Fred - That's what I meant to say - during the earlier debates regarding the TOD, and also at the Long Term Finance Hearings, the idea of a conservancy to care for the parks was discussed in some detail. The problem with the Arcade is that, while private, it is also, to some extent, public - in the sense that it is the focal point of the town and a very direct link to our past. The Village has extended the tax deferment status for it (pending completed rehab) and I think it is fair to say that most residents would love to see it finished, open and thriving - or at least breaking even. I think some residents got together and bought the old Victory Lanes and attempted to keep that going in its original (well I should say it's original second configuration) as a bowling alley/bar - it was originally a place where they built small airplanes that used to be wheeled out and took off on a temporarily closed Ogden Avenue if you can believe that. I still like the idea of the Village suing Wexford/Wex-whatever for not carrying through and finishing the job and leaving it in such a deplorable state - maybe try "criminal neglect" by leaving it open and dangerous to the public. The reason I advocate that is I'm sure there are some individuals from that firm that have escaped their responsibility by rolling over for the Feds and I hate to see them resurface as "innocents." Reminds me of the Austrians who were able to dodge the role of perpetrators and position themselves as "the first victims." You know, like Beethoven was an Austrian and Hitler was a German. And I'm my own Granpaw.
Riverside Info » About Riverside
Arcade: Winterizing, Sale, Tenant Status
(47 posts)-
Posted Monday Jan 26, 2009 10:42 #
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I don't think the Village has the authority to extend tax deferred status. The Village authority extends little further than "the end of its nose." If we wait for the Village to do something for which it has no authority, much less funding, we should be both patient and understanding when nothing happens. How about the previous owner who waltzed off with a sweetheart deal and about $1M more than the asset was worth? How about some of the well-heeled in the Village signing up for living trusts? I'm game, but would have to cap it at $50k.
Posted Monday Jan 26, 2009 11:20 # -
I agree we cannot waste money on lawsuits, even it it turns out he has failed in his fiduciary duty to preserve the asset. The Landmark says the Receiver has been approached by buyers. I believe some of them may be residents. If you want to join them, I would think contacting the Historical or Preservation Commissions might yield some information as to who the groups are. I sincerely hope this means prevails, whether with the Receiver or the mortgage holder.
The previous owner did have a 200K unsecured loan on the property, so he lost that at any rate. Very strange the high selling price, yes. There's one born every minute I guess.
Posted Monday Jan 26, 2009 14:42 # -
I think that any buyer that comes along will want at least the same deal the WexWonder had - the Class "L" I think that gave them about $50K a year for 10 or 12 years in tax reduction. Of course they would have to do an acceptable job of exterior renovation, but I think the bank will pitch this and the new buyer would demand it. If the mortgage is $3 mil, and they would take half to write it down, and it costs upwards of $1 mil to finish, the numbers are still tough, and rents will be high, which translates to higher prices in whatever businesses go in there. I don't see a buyer coming along or retailers flocking to go in in the foreseeable future. The selling price Sahlis to Wex was partly due to the fact they wanted to say they were restoring a building in a landmark community, etc. Eye candy. Sad.
Posted Monday Jan 26, 2009 21:07 # -
I believe all special status can be transferred to the new owner so long as they satisfy the US Dept of Interior.
The upper floors are finished, and a lot of work was done on the first floor.
My prognosis is not so grim as yours!
Posted Tuesday Jan 27, 2009 10:23 # -
Catherine, we finally agree! Something for a distressed property is better than nothing. I would say that the bidding would open at 500k for the property. There is absolutely nothing the "Village" can do to affect the outcome. I'm up for 50k. Any other investors?
Posted Tuesday Jan 27, 2009 15:17 # -
Oh yes Fred, eventually I agree with just about everybody about at least one thing! Alas, I am already freighted down with real estate or I would love nothing better. As I said, I would think Kim J of the Historical Commission and Olmsted Society likely knows who those local investors are, if any, because I did hear there was an effort to put together a local group. I am sure they would be glad to hear from you.
Posted Tuesday Jan 27, 2009 17:50 #
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