Middletown Forum : Cincinnati State http://www.middletownusa.com/forum/ This is an XML content feed of; Middletown Forum : Economic Development : Cincinnati State Fri, 06 Nov 2026 16:55:53 +0000 Fri, 09 Dec 2011 11:30:46 +0000 http://blogs.law.harvard.edu/tech/rss Web Wiz Forums 10.12 360 www.middletownusa.com/forum/RSS_post_feed.asp?TID=3682 Middletown Forum http://middletownusa.com/images/blog-logo.jpg http://www.middletownusa.com/forum/ Cincinnati State : Food for thought…….If New... http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=31051&title=cincinnati-state#31051 Author: Vivian Moon
Subject: 3682
Posted: Dec 09 2011 at 11:30am

Food for thought…….
If  New Bedford, a city of about 95,000 and Lawrence, with a population of approximately 60,000 do not have 3,500 student enrolled in classes, why do you think Middletown will have an enrollment of 3,500 students within the next 5 years?

]]> Fri, 09 Dec 2011 11:30:46 +0000 http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=31051&title=cincinnati-state#31051 Cincinnati State : I don't understand how... http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=31047&title=cincinnati-state#31047 Author: acclaro
Subject: 3682
Posted: Dec 09 2011 at 9:35am

I don't understand how the city derives its decisions. Conservatively, if Vivian Moon is now indicating the buildings that were to cost $25,000 to moth ball, is $100,000, we have a minimum of $800,000 invested, for a return of $200,000. Of course, the city will have some payroll tax from professors, but it would be at most, maybe $30,000 annually. Extrapolate that, and it would take 40 years to break even. This is another golf curse deal. Money put in, money to maintain, and a net loss each year, with some prayer some aspect of payroll tax will do some minor off-setting.

And Greg Pratt was paid lets speculate $75,000, to lose $600,000? In West Chester, they'd have these decision makers before the panel asking for a resignation. In Middletown, they will award medals for strategic innovation.

While they dally with State, keep your eye on Wausau about 3 years out. Heading for Harrodsburg, Ky, while all eyes on State. Who owns the Butler Cty OJFS building? Obviously leased. Why is the county allowing the hit to be taken on property tax?

When a city manager boasts about a UDF with 8 pumps and tables for eating ice cream, the first development in 10 years in the city, when UDF has been downtown for decades, the bar is not only too low, its at ground level.
]]> Fri, 09 Dec 2011 09:35:27 +0000 http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=31047&title=cincinnati-state#31047 Cincinnati State : Acclaro At the Council Meeting... http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=31046&title=cincinnati-state#31046 Author: Vivian Moon
Subject: 3682
Posted: Dec 09 2011 at 9:19am

Acclaro

At the Council Meeting ED Dept requested an additional $75,000 to mothball the other 4 of buildings. I do not believe this included the CD&E Building…
As I have stated before we have about 3 million dollars invested in this deal
Bottom line….we ain’t even close to breaking even on this deal.

 

]]> Fri, 09 Dec 2011 09:19:56 +0000 http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=31046&title=cincinnati-state#31046 Cincinnati State : We also have the $25,000 for moth-balling,... http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=31045&title=cincinnati-state#31045 Author: acclaro
Subject: 3682
Posted: Dec 09 2011 at 8:52am

We also have the $25,000 for moth-balling, and lets assume Greg Pratt's fee is $75,000 for losing the city $500.00.

Here's my math rounded:

Total investment $700,00 (discounting tax receipts owed to Butler Cty)

HEP acquisition- $200,000

NET LOSS:  $500,000

Yes, its a good thing we have all those smart people in council and city hall or we would really be in trouble wouldn't we.
]]> Fri, 09 Dec 2011 08:52:40 +0000 http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=31045&title=cincinnati-state#31045 Cincinnati State : From the Middletown JournalMIDDLETOWN... http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=31044&title=cincinnati-state#31044 Author: Vivian Moon
Subject: 3682
Posted: Dec 09 2011 at 8:45am

From the Middletown Journal
MIDDLETOWN — The city stands to gain much if not all of the taxpayers’ money back when it hands over the former CG&E building for use by Cincinnati State Technical and Community College.

Greg Pratt, a local attorney hired by the city as a consultant on the Cincinnati State project, said a final deal is expected in early January between the city, college and Boston-based developers Higher Education Partners LLC. In the deal, he said the city should expect to receive between $185,000 and $202,000 for the CG&E building.

Gentlemen
    I may only have 3 little grey cells but even I can tell you that someone at City Hall needs to buy a new calculator.

The City purchased 5 buildings from the Thatcher Estate.
1. Bank One
2. National Bank
3. Chappel Building/Sonshine Building
4. CG&E Building
SUB TOTAL…………………………$275,000.00

Then the City purchased
5. The Manchester Inn for $175,000.00
    Plus forgave debts of……….154,782.45
SUB TOTAL………………….……..$329,782.45

GRAND TOTAL………………….$604,782.45

Then we have the cost of holding these buildings for a year

Then we have the value of the Old Senior Center property plus the cost of holding this building for the last X amount of years?


.....And then we have the loss of a years worth of real estate taxes from these properties that was being paid by the Thatcher Estate.

 

]]> Fri, 09 Dec 2011 08:45:43 +0000 http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=31044&title=cincinnati-state#31044 Cincinnati State : It isn't worth trying to... http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=31043&title=cincinnati-state#31043 Author: acclaro
Subject: 3682
Posted: Dec 09 2011 at 6:59am

It isn't worth trying to figure the mitigating madness of the city or its business development proxy. The author of the Journal article cannot even do math. Spending $500,000 on building, or $400,000, its been so long, who can remember, and recouping $200,000, is not breaking even. Keep your eye on the tax records at Butler Cty. HEP is a for profit entity part of a private euity/ vc. Lets see if they pay tax on the buildings.

Where else but Middletown would anyone have the audicity to indicate losing 50% was "winning." Oh well, maybe Charlie Sheen.    ]]> Fri, 09 Dec 2011 06:59:41 +0000 http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=31043&title=cincinnati-state#31043 Cincinnati State : Yesterday's Journal story..... Final... http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=31042&title=cincinnati-state#31042 Author: VietVet
Subject: 3682
Posted: Dec 09 2011 at 6:43am

Yesterday's Journal story.....

Final deal between city, Cincinnati State expected by January

MIDDLETOWN — The city stands to gain much if not all of the taxpayers’ money back when it hands over the former CG&E building for use by Cincinnati State Technical and Community College.

Greg Pratt, a local attorney hired by the city as a consultant on the Cincinnati State project, said a final deal is expected in early January between the city, college and Boston-based developers Higher Education Partners LLC. In the deal, he said the city should expect to receive between $185,000 and $202,000 for the CG&E building.

The building was one of four purchased in December 2010 for Cincinnati State’s use. The city paid more than $400,000 for the package of buildings, including the Manchester Inn purchased later.

Pratt speculated the total cost to date on the CG&E building has been more than $200,000 between its acquisition and upkeep.

The other building the college is immediately interested in is the former senior center downtown. It will likely be donated, Pratt said

“What we want is for Cincinnati State to have a building downtown,” Pratt said. “These are the two buildings they’ve expressed interest in.”

The plan in Middletown is still to convey the property in January and begin construction in February. The college’s first classes are projected to be held in September.

HEP, Cincinnati State and various consultants were in Middletown Thursday to examine the HVAC systems and other environmental issues that go along with the buildings.

“We’ve been there before and we love both of the buildings,” Luster said. “We’re anxious to get started.”

Pratt will likely approach council on Dec. 20 to ask for approval of legislation that would authorize City Manager Judy Gilleland to enter into a finalized deal once one is reached between HEP and Cincinnati State. Cincinnati State’s board is trustees is scheduled to meet the first week of January.

“The hope is that coming out of that first week in January, either the contracts are signed or everybody has the authority to sign them,” Pratt said.

THERE YOU GO. ALL THIS WORRY ABOUT WHETHER CS WOULD ACTUALLY BE IN THE DOWNTOWN AREA HAS NOW PASSED WITH REASSURANCE FROM PRATT. SO THE END RESULT TO DATE (IF CS ACTUALLY TAKES CONTROL OF THE OLD SENIOR CENTER AND THE CG&E BUILDING IS WE WILL RECOUP THE COST OF CG&E, WE WILL GIVE ONE BUILDING AWAY FREE OF CHARGE AND WE STILL HAVE TWO BUILDINGS THAT WE THE TAXPAYER PAID FOR THAT WILL STILL BE SETTING FOR HOW LONG ??????AND WILL NEED HOW MUCH MONEY TO REHAB FOR ANY POTENTIAL TENANT/BUYER? AND HAVE AN OCCUPANCY CHANCE OF? (WHO'S GUESSING THE ODDS?) RIGHT NOW,WITH PRATTS INFORMATION, WE STILL HAVE A 50/50 CRAPSHOOT ON TWO OF THE BUILDINGS GOING ON HERE, DON'T WE? THE OTHER TWO BUILDINGS.......MUCH WORSE ODDS. ]]> Fri, 09 Dec 2011 06:43:09 +0000 http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=31042&title=cincinnati-state#31042 Cincinnati State : Mike your pt is transparency.No... http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=30135&title=cincinnati-state#30135 Author: acclaro
Subject: 3682
Posted: Oct 11 2011 at 7:58pm

Mike your pt is transparency.No one is surp rised by the lack of it. But the LOI is not a serious issue. Why would it be, it means nothing?]]> Tue, 11 Oct 2011 19:58:14 +0000 http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=30135&title=cincinnati-state#30135 Cincinnati State : Of course I realize that a Letter... http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=30134&title=cincinnati-state#30134 Author: Mike_Presta
Subject: 3682
Posted: Oct 11 2011 at 6:10pm

Of course I realize that a Letter of Intent is not worth the paper it is written on.  I apologize for not being clear about the point I was trying to verify.  That point was:

A City Council person now alleges that the City received a Letter of Intent from Cincinnati State several months ago.  Did they make that alleged fact public at that time???

That is why I asked if anyone could actually CITE THE SOURCE if they recall hearing or reading about this.

]]> Tue, 11 Oct 2011 18:10:28 +0000 http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=30134&title=cincinnati-state#30134 Cincinnati State : Well it made it to page 6 on this... http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=30132&title=cincinnati-state#30132 Author: ground swat
Subject: 3682
Posted: Oct 11 2011 at 5:08pm

Well it made it to page 6 on this forum and thats where it should stay!!  Enough for awhile lets see some money being spent other than MINE!!!!!]]> Tue, 11 Oct 2011 17:08:45 +0000 http://www.middletownusa.com/forum/forum_posts.asp?TID=3682&PID=30132&title=cincinnati-state#30132