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« Abstraction | Main | Don't wait for the mea culpas »

Jan 31, 2010

Comments

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Doc Alexander

Ed, I'm not sure I saw anything in your article about Skip Alston's attempted shakedown of our newly elected Mayor and our two newly elected city council members.

And Ed, I'm pretty sure that it was Skip Alston's and Earl Jones's intent to open this museum many years ago, like around 1999-2000. I recall when the News & Record (in a rare example of showing some journalistic integrity) wrote a series of articles back around that time asking why it was taking so long for the museum to open (and why so much money was being spent on just about everything except construction costs) Skip Alston played the race card and stated he would no longer speak to "the white media."

Tomorrow's opening is a significant event. But let's not start having selective memory or revising history.

Ed Cone

Doc, I'm not sure what you saw, either, but the column mentions both the long, tortured history of the project and Alston's backroom pressure on council members.

john wrenn

On the otherside of the coin. How does Elm Street Partners or what ever they are called fit in? How can you justify spending 12.4 million for properties that were bought for a little more than a 10th of that about 7 years ago in the worst real estate market in the last 30 years. Hasn't anybody on the buy side heard of "negotiating"?

Ed Cone

As Mike Weaver has pointed out, it's other people's money.

Also, the "buy side" and the "sell side" are on the same side -- they are working together on the project.

I would like to know the implications of equity participation -- what does one get, besides a stake in the project? What are the tax benefits, and can equity holders find ways to get cash from the bond offering?

Mick

Certainly somewhere in the process independant appraisal(s) of the Elm Street properties would have been required...... right? maybe they already have them? Does anyone know if/when appraisals would have been required?

Ed Cone

I'm unaware of any such appraisals, Mick.

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