Thawing of the Ice Cube Deal?

[Wrinkle]

This morning's World reported trouble brewing with the bonds for One Tech.

Bonds cannot seem to be issued prior to closing. So, was wondering how the building was being paid for in the interim?

Anyone know?

[Rico]

quote:Originally posted by Wrinkle

This morning's World reported trouble brewing with the bonds for One Tech.

Bonds cannot seem to be issued prior to closing. So, was wondering how the building was being paid for in the interim?

Anyone know?

I think this may be the route they are taking...

[inteller]

sounds like they are robbing Peter to pay Paul.

whatever happened to the council requierment that they had to find a 3rd party to lease out the building?

[sgrizzle]

quote:Originally posted by inteller

sounds like they are robbing Peter to pay Paul.

whatever happened to the council requierment that they had to find a 3rd party to lease out the building?

3rd party was leasing the non-city space only I believe.

[aoxamaxoa]

quote:Originally posted by sgrizzle

quote:Originally posted by inteller

sounds like they are robbing Peter to pay Paul.

whatever happened to the council requierment that they had to find a 3rd party to lease out the building?

3rd party was leasing the non-city space only I believe.

Correct.

Everyone's nervous over the credit situation. Is there something about the cities credit rating we don't know....

[MichaelBates]

quote:Originally posted by inteller

sounds like they are robbing Peter to pay Paul.

whatever happened to the council requierment that they had to find a 3rd party to lease out the building?

Prior to closing on the property, the city either had to have a master lease in place (for all the space the city won't be using) OR transfer land worth a certain amount to the Tulsa Industrial Authority. Both measures were intended to protect against the vagaries of the office rental market. Theoretically, if rental revenues fell short of projections, the TIA could sell off the land and continue to make payments on the debt for OTC.

The first protection, the master lease, actually would require some private business to make a financial commitment. The second protection is a paper transaction that only requires the City and the TIA pretending that the land is worth the required amount.

Councilor Eagleton tried to require both protections to be in place before closing could occur. He was thwarted by a majority of his colleagues, at the urging of Mayor Taylor and Don Himelfarb.

The OTC purchase is being financed for an initial period by the seller. TIA will be paying  interest only on the debt. At some point, TIA will sell revenue bonds, pay off the seller, and then begin paying back the bondholders.

[aoxamaxoa]

Yes. Eagleton did attempt to get "and" inserted for belts and suspenders.

MB thanks for clarifying this....

I see the city has now started to search for a real estate broker to master plan downtown...I thought that was Economic Developments job. I also would be concerned about conflicts of interest that a broker could create. Oh well, it's time to try a cohesive plan to develop downtown. And picking an outsider may indeed be the only way to avoid in fighting.

[cannon_fodder]

Thanks for the clarification Bates.

[Conan71]

Why don't they just get a personal loan from Lobeck?

[aoxamaxoa]

quote:Originally posted by Conan71

Why don't they just get a personal loan from Lobeck?

The man is sacrificing enough already....

[inteller]

quote:Originally posted by aoxamaxoa

quote:Originally posted by Conan71

Why don't they just get a personal loan from Lobeck?

The man is sacrificing enough already....

haha...yeah what sin did he commit to get stuck with Krazy Kathy?

[aoxamaxoa]

quote:Originally posted by inteller

quote:Originally posted by aoxamaxoa

quote:Originally posted by Conan71

Why don't they just get a personal loan from Lobeck?

The man is sacrificing enough already....

haha...yeah what sin did he commit to get stuck with Krazy Kathy?

Crazy like a fox.....

[Rico]

quote:Originally posted by Rico

quote:Originally posted by Wrinkle

This morning's World reported trouble brewing with the bonds for One Tech.

Bonds cannot seem to be issued prior to closing. So, was wondering how the building was being paid for in the interim?

Anyone know?

I think this may be the route they are taking...

Mayor's item regarding the "Quit Claim Deed Transfer" pulled from the Council Agenda this evening...!

Anyone know why...?

Was she told they would not pass the item...!

Roscoe and Jack are fairly upset regarding the "lack of sensitivity" on the Pamer issue..

Turner, Eagleton, Christiansen, Henderson, and one more may put the "New City Hall" at risk...

Well I'm just guessing... anyone know the "Real Deal" ........??

[Double A]

The One Tech fiasco is well on it's way to becoming the clusterf*#$k I predicted.

City land to be assesed for environmental issues

Councilors concerned over lack of master lease

City hall move not likely soon

A refresher on the third party master lease agreement

[Wrinkle]

quote:Originally posted by Double A

The One Tech fiasco is well on it's way to becoming the clusterf*#$k I predicted.

City land to be assesed for environmental issues

Councilors concerned over lack of master lease

City hall move not likely soon

A refresher on the third party master lease agreement

I agree.

It's a bad deal gone badder.
If you think it's hard now, wait 5 years when Kitty is covering another sand box.

There's still time, however. And, there's signs the Council may be coming to their senses.