12/20/11 Workbook

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.

PARID: Q6511005000035
BAYVIEW LOAN SERVICING LLC		63 S MAIN ST

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 poor town quaint village up here in the rust belt struggle the way we are. Yeah…that’s it!!! That’s the ticket!!!

 

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.

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.

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.