase the Sorg Opera House. They aren't planning to use the $75,000 to purchase but to use it as collateral to obtain a loan. According to Mr. Cohen, they have a plan.

I wonder what will happen when MMF is dissolved by the Secretary of State for failure to file annual financial reports. Be prepared for a lot of hemming and hawing about this. What happens then?

correct swat--+ the Downtown Inc. + a new director(of?) on top of it all.

Mr. P,

I think you raise an excellent point. I've made no secret that I thought that if the city was going to develop property downtown, that the Sorg Opera House should be part of the economic engine to build an "arts center" there. If MMF acquire the Opera House with funds given to them by the city, don't the taxpayers who, in essence, acquired the building, have the right to know what the plans are? Where is the funding for renovation to come from? Most important from a tax-payer perspective, what kind of ROI are we to expect? Where's the business plan for this property? I tell you something that I don't want to hear; "mothball"!!! Will this property be sold or leased to a developer? Once again, there seems to be a lack of "vision" articulated by council and our CIC. Do they not have a plan or do they just not want to communicate the plan to the taxpayers? Why would they hem and haw about this if they have a clear plan? Hopefully, tomorrow when they purchase the property, we will get some information.