Channel 2 and 1st street lofts

[swake]

So the bottom line is that he just gets to steal $1.3 million of taxpayer money with no consequences, right?

TDA at it's finest.

[saintnicster]

So the bottom line is that he just gets to steal $1.3 million of taxpayer money with no consequences, right?

No.  It has always been a loan from the city.  He just gets it interest-free for the first 10 years.  http://www.tulsanow.org/forum/index.php?topic=20677.0

[heironymouspasparagus]

So the bottom line is that he just gets to steal $1.3 million of taxpayer money with no consequences, right?

Yes.


And people supporting this carp wonder why voters are so distrustful....?

[swake]

No.  It has always been a loan from the city.  He just gets it interest-free for the first 10 years.  http://www.tulsanow.org/forum/index.php?topic=20677.0

You are under the impression he's suddenly going to be able to pay it back when the note is due? He's already in violation due to lack of progress on the project, which has happened because he doesn't have the money to do the work.

 

[heironymouspasparagus]

City needs to take it back and give me the same deal.  There would be business tenants by now.  And residential soon.

[swake]

City needs to take it back and give me the same deal.  There would be business tenants by now.  And residential soon.

They can't, he has other loans in position before the city's note. They can foreclose but they wouldn't get anything.

[Vision 2025]

They can't, he has other loans in position before the city's note. They can foreclose but they wouldn't get anything.

I believe that is the same position TDA took with all the properties.  Early on they tried to be in first position but all of the developers had issue with that it was one of the reasons for significant delay in getting the projects going in the first place, that along with the developers believing these funds were going to be a gift and not require repayment. 

[carltonplace]

I believe that is the same position TDA took with all the properties.  Early on they tried to be in first position but all of the developers had issue with that it was one of the reasons for significant delay in getting the projects going in the first place, that along with the developers believing these funds were going to be a gift and not require repayment. 

I think Sager is still under the assumption that this is a gift.

[Townsend]

I think Sager is still under the assumption that this is a gift.

He's probably looking at ways to make it a gift.

[AquaMan]

I made a business presentation to him once. He told me he would never do business with someone who kept his hands in his pockets. I guess he meant it was better to have them in someone else's pockets.

[Cats Cats Cats]

I call BS on the permitting.  Sager is known as a “go-to” guy for other downtown build-outs to help ease the process of permitting.  He also cashed out on the Woody’s, Blue Dome, and Arnie’s buildings to the tune of $1.2 million last year.

I also call BS on the economic downturn damaging his ability to borrow money from banks for the project.  Sager has NEVER been a bankable risk in the 20+ years I’ve known him.

He put some in buying the triangle bulding.