BANK ONE..TO SELL OR NOT ?
Printed From: MiddletownUSA.com
Category: Middletown City Government
Forum Name: City Council
Forum Description: Discuss individual members and council as a legislative body.
URL: http://www.middletownusa.com/forum/forum_posts.asp?TID=5683
Printed Date: Apr 27 2024 at 9:27pm
Topic: BANK ONE..TO SELL OR NOT ?
Posted By: Vivian Moon
Subject: BANK ONE..TO SELL OR NOT ?
Date Posted: Apr 14 2014 at 6:47am
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Posted: 12:00 a.m. Monday, April 14, 2014 To sell or not? That’s the question council facesBy http://www.journal-news.com/staff/rick-mccrabb/" rel="nofollow - Staff Writer MIDDLETOWN — One of the investors interested in purchasing the city-owned Bank One building downtown wants City Council to delay its decision on whether to sell the property. In an e-mail to Mayor Lawrence Mulligan Jr. that was obtained by the Journal-News, Mike Robinette, who already owns several properties in the city, suggested council table its discussion set for Tuesday’s meeting. At the last council meeting, members were told Toast of the Town Events LLC, offered $135,000 for the Bank One building, 2 S. Main St., and artist and owner Chris Walden planned to convert the building into an art gallery and event center. They heard a presentation from Doug Adkins, director of community revitalization, and will vote on the emergency legislation Tuesday. Robinette has said that he was interested in buying the building, but was told by city officials that it wasn’t for sale, since it was being lease to Miami University Middletown. But when Robinette learned that Toast of the Town Events had made an offer, he made two offers: one for $185,000, and a second for $202,500, or $67,500 more than the offer the city is considering. Adkins told council the offer was unsolicited and said it made “good sense” because it generated revenue, fit the downtown business plan and got the city out of the landlord business. The building is valued at $137,980, according to the Butler County Auditor’s Office. The city paid $275,000 in December 2010 to the Perry Thatcher estate for several downtown properties: CG&E Building, First National building, Masonic Temple and the Bank One building, Adkins said. He said the city received $202,000 from Higher Education Partners for the purchase of the former CG&E Building that is being used by Cincinnati State Middletown. If the Bank One building is sold, the city would make $62,000 off its investment. City Council has donated the First National building to Cincinnati State Middletown and the Masonic Temple building to the Art Central Foundation. In an e-mail to Robinette, Mulligan said council was interested in a selling the properties to “a broad, diverse group of investors and owners that can help move these properties forward.” While Mulligan said there are examples where single ownership and control works well, but in the city’s case, he believed “diversification is better.” Robinette’s investment group, Geo CRE, already owns the Goetz Tower and the Rose Furniture building. Robinette wrote that the city should conduct a competitive process for the sale of this property. He said the Bank One property has significantly more valueable than the negotiated price of $135,000. “We believe it is important that the city thoroughly evaluate all offers for the purchase of this property, considering their track record of success and ability to successfully complete and sustain the project,” he wrote. |
Replies:
Posted By: VietVet
Date Posted: Apr 14 2014 at 7:44am
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"TO SELL OR NOT?" How about "TO FOLLOW THE LAW OR NOT?" How about "TO MAKE THE SALES IN A COMPETITIVE, OPEN ENVIRONMENT OR NOT?" How about "TO SELL TO THE HIGHEST BIDDER?" WOULDN'T ANY OF THESE OPTIONS BE BETTER THAN TO CHOOSE THE BUYER BASED ON THE OLD TIME WORN THEME OF CATERING TO THE FRIENDS OF THE CITY AND CLOSING THE DOOR ON ANY OTHERS THAT ARE INTERESTED? WHAT IS THE MATTER WITH THE PEOPLE IN THE CITY BUILDING AND BEHIND THAT COUNCIL DESK? ------------- I'm so proud of my hometown and what it has become. Recall 'em all. Let's start over. |
Posted By: spiderjohn
Date Posted: Apr 14 2014 at 8:49am
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Cool--I expect this to be pulled due to the possibility that it will not pass as an "emergency"--why should it Getting my bid ready |
Posted By: Mike_Presta
Date Posted: Apr 14 2014 at 9:56am
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"because it ... fit the downtown business plan"!?!?!? That is exactly the problem!!! 1. What the heck city government doing imposing a "business plan"??? 2. Their "business plan" is the same old risky scheme that has continuously failed for decades (using other people's money, I might add)!!!
------------- “Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012 |
Posted By: acclaro
Date Posted: Apr 14 2014 at 10:26am
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It matters not to me, whom gets the building. What matters is the law as written is followed, associated with an equitable and publicized bidding process. And, the city receives the maximum amount of money from liquidation. Simple. Amazing how the city could not fund Sunset Pool, its glorious history, and usage for decades, and could care less about making an extra 75,000- 100,000, or more. Finally; Larry Mulligan says; "While Mulligan said there are examples where single ownership and control works well, but in the city’s case, he believed “diversification is better.” Wait Larry, didn't the city buy all the buildings to prevent diversification, to control who, why, and when, in order to avoid real estate speculation that was supposedly going to prevent Cincinnati State from having HEP spend more money? Elementary contradictions ERODE any credibility by anyone at Donham and Main. Lets walk through this again: 1. Open bids 30-45 days. 2. Sell to highest bidder 3. Proceed to selling airport 4. Close on building after bidding closed. Painless. ------------- 'An appeaser is one who feeds a crocodile, hoping it will eat him last.' - Winston Churchill |
Posted By: Vivian Moon
Date Posted: Apr 14 2014 at 10:36am
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Gentlemen, |
Posted By: acclaro
Date Posted: Apr 14 2014 at 10:51am
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Memo to MUM; Monthly RENT, $ 5200 OVER 5 Years- $312,000. Bid range- 135,000; 200,000. Savings if Buy- Greater than $100,000. So....why not bid? Okay, get it. You lease as a favor to PT and city. ------------- 'An appeaser is one who feeds a crocodile, hoping it will eat him last.' - Winston Churchill |
Posted By: Vivian Moon
Date Posted: Apr 14 2014 at 11:03am
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Acclaro |
Posted By: Mike_Presta
Date Posted: Apr 14 2014 at 11:12am
------------- “Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012 |
acclaro wrote:Posted By: acclaro
Date Posted: Apr 14 2014 at 11:25am
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Valid point on funding an officer or two, and cost to restore/ maintain. Surprised HEP hasn't shown an interest non C State related, just benefit from return on low capital outlay. Mr. Coon is impressive with the work they have done in this wheelhouse, historic. Who is the E in Geo CRE, (Coon, Robinette, and E?) Just curious, no significance to process. ------------- 'An appeaser is one who feeds a crocodile, hoping it will eat him last.' - Winston Churchill |
Posted By: Mike_Presta
Date Posted: Apr 14 2014 at 11:34am
City Hall should have no concern with whom the bidder is--only with whether or not they have submitted a legitimate bid. Neither should City Hall have any concern with the successful bidder's "business plan". After the sale, City Hall's only concerns should be whether or not the property is maintained in compliance with building codes and in compliance with zoning ordinances!!! If the mayor (or any other city official) wants to get involved with "business plans", they should resign, develop all the business plan that their hearts' desire, and then raise the private venture capital necessary to implement those plans!!!
------------- “Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012 |
Posted By: Mike_Presta
Date Posted: Apr 14 2014 at 11:42am
------------- “Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012 |
Posted By: acclaro
Date Posted: Apr 14 2014 at 12:25pm
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A subsidiary of Weit-Keiffer LLC is interested in bidding that does strategic fund raising consulting for higher learning institution, the elite privates. Non profit, no property taxes, will offer to redo the MUM contract at cost, no mark-up to MUM, for 5 year commitment. This may be interesting to determine what the final cash $ to be. Isn't the concept of open, public bidding, to guarantee everyone has a seat at the table? Appears council thinks taxpayer cash is their hedge fund investment to use. Transparency is a good thing. ------------- 'An appeaser is one who feeds a crocodile, hoping it will eat him last.' - Winston Churchill |
Posted By: Vivian Moon
Date Posted: Apr 14 2014 at 1:21pm
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S T A F F R E P O
R T Date: Original Purchase Price
by City: $275,000 for all buildings Less Cinergy purchase by
HEP: -$202,000 Deficit: ($ 73,000) Purchase price to City
for Bank One: $ 135,000 SUBJECT 1 Net to City from all purchase/sale transactions: $+62,000 |
Posted By: Vivian Moon
Date Posted: Jun 03 2014 at 3:23pm
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APPRAISAL OF BANK ONE BUILDING $297,000 to $300,000 and is now listed as an income property.
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Posted By: Vivian Moon
Date Posted: Jun 03 2014 at 3:39pm
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Please notice that this appraisal was completed on May 7,2014 When was it placed on the City Web Site? Is City Hall back to playing games with the sell of this property again? |
Posted By: swohio75
Date Posted: Jun 04 2014 at 10:07am
| I don't care what an appraisal says, a building is only worth what someone is willing to pay for it. |
Posted By: Vivian Moon
Date Posted: Jun 04 2014 at 12:12pm
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swohio75 I don't think $135,000 will buy this building now...unless you are a friend of those at City Hall. |
Posted By: Factguy
Date Posted: Jun 04 2014 at 12:16pm
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$300,000 won't buy the building, unless you have detailed plans for use that is compliance with usage defined by Marty Kohler and others associated with art, history, and dining. |
Posted By: Vivian Moon
Date Posted: Jun 04 2014 at 12:54pm
| .....and that Factguy is why THEIR DOWNTOWN will not thrive |
Posted By: spiderjohn
Date Posted: Jun 04 2014 at 1:23pm
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but....everything other city property in the area has been GIVEN away, + cash for repairs and efforts to achieve govt.grants, factguy? city was ready to sell it for $135,000 to a sketchy group with very vague plans.... adjacent corners were given away-Rose building was given away + $300,000+, and nothing seems to be going on with any of them. city actions have rendered downtown property to be valued as worthless liabilities---the old Wards building--Sonshine--Ligon's--Studio/Strand--Happy Hobby House--Midd.Journal building--Historical Society site--Sorg Opera House(Colonial Theater-duh) etc. check out the history of city involvement over the last decade+----forgiven loans, giveaways, repeated façade grants--all with virtually no conditions or time lines and not a lot to show for them-- is admin being vindictive after being nailed trying to illegally move this property? remember--we don't really have a new city manager yet what is the hold-up/snafu, factguy? why RENT to MU-M while GIVING the farm to C State? who has done the most to improve the city and long-term commitment/service? but I really like the people involved with both MU-M and C St. C St. and Beau Verre are the only success stories in the district, though per $$ invested, expensive to the local taxpayers |
Posted By: swohio75
Date Posted: Jun 04 2014 at 1:51pm
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Speaking of commercial property, I understand the old Central Ave Dillman's store is on the market with a long-term lease agreement with Dollar General for over $1.3 million. |
Posted By: over the hill
Date Posted: Jun 04 2014 at 1:57pm
| Beau-Verre has had their share of "sweetheart" deals while flying under the radar. I think some in the city building are running scared because their house of cards is about to crumble. Little by little their "dirty deals" are being uncovered. I don't think we have seen the last one. IMO |
Posted By: Factguy
Date Posted: Jun 04 2014 at 2:14pm
| The property tax on the old Dillman store will be very high on a commercial lease. They should have waited a year and bought the Marsh property and made it a super-store. Jay Moorman said what the terms of his deal were, 300,000, which they paid back. What's the issue? City opening time for more bidders, and also writing bid requirements for use, as it would be unfair to have staggered bids rolling in, each knowing the offer from another submitted prior. Gnau who bought the Manchester is interested in buying Bank One. That will drive up Stefano's, barbecue joint, hair stylist. |
Posted By: Factguy
Date Posted: Jun 04 2014 at 2:32pm
| Hasten to add: MUM has said they will leave the Bank One building if the buyer for building doesn't meet the standards the city will have for building. Only reason MUM is downtown is to help city. Play by their rules, or no MUM lease dollars, and won't be able to buy buildings if over 100,000 highest bidder that is in line with city. Robinette has too many downtown, city wants it to be diverse. Mark it down. MUM lease up end of June. |
Posted By: over the hill
Date Posted: Jun 04 2014 at 2:32pm
| I just thought it was interesting Beau-Verre was privy to the stained glass before anyone else was. Insider knowledge? Don't know. |
Posted By: over the hill
Date Posted: Jun 04 2014 at 2:39pm
| The city's standards, that's funny. What's going on with the Rose building? Up to city standards? Studio facade? Up to city standard? High grass all over town on empty lots? Up to city standards? Don't get me started. |
Posted By: acclaro
Date Posted: Jun 04 2014 at 2:48pm
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City knows who the Bank One building will be sold to. They control that by setting standards which allow them to accept low bidder. They won't sell if they don't find the right buyer.
------------- 'An appeaser is one who feeds a crocodile, hoping it will eat him last.' - Winston Churchill |
Posted By: acclaro
Date Posted: Jun 04 2014 at 2:54pm
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When does the MUM annual lease end. Is it end of June? If factguy is right, that's quite a bit of capital that would go away, which also would bring property value down associated with tenant occupancy. ------------- 'An appeaser is one who feeds a crocodile, hoping it will eat him last.' - Winston Churchill |
Posted By: Vivian Moon
Date Posted: Jun 04 2014 at 3:14pm
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MUM signed a five year lease in order for them to get the $50,000 in upgrades last December. |
Posted By: Dean
Date Posted: Jun 04 2014 at 3:36pm
| The term of the agreement has a provision in it the terminates the Agreement if the city sells the building if MUM wishes to move. Also, as the city made improvements to the building for $50,000, all lease payments associated with MUM will continue to go to the city unless Middletown allows the funds to be passed through to a buyer.I agree with the posters the city has this building locked down. GeoCRE will not get the building, nor any bidder but thje one the city finds matches its vision downtown. Someone posted a document Doug Adkins co-wrote with UC on section 8. Does anyone know it cost as much for the school buildings as Doug Adkins and UC had in their paper it would cost to pave every foot of asphalt in Middletown. Doesn't say much for the voters does it. Congratulations to Marcia Andrew for getting the levy passed. A major victory for the district. |
Posted By: Factguy
Date Posted: Jun 04 2014 at 4:16pm
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Not quite true Dean: the city would get their $50,000 back, but sell would not be limited to allow MUM out of agreement. But, city will determine how building is used; price means nothing. Mr. John, they like your donations (Cincinnati State and MUM) and input to concerts. But, that won't get you the building. |
Posted By: spiderjohn
Date Posted: Jun 04 2014 at 5:08pm
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probably so, SWO75--that would mean that with purchase price + improvements + taxes etc., the new owners might stick their heads above water after approx. 75% of that lease. Best of luck to them! Business was marketed privately for 3 years to remain as was, but no realistic takers--those with $$ didn't care for the city or neighborhood and stated that they probably couldn't improve sales. Still much praise to Stefano's, BBQ Central, Java Js, Jug and the very nice hair/nail stylists in the neighborhood. All hard-working locals who have built their successes through long hard work WITHOUT dependency on taxpayer funding. The real neighborhood success story in the city. Prior owners held on longer by a decade than anyone similar in the area, and had 87 great years within the city, working with most all local NEEDY groups(+ some that weren't that needy!) beyond those mentioned by factguy(just ask around). Age of prior owners, the building and equipment + demographic changes made it sensible to call it quits. Asked someone about new venue refrigeration, was told that no inside low/mid-temp back storage--only refrig will be self-contained units, so probably little to no perishables(dairy/frozen) and no fresh meat/produce/deli. Look for at least one DG to close locally. Was in the Marsh location recently and was surprised to see how cluttered/dated it was. nfl imo. Nice Meat dept. Was offered to me repeatly for a ridiculous amount just to take over(Marsh does not own the building). The holding co. currently owning is not interesting in operating retail or wholesale, and is closing all locations with expiration of leases(look to Hamilton and Franklin to reference). I expect some smaller retailer to eventually take it over, however Whole Foods, Costco, Sam's Jungle or DLM won't be coming to middietown. That Marsh center could be another eventual casualty after the CVS,DG and probable Marsh exit--creating a mega food desert. I think the right local entity could purchase the Bank One building. Someone with a long, successful local business history. Face it--the property is surrounded by the Rose disaster, Hope House, the Sorg Opera House(Colonial Theater) fiasco, empty 5/3 and 1st nat buildings, vacant former Hysterical Society---the area bar is pretty low. The "silent" and "loud" citizenry has lost patience with the admin, particularly Planning. Wouldn't be surprised to see at LEAST 3 OF 5 councilmembers go against recommendation of Planning with the right massaging. |
Posted By: acclaro
Date Posted: Jun 04 2014 at 5:29pm
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Here is the best investment advice given associated with commercial or residential property in Middletown, by Mike Presta. Don't waste your money fool, paraphrasing someone famous with a mohawk and gold chains weighing 25 lbs around neck. "Perhaps the situation can be best summed up by considering our City’s motto: “Middletown: Bright past, brighter future!” Middletown’s “bright past” now exists only in the fading memories of its senior citizens and in the black-and-white photos in the dusty archives at Middletown…oops, Mid-Pointe…Library. It is known to younger residents only through fondly told tales by their elders at family gatherings. Middletown’s “bright future” is nothing more than a scam foisted upon the ignorant by City Hall, with absolutely no basis in fact…simply “labored nothings in so strange a style, which amaze the unlearned, but make the learned smile”. Speaking of the library, please recall how “MIDDLETOWN” Library joined forces with their cohorts at City Hall and the School Board to pass a library levy upon the citizens of Middletown…then promptly dropped “Middletown” from their name (in favor of “Mid-Pointe”) and began using the funds from the levy to expand into Monroe, Trenton, and West Chester—places where the schools actually teach all their children to read!!! Once they passed their tax on the people of Middletown, they didn't even want to be associated with the name “Middletown”. (How telling is that, F-guy??? Why don’t you rail against them???) Middletown Library becomes Mid-Pointe Library, dropping the Middletown name. Middletown Hospital becomes Atrium Medical Center, dropping the Middletown name. AK moves their corporate headquarters from Middletown to West Chester. Our once strong paper companies, with flagship plants here, invest instead in their other plant sites and close or downsize their Middletown operations. All around us new medical and high tech facilities spring up, but Middletown’s highly touted “medical and high-tech campus” is avoided. Entire new I-75 interchanges are constructed and developed to the north and south of us, yet investment at our interchange is nil. Prestigious name brand retailers are opening new stores all up and down I-75 just to the north and south of us, and we get only dollar stores. Dollar-for-dollar, one can get more house for the money in Middletown than anywhere else for miles around, yet quality homes at bargain prices sit unsold for years, while buyers pay 30-50% more for comparable homes just a few miles away, and only the poor look for homes to rent in Middletown. Does anyone see the pattern here…and does it actually look like a “brighter future”???"------------- 'An appeaser is one who feeds a crocodile, hoping it will eat him last.' - Winston Churchill |
Posted By: over the hill
Date Posted: Jun 04 2014 at 5:42pm
| Well maybe the new city manager(who ever that may be) will let Marty go. We all know it's time for that to happen. |
Posted By: over the hill
Date Posted: Jun 04 2014 at 5:44pm
| Well maybe the new city manager(who ever that may be) will let Marty go. We all know it's time for that to happen. Judy's leaving so she can't protect him any more like she has in the past. |
Posted By: Factguy
Date Posted: Jun 04 2014 at 6:16pm
| Bank One building is a gold mine. Cincinnati State has interest in turning part of it into Cincinnati State Credit Union. Marty is going to be around for another 10 years. Council won't get rid of Marty, nor will the city manager. |
Posted By: Vivian Moon
Date Posted: Jun 04 2014 at 7:52pm
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Bank One building is a gold mine. Cincinnati State has interest in turning part of it into Cincinnati State Credit Union. Marty is going to be around for another 10 years. Council won't get rid of Marty, nor will the city manager. Cincinnati State has no money to spend on anything. HEP sold the CG&E building to STORE MASTER FUNDING for 5.8 million |
Posted By: Factguy
Date Posted: Jun 04 2014 at 8:03pm
| That is why it is a gold mine. They want to lease or have a split of revenue. They also have a police car or two, and employees, and want a credit union that their students and employees, and MUM can use. |
Posted By: spiderjohn
Date Posted: Jun 04 2014 at 8:20pm
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Why not the 1st national building, which they have already been given? There is no gold in that area, factguy--just a lot of expense, hard work and a long wait. Pipe dreams imo |
Posted By: Factguy
Date Posted: Jun 04 2014 at 11:22pm
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No space in Ist National, all for new classrooms. This will help Middletown, and so will the new lakefront park work coming. Middletown will be in high demand once the schools are done. By http://www.journal-news.com/staff/rick-mccrabb/" rel="nofollow - Rick McCrabb Staff Writer MIDDLETOWN — The cost of Phase 2 of the Gateway Enhancement Project at the Interstate 75/Ohio 122 interchange just got more expensive. Construction was originally estimated to cost $941,000 and Middletown’s share was about $335,100, said Scott Tadych, public works and utilities director. But when bids for the project came in higher than expected, the city was responsible for providing the additional funding of $143,212. OKI agreed to pay an additional 10 percent over the original $700,000 in Federal Transportation Enhancement Funds, which lowers the city’s responsibility to $73,212, Tadych told City Council on Tuesday night. He said the amount will be funded through the Auto and Gas Tax Fund and will be reimbursed by the Warren County Vehicle Tax Fund. The project includes roadway lighting, landscaping, trees and decorative pylons consistent with the recommendations of the Gateway Enhancement Plan from nearly four years ago, he said. The project was bid by the Ohio Department of Transportation with the lowest of three bids being 16 percent higher than the state’s estimate. The following bids were received:
Council adopted the resolution last month and appropriated $335,100 for the project. Council unanimously approved the emergency legislation Tuesday night to pay the additional $73,000. If council decided against awarding the contract, the city would have lost the federal transportation funds since they must be appropriated in the current fiscal year, Tadych said. He said work on the project is expected to begin in early July. |
Posted By: Vivian Moon
Date Posted: Jun 05 2014 at 6:23am
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Factguy Cincinnati State is cutting classes and staff because of debt load for 700 students. CG&E Building still is not complete and still not at break even point. |
Posted By: Mike_Presta
Date Posted: Jun 05 2014 at 7:09am
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Factguy: As one of the most brilliant teachers at Fenwick in the 1960s often said: "Your education has been sadly neglected." ------------- “Mulligan said he ... doesn’t believe they necessarily make the return on investment necessary to keep funding them.” …The Middletown Journal, January 30, 2012 |
Posted By: spiderjohn
Date Posted: Jun 05 2014 at 7:25am
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As Leadbelly would sing: "You can go to your college" "You can go to your school" "Sometimes that just makes you" "An educated fool--that's all" |
Posted By: spiderjohn
Date Posted: Jun 05 2014 at 8:23am
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u might be too young(or am I too old?) factguy sos deja vu all over again Groundhog Day |
Posted By: Factguy
Date Posted: Jun 05 2014 at 9:03am
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Four or five bidders want the Bank One building, all fools? http://www.brainyquote.com/quotes/quotes/b/benjaminfr383249.html" rel="nofollow - Any fool can criticize, condemn and complain - and most fools do.
http://www.brainyquote.com/quotes/authors/b/benjamin_franklin.html" rel="nofollow - Benjamin Franklin |
Posted By: spiderjohn
Date Posted: Jun 05 2014 at 11:52am
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Lol Hopefully not all of them |