Saturday, November 20, 2010

Scott Yost and Donald Patterson on the Downtown Wyndham, with a couple questions for Skip Alston

"...hotel proponents appeared outright angry at county officials who wanted to see some evidence of the financial viability of the project before sending it to Raleigh for consideration for the special funding.

...after the Guilford County Board of Commissioners signed off on the project at their Thursday, Oct. 7, 2010, meeting, the hotel proponents have seemingly been having difficulties in moving forward.
At what point should some Guilford County's Commissioners
be ashamed of themselves?
...A representative of M.R. Beal & Co. said the firm wouldn't loan the money to the hotel group until it had placed the bonds with investors.

...[Mary Nash Rusher, the bond counsel for Guilford County, wrote] "given the need to secure the additional tax credit-equity financing as well as the placement of the debt for this transaction, the Company is not in a position to be on the agenda for the meeting of the Local Government Commission ("LGC") on December 7, 2010.""
Did the tax credit financing not go either?

"“This is not a pot of money,” said Rusher, ...You still have a find a lender.”
Does Skip still get to keep his "fee"?
So far, the developers have not been able to do that.
How could some describe a "fee" for a Guilford County Commissioner/Real Estate Broker,
who may receive a real estate brokerage commission
for a transaction that never occurrs?
“The company working diligently to identify a bond purchaser for the transaction.”
Was the "fee" paid before or after
Guilford County Commissioners adopted new ethics rules?
Efforts to reach the developers of the project were unsuccessful."

Donald Patterson


Anonymous said...

Looks like a public fleecing has been averted.

Bubba Near said...

"Looks like a public fleecing has been averted."

I wouldn't worry though. I'm sure there's another one lurking right around the corner for our "benefit".