Here it comes
Posted by John B. Kalb - 5/8/08 @ 4:20 pm - Filed Under Local Politics
See Leininger’s article in todays News-Sentinel in re The Harrison:
Remember our comments last February (Recently orgainized LLC, “B.S. Fort Wayne-1″)
1) The sale of the condos may not happen as the rosy predictions - and then what?
2) The developer may not be able to get the necessary financing to enable building the retail and the condos - and then what?
3) Didn’t we go through this with another developer (Kennedy?) on MidTowne Crossing - and what happened? Who bailed out who that time?
4) With the retail and condos not happening, who is going to loan White Lodging the millions needed to build the hotel? Guess who - IT’S ME AND YOU - ANOTHER BIG BOND ISSUE ( buried in a stinking “lease-” financing scheme to avoid breaking the Indiana Constitutional ban on indebtedness and run by an APPOINTED local commission)
5) Remember the Downtown Hilton - First owners went “belly-up” and the facility was “saved” by Lincoln Life. Does anyone believe that Lincoln gives a rap for Fort Wayne in 2008? IT ISN’T GOING TO HAPPEN!
6) AND THE CITY OF FORT WAYNE GUARANTED WHITE LODGING A 16% PROFIT FOR 20 YEARS! Here IT Comes, Fort Wayne.
7) And look at what is happening at Southtown Centre with the Police & Fire academy - HEY, Fort Wayne IS ON THE MOVE - to total bankruptcy. You say no? Remember, Mr. Richards and Mr. Peters talked Ms. Musgrave at the Local Financing group into allowing the use of our property levy to back the lease/bond in case something like this happened!
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I see IPFW got $25mm to do some more projects out north. That should be all going downtown.
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