Porters, Again we ask what is truly going on?

 

Well last night I saw this on the J-T On Line http://journaltimes.com/news/local/porters-project-awaiting-final-development-pact/article_ca0d9cca-638c-11e3-b1c9-0019bb2963f4.html?mode=comments

Porters project awaiting final development pact

Thinking that after all this time we would now get answers about the deal with Porters I was well not shocked but bit dazed to read the story and this: “…

Both Porters developer/building owner Micah Waters and Racine City Development Director Brian O’Connell said Thursday the two sides are nearing finalization of the joint development agreement. It’s been going back and forth between attorneys in draft form.

“There is no major dispute; it’s all wordsmithing,” O’Connell said. “… The details matter, and the attorneys are paying attention to details.”…

What???!!!! Its been moths and that “wordsmithing” has not been done yet? Then this “When all agreements have been finalized, Waters said, the next steps will be getting state approval of the plans, going back to the City for building permits and bidding out the project.”

Now I understand not getting the permits but no starting getting State Approval is another story (Unless Waters was told to wait until the new tax laws about rehabbing “Historic” buildings came into effect do I ever smell a scam!)

Mind you this go the Go ahead from the City Council in Spring of 2012 and the Lawyers still do not have an agreement? What? In God’s name could be holding up an agreement, that The City and Water’s both want?

Could it be issues with financing? Property values in Downtown Racine are falling maybe Water’s Bank wants nothing to do with this anymore? If so can you blame them?  just last week a building Downtown Racine less then 200 yards from City Hall sold for pennies on the Dollar of assessed  value would that not be a sign that all is not well in Downtown Racine?

Maybe the Bank just took a walk in Downtown Racine as part of Due Diligence and saw all the For Sale/For Rent signs  now is thinking twice? I know I would.

Myself I am wondering why this story in the J-T now? Will this be the start of stories leading to one that talks about Porters needing more money?

I did take the time to talk to a contractor in Milwaukee who works on midsized projects (Over 1 Mill under 5 Mil), he told me that IHHO:

Waters with his ideas/Drawings could be getting Bid information now and be so much closer to a go once the State gave an O.K. That process  of getting bids could talk weeks doing the investigation required to provide accurate numbers.The sooner that be done the faster the Project get done,

After I sent lets call him Mr. M   links to J-T stories on Porters with his own looking at info on this idea, told me as he saw this “never happen”

So again I ask what is really going on?

Might it be

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