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Tuesday, May 14, 2024 |
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12/20/11 Workbook |
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Mike_Presta
MUSA Council Joined: Apr 20 2008 Location: United States Status: Offline Points: 3483 |
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Posted: Jan 07 2012 at 5:07am |
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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. |
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“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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ground swat
MUSA Citizen Joined: Mar 31 2011 Status: Offline Points: 367 |
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It"s only 75k, needs to be six figures for the news people to get involved. There busy covering shoppers returning gifts!
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TonyB
MUSA Citizen Joined: Jan 12 2011 Location: Middletown, OH Status: Offline Points: 631 |
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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. |
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middletownscouter
MUSA Citizen Joined: Oct 11 2010 Location: Sunset Park Status: Offline Points: 501 |
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It says validity "Forclosure" and lists the previous owner. Could this simply be the record of the title being moved from the previous owner who went into forclosure into the hands of the Bank?
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TonyB
MUSA Citizen Joined: Jan 12 2011 Location: Middletown, OH Status: Offline Points: 631 |
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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.
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Vivian Moon
MUSA Council Joined: May 16 2008 Location: Middletown, Ohi Status: Offline Points: 4187 |
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Mike |
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Mike_Presta
MUSA Council Joined: Apr 20 2008 Location: United States Status: Offline Points: 3483 |
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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
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“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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NOLA
MUSA Immigrant Joined: Dec 13 2011 Status: Offline Points: 18 |
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http://bayview-loan-servicing.pissedconsumer.com/
Sounds like they may be someone te city would like to do business with. |
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Mike_Presta
MUSA Council Joined: Apr 20 2008 Location: United States Status: Offline Points: 3483 |
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“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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Mike_Presta
MUSA Council Joined: Apr 20 2008 Location: United States Status: Offline Points: 3483 |
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Well, I guess I was wrong.
I guess that this is a hot property—so hot, in fact, that someone
decided to buy it for far above the $59,000 asking price!!! On 21 DEC 2011, the deed was passed to BAYVIEW LOAN
SERVICING LLC for $100,500!!! |
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“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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TonyB
MUSA Citizen Joined: Jan 12 2011 Location: Middletown, OH Status: Offline Points: 631 |
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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. |
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NOLA
MUSA Immigrant Joined: Dec 13 2011 Status: Offline Points: 18 |
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Mike, that wouldn't surprise me at all to totally restore the building. It suffers from abuse, water and other damage. I would estimate it would be about $750,000 to get the building to a state where it could "
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Mike_Presta
MUSA Council Joined: Apr 20 2008 Location: United States Status: Offline Points: 3483 |
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“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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ground swat
MUSA Citizen Joined: Mar 31 2011 Status: Offline Points: 367 |
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Snyders law " emergency financial managers". Pretty scary but the bill was signed and the Michigan governor would like to act. Already have a group that meets once a month at the chamber to talk about crime, good turnout. Don't know if a group could pull together for over site. Sad when only 6 people show for a town hall and know one goes to the podium during council. Anyone notice how the Nov. Elections turned out?
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Mike_Presta
MUSA Council Joined: Apr 20 2008 Location: United States Status: Offline Points: 3483 |
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“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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Mike_Presta
MUSA Council Joined: Apr 20 2008 Location: United States Status: Offline Points: 3483 |
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“Regardless of whether it’s implemented by a separate organization or by the city, the intention is to use it for property development.”
Well, now that we taxpayers have been “MMF’ed” out of
$75,000, perhaps it’s time for The Mayor and his gang to take another trip to
Las Vegas. Since there’s no oversight,
nor any restrictions on how this money can be spent, perhaps they’ll form
another “separate organization” and call it G.A.M.B.L.E. (Government Agents Making Bets and Laughing at Everyone)!!! Other suggestions for “property development”??? I saw a poor chap on Central Avenue walking
towards downtown about 1:00 AM this morning sipping "tea" from a container in a
brown paper bag. He had undoubtedly just
debarked from the commuter train at our historic train depot. This screams out the need of an historic Olde Tyme trolley service from the historic
depot to historic downtown (with continuing service to historic South Main
Street, and a branch line to the historic Manchester Inn, of course). |
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“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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NOLA
MUSA Immigrant Joined: Dec 13 2011 Status: Offline Points: 18 |
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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. |
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TonyB
MUSA Citizen Joined: Jan 12 2011 Location: Middletown, OH Status: Offline Points: 631 |
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Stanky,
I'm with you on that one. Those windows have been uncovered since June. I can't imagine what those rooms look like if birds were able to fly in unimpeded. Just more renovation expense. |
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Stanky
MUSA Resident Joined: Jul 04 2011 Status: Offline Points: 193 |
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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.
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LMAO
MUSA Citizen Joined: Oct 28 2009 Location: Middletucky Status: Offline Points: 468 |
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I really need to go to a meeting to ask our "SPINELESS ONES" for a loan.Something is not right about them just handing over 75k and dont ask what for and our we going to get paid back? Im guessing that 2 out of the 3 live on Main Street or in another Historic neighborhood. I wont beat around the bush as some do,They are crooks and scammers.
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TonyB
MUSA Citizen Joined: Jan 12 2011 Location: Middletown, OH Status: Offline Points: 631 |
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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? |
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Vivian Moon
MUSA Council Joined: May 16 2008 Location: Middletown, Ohi Status: Offline Points: 4187 |
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Downtown Coordinator, for Downtown Middletown Inc.
http://www.preservationdirectory.com/preservationblogs/ArticleDetail.aspx?id=2700&catid=3 Funding for the Sorg Opera House |
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spiderjohn
Prominent MUSA Citizen Joined: Jul 01 2007 Location: United States Status: Offline Points: 2749 |
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correct swat--+ the Downtown Inc. + a new director(of?) on top of it all.
Once again they talk down to us, by not even mentioning that an offer from MMF has "allegedly" been made on the Sorg Theater property PRIOR to last night's Council approval of the funding(which probably will be used to secure the loan). So--that $$ will be tied up and/or gone immediately. So--from where will the improvement funding come, and what will be the end result of the project + the economic impact to the ENTIRE community? Future funding? The place couldn't survive when run by the Opera Company, by ACF functions, movies,talent shows, rock acts or even wrestling matches over the last few decades. It was allowed to literally fall apart and has become the major eyesore of the area DESPITE it's historic designation. Is it REALLY worth the cost of restoration? We don't need and can't afford a larger historical society since we can't /won't support our existing entity. These MMFers are largely a well-intentioned, intelligent, successful group of long-term residents and public activists who honestly shouldn't need Ms.Hamet, Mr.Landen or the city manager to speak for them. MMF has been around since 2005, has supposedly only filed a financial report in their initial year, and has only raised $10,000 in capital over that period. Not very active or productive imo. When they ask the city to fund them, it takes on a whole new attitude and obligation of clarity and responsibility. So--since Councilmembers Becker and Mulligan are active members of MMF, why were they allowed to vote on this issue?
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ground swat
MUSA Citizen Joined: Mar 31 2011 Status: Offline Points: 367 |
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We need another (Fund) Mr. P. When will council look in the mirror and understand how this city looks to the rest of the county? Can't they understand how it looks to have the Admin.moving money around like checkers. I would agree that $75k is not alot of money in the realm of the over all budget 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?
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TonyB
MUSA Citizen Joined: Jan 12 2011 Location: Middletown, OH Status: Offline Points: 631 |
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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. |
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