Bank One Deal Smells

At lunch today I heard from a very reliable source the city received a much higher offer for bank one building and turned it down.

Miss Judy wants the building to go to her close friend with the Glaser family, Mica Glaser.

Miss Judy has not disclosed her friendship with the real buyer to Council.

Mr Waldon is a front man buyer. He has no money and had issues with a recent real estate failure.

Micah Glaser owns Toast of the Town.

Strange city selling to an LLC established a month ago?

 

Corporation Details

Corporation Details Entity Number 2269303 Business Name TOAST OF THE TOWN EVENTS LLC Filing Type DOMESTIC LIMITED LIABILITY COMPANY Status Active Original Filing Date 02/18/2014 Expiry Date   Location: County: State: Agent / Registrant Information MICA GLASER 6160 EDNA OAKS CT. DAYTON,OH 45459 Effective Date: 02/18/2014 Contact Status: Active Incorporator Information THERON J JONES Filings Filing Type Date of Filing Document Number/Image ARTICLES OF ORGNZTN/DOM. PROFIT LIM.LIAB. CO. 02/18/2014 201404501517

Yep this deal has a really bad smells
Where is Mr. Chis Walden going to come up with all the money to bring this building up to code or will that be overlooked also?
City Hall sold an income property with a five year lease of about $72,000 per year for $135,000....now that's what I call one sweet deal.

Emergency session on selling a building to a one month old building?

Well no wonder! Micah has a birthday in April for gosh sakes.

Wow, that's a relief. Some thought there was some questionable transaction occurring. Come on, this is a great deal. Sell bld for 135 Kk  generating > 300 Kk. That's only a loss of 175,000. Beats the Manchester loss of 350,000.      

Midd29: May be some council members need to be clued in on the relationship back ground of Judy and the Glaser family.Hopefully they will see something wrong with trying to rush this through before it gets challenged by anyone. Shouldn't this be brought up for bid?

over the hill wrote: Midd29: May be some council members need to be clued in on the relationship back ground of Judy and the Glaser family.Hopefully they will see something wrong with trying to rush this through before it gets challenged by anyone. Shouldn't this be brought up for bid?

I'm wondering if it would matter whether any councilmember were clued in or this was brought up for discussion. There is a long track record of every council member going along with the program, no matter what the subject. Only puppets and yes vote people qualify for council. They should be ashamed of constantly selling out and cowering down to the city building deceit, but I would imagine one has to be strong enough in personality to offer a combative role against the city gameplan. Haven't seen one council member, who has been that strong, in decades. Closest.....perhaps Laubach, but after time, he either gave up or was "talked to by the Mulligan clique". Sad to see.

Journal story....

City may sell Bank One building for $135,000

MIDDLETOWN —
The city may soon be out of the landlord business.


City Council will decide whether to sell the Bank One building, 2 S. Main St. — the last of the properties the city purchased from the Perry Thatcher estate more than three years ago — to Toast of the Town Events, LLC, for $135,000. The group is owned by Chris Walden who plans to convert the building into an art gallery and event center

Doug Adkins, the city’s director of community revitalization, told council last week the city received an unsolicited offer from Walden. Council member Dora Bronston questioned Adkins why the city wanted to sell the property to Walden when it had received offers before, and Adkins told her it was the first offer the city had received

DUNNO, BUT THIS SOUNDS LIKE A LIE ACCORDING TO OTHER POSTS ABOUT RECEIVING OTHER BIDS. DID DOUGGIE LIE AGAIN TO BRONSTON? IS BRONSTON GONNA BELIEVE IT?

DOUGGIE SPEAKS:


"He said it made “good sense” for several reasons: Gets the city out of owning properties, a long-term goal, provides another arts and entertainment business downtown and generates revenue for the city."

NOPE....WRONG. THE CITY WILL NEVER GET OUT OF OWNING PROPERTIES. THEY WILL CONTINUE TO BUY WHAT IS NEEDED TO ADDRESS THEIR PLANS FOR DOWNTOWN. THEY WILL BUY PROPERTIES OF DEMOLISHED BUILDINGS/HOUSES AND ATTEMPT TO SELL THE LAND....USUALLY WITH NO SUCCESS.

"provides another arts and entertainment business downtown"

YEP, ALL THE OTHER ARTZY PLACES HAVE ALLOWED THE DOWNTOWN TO EXPLODE DOUGGIE. JUST WHAT WE NEED.....MORE OF WHAT ISN'T WORKING.

"generates revenue for the city"

NOT ENOUGH TO BE MENTIONED. IT CAN'T. IT WILL ONLY CATER TO A SMALL FRACTION OF THE POPULATION AND WILL HAVE VERY LIMITED INTEREST.

"If the Bank One building is sold, the city would make $62,000 off its investment."

BUT HOW MUCH HAS THE CITY LOST WITH OTHER INVESTMENTS IN THE PAST? TELL US WHAT THAT NUMBER IS MCCRABB.

TOWNE BLVD.:

"The project will be funded by OKI-allocated Federal Surface Transportation funds ($585,000), a grant from the Ohio Public Works Commission ($665,000) and the balance of ($299,00) will come from the Storm Water Capital funds, said Scott Tadych, public works and utilities director"

IS THE STORM WATER CAPITAL FUND THE PROPER USE FOR STREET REPAIR?

"The project is expected to include minor widening, reconstruction of traffic signals, replacement of signage and construction of sidewalks. The city is hoping to reduce the number of accidents in that area and improve traffic flow, Tadych said"

I DON'T SEE HOW THESE ITEMS ARE CONNECTED TO STORM WATER. SOUNDS MORE LIKE THE STREET REPAIR FUND TO ME.

Error made (WHAT ELSE IS NEW) in Sebald Park property

When the city sent out its request for proposals for the purchase of Weatherwax Golf Course, it was discovered that a portion of the land also was included in the sale to Butler MetroParks.

So instead of receiving the full $20,000 purchase price for the sale of Sebald Park, $5,000 of that, or 25 percent, will be given to the Ohio Horsemen’s Council to compensate it for about one mile of trails lost in property leased to MetroParks that is being sold as part of Weatherwax Golf Course

GUESS THAT MEANS SOME TYPE OF INCREASED COSTS IN CITY SERVICES TO RECOUP THE MISTAKE AND LOSS OF THE $5000 FROM A CITY WHO IS PINCHING EVERY PENNY (EXCEPT FOR THE "HIDDEN AGENDA/WE JUST FOUND SOME MONEY" FUND FOR THE NEXT DOWNTOWN PROJECT THAT IS)

"If the Bank One building is sold, the city would make $62,000 off its investment."

Hmmm….Didn’t City Hall just upgrade the Miami Research side of this building several months ago before they signed the new contract?

Well of course it's their first "offer"-as they said during the meeting, they received several "inquiries: but always told the inquiree the building wasn't for sale. Meaning, of course, it wasn't for sale to them-only to someone they deemed worthy. And the reason they keep getting away with this larcenousa behavior is because people can't or won't actually take legal action where they have to defend their actions  someplace other than their home turf.

These LLC's, LP's, popping up, in most cases, are a month old before the city takes action.

Coincidental?

Or....some serious coaching taking place in Donham Abbey.

No coincidence. 

Years spent picking the neighbors before getting out of the real estate business. All while eyes taken off the true issue: economic development and attracting new residents and businesses. ED will be writing grant proposals, not closing business deals with tax producing entities.

This ship is heading in wrong direction and has been for too long.

How do you know Robinette is not a member of Toast of Town and Manchester LP?

Only one member or registered agent has to sign the Articles, up to 100 members possible in an LLC.   

There is no requirement to divulge members names in an LLC nor partnership.

Typically, the name listed as contact for LLC at state level regardless of registration, is the Managing Director and the contact for any legal matters. For banking purposes, either a Managing Director and all members have to be listed.

Proper due diligence by council would provide this. If shielding others by one front, any number of members in community could be associated with Toast, others.