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SALE OF BANK ONE

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Vivian Moon View Drop Down
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    Posted: Aug 01 2014 at 8:32am

S T A F F  R E P O R T

For Business Meeting: August 5, 2014

DATE: July 16, 2014

FROM: Doug Adkins, City Manager

PURPOSE

To authorize the City Manager to enter into a contract to sell the Bank One building to Windamere LLC

BACKGROUND AND FINDINGS

As you are aware, staff received an unsolicited offer to purchase the Bank One building from local artist and businessman Chris Walden. After discussion, City Council requested that the building be put out for competitive bidding. Staff received one RFP response from Chris Walden and his partners doing business as Windamere LLC. Chris will also be involved in the event management company Toast of the Town Events, LLC, which will hold approximately 125 events in the BankOne atrium annually.

The offer is:

1. Purchase price of $140,000. (The appraised value is $300,000).

2. The lease with MUM and the Middletown Historical Society will be honored. The

AAUW may have to be relocated for renovations. Mr. Walden will assist with any needed relocations.

The accepted bid recovers taxpayers funds used for both purchase and ongoing expenses of the Thatcher buildings. We will eventually have all of the Thatcher buildings returned to productive use with no net taxpayer dollars used to drive the economic development.

This use is consistent with the arts and education focus of downtown. The proposed use as a gallery and small events location keeps MUM as a downtown tenant while offering additional productive use of the bank atrium with events, new economic impact and new employment opportunities.

With the sale of Bank One, all of the above purchased buildings will be out of the City’s title and into productive use by other parties.

ALTERNATIVES

Do not authorize the sale. The City will continue to collect rent and operate the building.

EMERGENCY/NON EMERGENCY

The Purchaser would like to start renovations. Given the delay created with the RFP process, I request that this be enacted as an Emergency to keep the process moving.

 

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Vivian Moon View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Vivian Moon Quote  Post ReplyReply Direct Link To This Post Posted: Aug 01 2014 at 8:35am

ORDINANCE NO. O2014-38

AN ORDINANCE AUTHORIZING A CONTRACT BETWEEN THE CITY AND THE WINDAMERE LLC FOR THE SALE OF CITY OWNED PROPERTY AND

DECLARING AN EMERGENCY.

WHEREAS, the City owns certain real property more commonly known as the Bank One Building, located at 2 South Main Street; and

WHEREAS, The Windamere LLC has offered to purchase said property at a

price more than ten (10%) below the appraised value; and

WHEREAS, City Council is willing to sell the property at the offered price;

NOW, THEREFORE, BE IT ORDAINED, by the City Council of the City of Middletown, Butler/Warren Counties, Ohio that:

Section 1

The City Manager, without complying with the procedures of Chapter 721 of the Ohio Revised Code, is hereby authorized to enter into a contract with The Windamere LLC for the sale of the real property located at 2 South Main Street known as the Bank One Building in accordance with Ordinance No. O2002-87. City Council hereby accepts the offer of The Windamere LLC for said property. The contract shall be in a form substantially similar to Attachment “1” hereto, and shall be acceptable to the City as approved by the Law Director and City Manager.

Section 2

This Council hereby determines that the procedure to be followed in the award and execution of the aforesaid contract shall consist solely of the procedure set forth in Ordinance O2002-87. The provisions of Chapter 721 of the Ohio Revised Code shall not be applicable to the award and execution of the aforesaid contract.

Section 3

The City Council hereby determines that the property to be transferred by the City is not presently needed for any municipal purposes.

Section 4

It is hereby determined that the subject matter of this legislation is not of a general and permanent nature, does not provide for a public improvement and does not assess a tax or payment.

Section 5

This ordinance is declared to be an emergency measure necessary for the immediate preservation of the public health, safety and general welfare, to wit: to permit the prompt transfer so the purchaser can begin renovation as quickly as possible, and shall take effect and be in force from and after the earliest time permitted by law.

______________________________

Lawrence P. Mulligan, Jr., Mayor

Adopted:___________________

Attest:_____________________

Clerk of City Council

H:/Law/leg/2014 Leg/O Sale of Property to Windamere LLC (Bank One).doc


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Post Options Post Options   Thanks (0) Thanks(0)   Quote VietVet Quote  Post ReplyReply Direct Link To This Post Posted: Aug 01 2014 at 10:06am
Ok, didn't Mike Robinette's group offer more for this building than the Walden group did? If so, it makes no sense to accept the lower offer. This is not logical financing nor makes any economic sense on return on investment. To take a small loss on a property to unload it is bad enough. To take a bath on a sale is a castastrophy.

Given this situation, I sure as he-- wouldn't want the city negotiating any real estate sale on my behalf, unless, of course, my goal was to head to bankruptcy in quick fashion.

The appraised value is 300 grand. The offer is 140 grand from Walden. What was the offer from Robinette? Don't remember. How much did the city pay for this Thatcher buiding estate bailout in the first place? Why would you sell at 160 grand below the appraised value?

It would appear that this is yet another "city uses taxpayer money to buy a white elephant at an inflated price-city sells white elephant to a city friend and takes a financial bath in the process while the taxpayer is reamed again" situation.

There is something very wrong with the thinking in the city building. Absolutely no logical mental capacity what-so-ever. You wonder how some of these people made it as far as they have in life. And they are our leaders? How is that possible?
I'm so proud of my hometown and what it has become. Recall 'em all. Let's start over.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote acclaro Quote  Post ReplyReply Direct Link To This Post Posted: Aug 01 2014 at 10:24am
GeoCRE and Steve Dillman were to bid on this bld. Robinette ,made quite a fuss in the Journal and offered about 225 Kk. What happened----city strong arm them and say they'd be run of town? 
'An appeaser is one who feeds a crocodile, hoping it will eat him last.' - Winston Churchill
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Post Options Post Options   Thanks (0) Thanks(0)   Quote spiderjohn Quote  Post ReplyReply Direct Link To This Post Posted: Aug 01 2014 at 10:44am
Why should anyone pay for downtown property when everything else is given away + cash?
I won't live long enough to see the re-birth down there, have no desire to start any business down there + it was implied that $300 - $400 thou would be the purchase price. My potential partner backed out for the same reasons.

Best of luck to mr.walden--he is my friend and an outstanding artist in need of studio property.
He wanted this far more than I did. Just look at the surrounding properties.....
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Post Options Post Options   Thanks (0) Thanks(0)   Quote acclaro Quote  Post ReplyReply Direct Link To This Post Posted: Aug 01 2014 at 11:48am
Thx for the feedback. I recall running the numbers and the deal on lease was it was cash-flow positive + upon acquisition and the lease provided 3x acquisition cost, proving payback or hurdle rate less than 5 yrs.

What a deal for the purchaser.
'An appeaser is one who feeds a crocodile, hoping it will eat him last.' - Winston Churchill
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Post Options Post Options   Thanks (0) Thanks(0)   Quote over the hill Quote  Post ReplyReply Direct Link To This Post Posted: Aug 01 2014 at 12:05pm
It's becoming more and more apparent how much Judy and her cronies wreaked this town. And they are all still on council. Lets not forget this come voting time. IMO
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Vivian Moon Quote  Post ReplyReply Direct Link To This Post Posted: Aug 01 2014 at 12:15pm

Well is Mr. Walden going to repay City Hall the public tax dollars of $50,000 for improvements that were just completed to the MUM side of this building?
or is City Council going to just forget and forgive this debt also.

Sooo really Mr. Walden is getting a commerical income property for $90,000
and we wonder why the city of Middletown is going broke.


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Post Options Post Options   Thanks (0) Thanks(0)   Quote spiderjohn Quote  Post ReplyReply Direct Link To This Post Posted: Aug 01 2014 at 12:49pm
OK---after receiving info(as promised) on the property, I read where there were many prospective bidders, with a sales price of $300,000+ was anticipated. I was not able to attend the walk-through and was not here to submit an offer.

Besides, we might remember "factguy"(and reportedly Mr.Diver) stating here that the sale of the property to Mr.Walden was already considered a "done deal" and it wouldn't matter if I wanted the property.

After listening to the insults and crazy baseless/wrong accusations here from factguy(a nepotist young hire of admin already losing favor within?) and house guy, I decided to blow it all off to invest in property outside of the city.

No---I maintain that I have never been to Boca Raton or own/have owned property there(as incorrectly stated by factguy). And if this type of conversation and dealing is representative of our "new" "business friendly" city government, then I will continue to sit it out.

With road repair already 120 mill behind schedule(as mentioned), I don't favor putting off future repairs to feed the ED department. By my thinking, we must improve the product we are trying to sell before aggressively trying to take it to market. We already have a bad rep locally, and simply promising to do better won't sell(as mentioned here prior).

Congratulations to BBQ Central and the Meadows--I hear both locations are excellent, and also to the very nice Dollar General that also opened on Central Avenue--hoping for success to all of the above.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Vivian Moon Quote  Post ReplyReply Direct Link To This Post Posted: Aug 01 2014 at 12:58pm

Last year before the upgrades Miami Research was paying $4,833.33 per month. Their lease was increased to $5,667.00 per month to cover the cost
of the $50,000 upgrades as per the vote of City Council.

The balance of these upgrades should be repaid by Mr. Walden since he will be receiving the benefit of these upgrades over the 5 year lease.
This agreement needs to rewritten.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dean Quote  Post ReplyReply Direct Link To This Post Posted: Aug 01 2014 at 12:58pm
I have two good friends who are senior executives at First Financial. You all know Larry's position there.
 
It is my understanding great friction existed between the city and Mike Robinette as they (Koon) wanted that building.
 
The anger and frustration became so overwhelming, the partnership between Mike and Koon is just about over, and Mike is throwing his hands up, cutting losses in his time, and leaving Middletown in a cloud of dust. The city made it very clear, only one individual was going to get that building.
 
Second hand, but from objective, nothing to gain, sources.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Vivian Moon Quote  Post ReplyReply Direct Link To This Post Posted: Aug 01 2014 at 1:12pm

Spider
Don’t forget…the
HEP-CG&E Building, with two floors not completed, just sold for 5.8 million dollars to Store Market Funding.

You can bet no one at City Hall wants to talk about this deal since the property was only appraised at 3 million dollars...
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Post Options Post Options   Thanks (0) Thanks(0)   Quote over the hill Quote  Post ReplyReply Direct Link To This Post Posted: Aug 01 2014 at 1:25pm
Doesn't it make you wonder why any one would trust Mulligan to council ANYONE on financial matters in light of what he has helped to do to our city? If the bank only knew his part in these backroom and questionable deals I would hope they would have enough sense to put him in a position to not do damage to other people.IMO
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Vivian Moon Quote  Post ReplyReply Direct Link To This Post Posted: Aug 01 2014 at 1:29pm

Dean
You are soooo correct. This property was only going to be sold to one of the “Special People”.

Now we will see if he's got the money to bring this property up to code or will City Hall give him one of their special loans to cover his cost.
Once again the tax payers will end up paying the bill. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote over the hill Quote  Post ReplyReply Direct Link To This Post Posted: Aug 01 2014 at 1:39pm
What will be his deadline to begin and finish this project? Others in town have faced deadlines to finish projects lets not show favoritism to a few.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Vivian Moon Quote  Post ReplyReply Direct Link To This Post Posted: Aug 01 2014 at 1:48pm
What will be his deadline to begin and finish this project?
Others in town have faced deadlines to finish projects lets not show favoritism to a few.

LOLLOLLOL  LOLLOLLOL
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Vivian Moon Quote  Post ReplyReply Direct Link To This Post Posted: Aug 05 2014 at 7:21am

Posted: 5:40 p.m. Monday, Aug. 4, 2014

MIDDLETOWN

City set — again — to sell Bank One building

By Michael D. Pitman

Staff Writer

MIDDLETOWN —

The deal to sell the Bank One building is set to be consummated Tuesday night, nearly five months after City Council delayed the sale after a local developer was told the downtown building wasn’t for sale.

City Council will consider legislation to sell the building at 2 S. Main St. for $140,000 to Windamere LLC, a group led by local artist and businessman Chris Walden, according to city documents. The city was ready to sell the building for $135,000 in April to Walden’s group. Windamere LLC will be involved with the event management company Toast of the Town LLC — which council legislation in April designated this company as the buyer.

The use of the building will be consistent with the arts and education focus of downtown Middletown, according to a city staff report. The group is proposing to use the building as a gallery and to host small events. The Journal-News could not reach Walden for comment before press deadline.

Local developer and property owner Mike Robinette did not make an offer this time, despite raising objections in April.

Robinette inquired to city staff about buying the building, which he was told was not for sale. After he learned of the prospective sale, he made two offers. City Council tabled the vote on the sale and the process was opened to accept bids.

Robinette, however, did not make a bid this time, though previously made bids at $185,000 and $202,500 for the building.

“I think it was pretty clear they have a preference to sell it to Chris Walden and his group, and we decided to not to pursue it any further,” he said.

Robinette said it is his group’s desire to wish whoever is in that building “to be successful and bring additional people downtown.” Robinette is involved in the investment groups that own the former Goetz Tower and the Rose Furniture building.

The Bank One building has been appraised at $300,000, but city records indicate the building was previously appraised by the Butler County Auditor’s office at $137,980. The auditor’s office does not have a record that it was appraised for that amount.

“My recollection is that it was the auditor’s value listed on their page at the time of purchase,” said City Manager Doug Adkins. “Since then, it has been wiped out because it is owned by a municipality and tax exempt.”

The bid would recover all taxpayer funds used to purchase and maintain four buildings acquired to entice Cincinnati State to locate a branch campus in the city.

The city paid $275,000 in December 2010 to purchase the Bank One Building along with CG&E, First National Bank and Masonic Temple buildings. The CG&E building was sold to Higher Education Partners for $202,000 and is the current campus of Cincinnati State Middletown. The city donated the First National Bank to the technical and community college. The Masonic Temple was donated to the Art Central Foundation.

The tentative Bank One building sale would mean the city would no longer have title to the former Thatcher buildings and would make $67,000 off its investment without accounting the costs of maintaining the buildings.

But the city will still be at a loss as it sold the former Manchester Inn and Sonshine building for $1 to William Grau. The city purchased the building at $175,000 from the Thatcher estate and listed the price at $325,000. City officials told the Journal-News in April, however, a redeveloped Manchester Inn could be a “shot in the arm” for the city.

The leased space in the Bank One building will be honored, according to the legislation. The city leases space to Miami University Middletown for $5,667 a month and the Middletown Historical Society for $100 a month.


MEETING

What: Middletown City Council business meeting

When: 5:30 p.m. Tuesday, Aug. 5

Where: Lower Level of the Middletown City Building, One Donham Plaza

Info:www.cityofmiddletown.org

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Posted: 5:02 p.m. Wednesday, Aug. 6, 2014

MIDDLETOWN

Bank One building to contribute to downtown’s arts, education focus

By Michael D. Pitman

Staff Writer

MIDDLETOWN —

Artist Chris Walden said the Bank One building is a key piece of downtown Middletown.

Middletown City Council on Tuesday night voted to sell the Bank One building, 2 S. Main St., to Walden and his group, Windamere LLC.

The sale — which is for $140,000 for the building appraised at just under $300,000 — now means the city is divested of the buildings it purchased when enticing Cincinnati State Middletown to locate a branch campus in its downtown.

The building is caddy-corner from Cincinnati State Middletown’s campus. City officials said they are pleased with the vision Walden has for the building, which they say is consistent with the arts and education focus of downtown Middletown, according to a city staff report.

“We look forward to seeing him bring new life to that corner of Central and Main,” said Vice Mayor Joe Mulligan.

Walden, in an interview with the Journal-News, said, “We actually have a lot of expectations.”

Walden said he and his staff, Mica Glaser and Theron Jones, has quite a few plans for the building, including hosting upwards of 125 events a year, showcasing his and others’ artwork, and providing a hands-on work environment for those graduating from Cincinnati State and Miami University with aspirations in digital animation and digital game creation — which both schools offer courses in these fields.

“Once they get out of school, they can go somewhere to actually make and produce a game or video from start to finish as a team,” said Walden. “The problems that we have with that industry is … we have a huge void in the middle of this country for students and actually nowhere for them to go.”

The effort will be headed up by Walden’s son, Brennen Walden, who will have offices in the basement of the building.

The city was set to sell the building in April, but after a local developer said he was told by city officials the building wasn’t for sale, City Council restarted the bidding process. Windamere LLC was the only bidder. Middletown Law Director Les Landen said it could take 60 to 90 days to actually complete the transaction. Walden said he plans to have renovations completed by the spring.

Walden said he will retain the building’s two current tenants, Miami University Middletown’s Applied Research Center and the Middletown Historical Society, and will look to lease additional space.

 

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike_Presta Quote  Post ReplyReply Direct Link To This Post Posted: Aug 07 2014 at 6:37am
[QUOTE=Vivian Moon]Walden said he and his staff, Mica Glaser and Theron Jones, has quite a few plans for the building, including hosting upwards of 125 events a year, ...[Quote]
Hmm...365 days in a year; 125 events per year; that's UPWARDS of one event EVERY THREE DAYS!!!!  Hooray, Mr. Walden!!!  Bring it on!!!
“Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012
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Post Options Post Options   Thanks (0) Thanks(0)   Quote FmrMide81 Quote  Post ReplyReply Direct Link To This Post Posted: Aug 07 2014 at 8:57am
Unfortunately his idea of an "event" means coming in and picking up a big check from city coucil for "renovation assistance"-so 125 of those-do the math...
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