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

Flow-of-funds-5a

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The Book Series

 

 

After consultation with a pal who has also written a few good selling E- Books via Smash Words and Amazon. I have come to the conclusion to write a series of books about the Corruption in Racine as I and many others see around us .

I will be looking at the dealings of The Mayor of Racine John Dickert.

The first Book will show a who’s who of Dickert’s pals and the role they play on City of Racine Boards, how that helps to get the Mayor’s agenda finished.

The next two will be about Delta Hawk   and Team Porters two projects sucking up tax money yet very little seen going on with them.

The Books will be less then 100 pages each and have  documentation in them (Copies of Minuets of meetings, Records from RCEDC )

The first book will cost about $1.00 the rest I am thinking less then $10.00 each

Since the stories I talk about will be far longer then a newspaper be interested I thought the Idea of an E-Book would be the best way to go about bringing the readership of this blog information on the game playing going on here under Mayor Dickert in the City of Racine.

Will Racine prove to be the most corrupt small city in the U.S.A.  Time will tell.

Porters of Racine’s anyone know what is going on?

Recall this from the J-T 2/9/12 http://journaltimes.com/news/local/porters-of-racine-to-become-million-redevelopment/article_caec008c-5358-11e1-a2d1-001871e3ce6c.html  : The former Porters of Racine’s owners Thursday announced a $5.5 million redevelopment of the building into 37 apartments and seven ground-floor retail spaces…..

After this sailed to passage for the City of Racine to help make Team Porters come to pass. Many started asking questions about  why nothing could be seen going we have this from the J-T 2/11/13  http://journaltimes.com/news/local/bank-financing-means-porters-redevelopment-can-proceed/article_e6e8d0e2-74ab-11e2-89b0-001a4bcf887a.html: …” However, what Micah Waters never expected when he announced the project was how difficult obtaining $2.3 million in bank financing would be. Three times he was working with a bank but saw collateral requirements grow unacceptable. “We couldn’t come to terms … we all could agree to,” Micah Waters said.”…  ”

Eventually, in December they started talking with Southport Bank of Kenosha. On Monday, they learned Southport had approved their loan on terms they agreed to.

Micah Waters said he expects to close on the loan in about mid-March.

Initially, construction was to begin last spring and take about 18 months.”…  and this “…Now, with the bank borrowing arranged, he said they can start the remaining architectural work, approximately 30 percent of the project….”   My first question is since he is going to be as I understand it his own Architect, does that mean he gets to pay himself 30% of 6 Million? 1.8 Million is not a bad payday IF I understand that right. If I do is that 1.8 Million needed to be part of the financing? Or is it just payment for work for hire?

Will we ever see any work done on the building inside or out? Should we see something by now, or will we read come June that 1) More $$ is needed for unexpected issues or 2) the Project will not go forward for whatever issue?  Then of course will any $$ paid for this project get repayed or even need to be?

Should we care or just believe?

 

Racine might not be alone with issues