I have steadily reported for East Lansing Info on the Center City District project from the day it was introduced, on many occasions with my colleague Chris Root. We have spent a lot of time using FOIA to document what has happened (and not happened) with regard to the public financing of this project. Today I sent the attached letter (below) to the Brownfield Redevelopment Authority about their meeting which happens tomorrow (Thursday, July 9) at noon. I share it with readers of Public Response … Read more →
I see in ELi that some members of Council are (finally) questioning the continued use of the bond attorney. I would add, they also need to get rid of Baird as the city’s bond agent.
Better yet, time to stop allowing DDA/BRA to issue bonds and to stop allowing the city to issue bonds unless approved by voters. Just a reminder, the DPW building was built without voter-approved bonds (with cost overrun) after voters were promised, in approving sale of the old building, there would be no … Read more →
Ah, nostalgia, to quote the great storyteller, Gamble Rogers.
I see the DDA is finally giving up on Yeadon. I still maintain, if the city gave up on the DDA, eliminating staffing costs and reducing it to paying its existing debts and bills, it would save more money than trying desperately to make good on the idiotic 2009 decision to borrow to buy the Evergreen properties. By time any big new project is completed, the debt of the bonds for City Center I will be … Read more →
With a new Council and an apparent willingness to look beyond the DDA for solutions to the Evergreen properties quagmire, I am going to revive my analysis from several years ago that it is not financially imperative to sell and redevelop the city’s Evergreen properties, which were originally bought with the intent of tearing them down and replacing with a massive parking garage.
Recall that the properties were bought 10 years ago for more than 3 times their assessed market value, at a time … Read more →
Tomorrow night, Sept. 10, City Council will take up the question of whether to permanently rezone the DDA’s Evergreen Avenue properties (314-344 Evergreen on the east side) to B3. In a report published today at ELi, I explain what that would mean and list what are seen as the pros and cons of this rezoning:
As a lot of Public Response readers know, these properties carry about $5.6 million in debt, a debt for with City taxpayers are ultimately responsible.
That debt … Read more →
The redevelopment concept known as Park Place has headed in a direction we’ve never seen before – with a complex and exclusive Purchase & Sale Agreement being negotiated before the project has even been formally proposed. What’s going on? East Lansing Info has the scoop at:
Because it sounds like this Dublin Square thing is another hurry-up, no-scrutiny deal, I thought I’d better get the facts out faster than ELi can do a story.
For those who have forgotten or missed earlier episodes: No, not everybody does it. In my many years of perusing records, I am only aware of three would-be developers who use tax delinquencies as a cash flow strategy. One in Lansing, exposed by MLive if I remember correctly, admitted he used not paying taxes on time … Read more →
Something else that was mentioned in the ELi story about the Dublin Square project was the DDA wanting to refinance the bonds for the Evergreen properties.
We went round and round about this for years and years. City officials, with DDA approval, did something incredibly stupid issuing those bonds in 2009 to buy properties at 3 times market value when the economy was in collapse and with a developer who should never have been allowed within a million miles of public money. Rather than … Read more →
At the top of the list of reforms to make public-private development credible is preventing anyone with a history of fraud, tax delinquencies, mortgage defaults and foreclosures, etc. from receiving tax incentives or otherwise engaging in partnerships or dealings with government. This not only limits moral risk—remember East Lansing has done brownfield projects with developers who have committed fraud and had terrible tax payment records, a major reason for the city’s reputation for corruption and cronyism—business people with these factors in their profile are … Read more →
As East Lansing Info reported on Friday , a motion to vote on the development “Albert Town Homes 2” (by council member Aaron Stephens ), was not ‘seconded’ by another Council member at the meeting this week, and thus, went nowhere.
The development proposal – put forward by by Hagan Group LLC – is for three townhouse-like student rentals, which would replace two older rental homes on the property along Albert Ave, across from the Bailey parking lot. The Hagan Group built an almost identical set of townhomes adjacent to the … Read more →