VR claims it's a requirement for this particular financial instrument but it doesn't pose additional risk to the city.flipz wrote:What's the point of having the city as a master lessee?
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It does seem odd. I've seen the reverse where a public entity owns the building and the Developer is the master lessee (which is often part of a tax abatement structure).innov8ion wrote:VR claims it's a requirement for this particular financial instrument but it doesn't pose additional risk to the city.flipz wrote:What's the point of having the city as a master lessee?
What security does the lender get with the City as a master lessee unless the City is kicking in some rent (or guarantees of rent)?
This went quiet, or at least it seems that way. Sorry, don't twitter. Maybe both parties finally decided or at least admitted to themselves that a serious face to face negotiation with experts in contracts was and is the more appropriate manner to deal with the situation.
I doubt very much that city leadership, Mayors or Treasurers' office, is ignoring the fact that the city is having another good summer downtown with Chemical and arcade building, SLU law opening and the possible/speculative expansion of Webster University because of the never ending Webster Grove nimbyism. Not gangbusters, but going forward. Not to mention that historical tax credits survived another year and its nine lives. City continues to struggle to get jobs downtown but the more residents the better chance it will happen. This might be the opportunity to find a way to make developement of more difficult properties remaining as the low hanging fruit has already developed.
I doubt very much that city leadership, Mayors or Treasurers' office, is ignoring the fact that the city is having another good summer downtown with Chemical and arcade building, SLU law opening and the possible/speculative expansion of Webster University because of the never ending Webster Grove nimbyism. Not gangbusters, but going forward. Not to mention that historical tax credits survived another year and its nine lives. City continues to struggle to get jobs downtown but the more residents the better chance it will happen. This might be the opportunity to find a way to make developement of more difficult properties remaining as the low hanging fruit has already developed.
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FOX2 had a brief spot last night; there is a meeting b/w city officials and Vertical later this week. Vertical said it wouldn't comment until after the meeting, but Tishuara Jones was nice enough to answer a question from Charles Jaco... "Yes", Tishuara responded, "Vertical is endangering the public. One big wind and the building could collapse."dredger wrote:This went quiet, or at least it seems that way. Sorry, don't twitter. Maybe both parties finally decided or at least admitted to themselves that a serious face to face negotiation with experts in contracts was and is the more appropriate manner to deal with the situation.
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Why is Tishaura Jones so committed to seeing this building demolished? Is there an online access to campaign finance reports showing donors?
There is a "Campaign Donations" link on the St. Louis Board of Elections website. But, unsurprisingly, it isn't active. At least not on my browser, anyway...stlhistory wrote:Why is Tishaura Jones so committed to seeing this building demolished? Is there an online access to campaign finance reports showing donors?
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Well, that's helpful - the Treasurer actually saying that a prospective developer is directly endangering the public. That stuff is just stupid.
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Found campaign reports:
http://www.mec.mo.gov/EthicsWeb/Campaig ... hComm.aspx
Interesting facts from fifteen minutes of reading her most recent report: more than $12,000 from New Orleans interests. $3000 from Kwame Building Group in STL. Politicians giving support (under $250) include Maida Coleman, Bill Clay (Sr.), Lyda Krewson, Larry Williams, Gregory FX Daly, GH Walker III (a Republican and cousin of GHW Bush). $500 from Carl Phillips (who was hired by Jones as a new parking administrator). $500 from NorthSide and another $500 from Chris McKee, who works in commercial real estate, and another $500 from Joe McKee (CEO of Paric). Lots of cash from independent contractors, but it's all small time (50 to 100).
And $300 from Curtis Schroeder of VR (two separate donations).
http://www.mec.mo.gov/EthicsWeb/Campaig ... hComm.aspx
Interesting facts from fifteen minutes of reading her most recent report: more than $12,000 from New Orleans interests. $3000 from Kwame Building Group in STL. Politicians giving support (under $250) include Maida Coleman, Bill Clay (Sr.), Lyda Krewson, Larry Williams, Gregory FX Daly, GH Walker III (a Republican and cousin of GHW Bush). $500 from Carl Phillips (who was hired by Jones as a new parking administrator). $500 from NorthSide and another $500 from Chris McKee, who works in commercial real estate, and another $500 from Joe McKee (CEO of Paric). Lots of cash from independent contractors, but it's all small time (50 to 100).
And $300 from Curtis Schroeder of VR (two separate donations).
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I'm embarrassed by the lack of professionalism coming from the Treasurer's office.
Maybe the historic tax credits will be used as the guarantee. Thats what would make sense.south compton wrote:It does seem odd. I've seen the reverse where a public entity owns the building and the Developer is the master lessee (which is often part of a tax abatement structure).innov8ion wrote:VR claims it's a requirement for this particular financial instrument but it doesn't pose additional risk to the city.flipz wrote:What's the point of having the city as a master lessee?
What security does the lender get with the City as a master lessee unless the City is kicking in some rent (or guarantees of rent)?
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I just love how if you ask the Treasurer a question her dad gets defensive and fires back as if it's a personal attack.
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So St. Louis.Alex Ihnen wrote:I just love how if you ask the Treasurer a question her dad gets defensive and fires back as if it's a personal attack.
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With a response that doesn't really make sense.Alex Ihnen wrote:I just love how if you ask the Treasurer a question her dad gets defensive and fires back as if it's a personal attack.
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Absolutely. It's exactly what I'd expect, along with the lack of professionalism from Mr. Jones' daughter as Presbyterian pointed out in a previous post.pjeckelkamp wrote:So St. Louis.Alex Ihnen wrote:I just love how if you ask the Treasurer a question her dad gets defensive and fires back as if it's a personal attack.
Pic from today:
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Felt so endangered standing next to Cupples 7. I mean just look at all those unstable cracks in the brick facade. Fortunately only a light breeze was blowing.
Felt so endangered standing next to Cupples 7. I mean just look at all those unstable cracks in the brick facade. Fortunately only a light breeze was blowing.
imran wrote:Felt so endangered standing next to Cupples 7. I mean just look at all those unstable cracks in the brick facade. Fortunately only a light breeze was blowing./quote]
The brick facade is not the concerning element - it's the interior structure of the building that has deteriorated and poses the threat of a collapse.
Everyone knows that. I don't think he was very serious.The brick facade is not the concerning element - it's the interior structure of the building that has deteriorated and poses the threat of a collapse.
Considering the weather we've been having this Spring, there's got to be some very strong winds hitting that building. And its still standing. While there is the threat of eventual collapse, I think the urgency is being overblown.
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Virvus Jones and Bosley are exactly what the honorable brother Rep. Elbert Guillory from Louisiana explains in this touching, awe-inspiring, hopeful, honest, optimistic video from yesterday. Truly a must-see speech from a politician that's why I'm posting it here slightly off-topic. I don't know anything about T. Jones except the weird Twitter stuff.threeonefour wrote:pjeckelkamp wrote:So St. Louis.Alex Ihnen wrote:I just love how if you ask the Treasurer a question her dad gets defensive and fires back as if it's a personal attack.
http://www.wnd.com/2013/06/black-democr ... g=politics
I would very much prefer this is renovated ASAP! I do understand that the city should not be in the leasing business. We have to be honest with ourselves when we talk about this building, I have a great view of the inside of this building, it is a wreck. The façade is mostly standing on it's own which is not a good thing. As we post pictures of the façade and make jokes, perhaps we should remember the Switzer building after a strong wind.
I always expected this building to be completed sooner than others since it is one of the few Cupples buildings almost attached to a parking garage!
Is that garage full? Isn't it property of the city/treasurer? Wouldn't the renovation fill up the garage and generate more parking $?
Is that garage full? Isn't it property of the city/treasurer? Wouldn't the renovation fill up the garage and generate more parking $?
^^
Guillory conveniently glosses over the fact that the Democratic Party was fracturing along regional lines during the Depression, and that after the 1964 Civil Rights Act the two major parties effectively flipped, with the GOP becoming the party of southern white segregationists, while the Democratic party continued the traditions of the old GOP, aka Lincoln's party. Seriously, who would Lincoln associate with: Hubert Humphrey or Strom Thurmond? It's a pretty disingenuous ploy to go after low information voters with no sense of history.
Guillory conveniently glosses over the fact that the Democratic Party was fracturing along regional lines during the Depression, and that after the 1964 Civil Rights Act the two major parties effectively flipped, with the GOP becoming the party of southern white segregationists, while the Democratic party continued the traditions of the old GOP, aka Lincoln's party. Seriously, who would Lincoln associate with: Hubert Humphrey or Strom Thurmond? It's a pretty disingenuous ploy to go after low information voters with no sense of history.
There's a lot of tomfoolery in St. Louis. As I see it, the city is damned when it does, and damned when it doesn't.
Perhaps they thought some other firm would come to the rescue of C7, but where was Vertical Realty a year or two ago? They have made other proposals for downtown. Why did it take the serious threat of demolition to get them to come out of the woodwork?
I think it is unfair to accuse the Treasurer of a hidden agenda when this building has been sitting and rotting for years. It's apparent that she - as an office holder - means business. She is having to come in to clean up other people's mess. Attacking her father for protecting his daughter against fraud innuendos and prying through her campaign donations all because she has expressed concern about the public's safety? How does that help towards the end goal of saving this building - which is truly a threat to public safety? It doesn't take a rocket scientist to figure out that a building which is ROTTEN IN THE CORE - despite exterior appearances - is an imposing threat to public safety.
While I would like for this building to be saved or stabilized, if it collapses, then what? God forbids it collapses and injures or kills someone - that's one more unfortunate negative national headline about St. Louis.
Vertical Realty says they have the money.....prove it. Just as people want the Treasurer's Office to be transparent, Vertical needs to do the same. Show us the money. In the end, I hope it works out that C7 will be saved and that both sides work in truth.
Perhaps they thought some other firm would come to the rescue of C7, but where was Vertical Realty a year or two ago? They have made other proposals for downtown. Why did it take the serious threat of demolition to get them to come out of the woodwork?
I think it is unfair to accuse the Treasurer of a hidden agenda when this building has been sitting and rotting for years. It's apparent that she - as an office holder - means business. She is having to come in to clean up other people's mess. Attacking her father for protecting his daughter against fraud innuendos and prying through her campaign donations all because she has expressed concern about the public's safety? How does that help towards the end goal of saving this building - which is truly a threat to public safety? It doesn't take a rocket scientist to figure out that a building which is ROTTEN IN THE CORE - despite exterior appearances - is an imposing threat to public safety.
While I would like for this building to be saved or stabilized, if it collapses, then what? God forbids it collapses and injures or kills someone - that's one more unfortunate negative national headline about St. Louis.
Vertical Realty says they have the money.....prove it. Just as people want the Treasurer's Office to be transparent, Vertical needs to do the same. Show us the money. In the end, I hope it works out that C7 will be saved and that both sides work in truth.
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This is kind of an odd attack. The most recent RFP was not that long ago and smaller firms can't be everywhere at once.... it takes a lot of time and effort to put together a serious proposal. As far as I understand, the city and Vertical are meeting this week.... lets hope it goes well and that the city is open to what appears to be a serious but non-traditional proposal. Until then, I think it best that the parties keep quite.arch city wrote:There's a lot of tomfoolery in St. Louis. As I see it, the city is damned when it does, and damned when it doesn't.
Perhaps they thought some other firm would come to the rescue of C7, but where was Vertical Realty a year or two ago? They have made other proposals for downtown. Why did it take the serious threat of demolition to get them to come out of the woodwork?