Gilbert SELLS building in capitol park

[ABetterDetroit]

I am glad to be able to be a source of amusement for you everybody needs a good laugh once in awhile.

It is common to place labels on somebody when we do not understand something or disagree with them be cause it makes it easier.

No where have I ever posted that the end game has been bad for the city.

Go back 5 or 6 years Mr Snyder is CEO of Ann Arbor SPARK,he goes from there to the Governors office bringing other top officers with him.

As this is happening companies with ties and relations to the same officers began buying property along the Woodward corridor.

Simple enough to figure out,pull the property records.

When has SPARK ever cared about the city of Detroit? It was never in their realm of interest.
Especially at that time when the turmoil going on in the city was at its peak.

Private corporations band together and fund the leaving of the currant mayor at that time,when in the history of the country has private enterprise ever funded the removable of of a public official or paid them to leave.

The writing was already on the wall,he was already out,deputy mayor would have stepped in and taken control and elections would have taken place to replace.

Not saying it was good or bad.

At the same time in Lansing all tax credits for property purchases were put on hold.

There was no way at that time for somebody outside to purchase a property in the city that needed work,would receive funding without the tax credits unless they had the cash to purchase and hold until they were released.

Mr Gilbert may be a billionaire and own the bank but he still could have not purchased any properties through his company,unless the numbers made sense,without ramifications.

But he does have the $200 million given to him by the exiting mayor,that is his working capital.

So the perfect storm,now you have the city at the bottom in regards to funding,you have a guarantee that others can receive no funding through the elimination of the tax credits.

And a bankroll of $200 million.

If they can get the funding without the tax credits they still have to deal with the city red tape,at that time everybody in the city and county Gov was so scared to make a move,nothing would have happened anyways.

So you buy and you buy cheap because the owners are willing to sell because all is lost and you sit on it,why? because you paid cash and are not out of pocket or have to make that monthly carrying note.

But it still makes no financial sense because the whole goal is to make money and the sooner the turmoil is over the sooner you can start,buying spree of the low hanging fruit is finished,and the tax credits reappear.Which in turn opens up the door for additional cash funding through the sale of the tax credits.

Light rail is announced on Woodward increasing values of those adjoining properties and bankruptcy is declared because it was the best thing or maybe only option for the city to do.

It is not about city verses state or city verses burbs it was the basic situation of you could not purchase a stand alone property in the city as it was without changing an entire city.

That is also why all of the reports of grandiose plans bit the dust,because you could not just purchase a singular property and fix it up and make a difference it had to be a situation of high impact.

It was not a conspiracy,it was a master plan to change a major US city,did it not work?

Where have I omitted the truth? Please enlighten me on that.

How about we just enjoy where we agree with each other?

We both think that some damn good things are happening in the D right now and you don't mind that I get a good laugh for what we don't agree on because that is probably a long list including but not limited to, the financial crisis of 2007-2010 and its effects on venture capital. The deficits in local governments in that time period and its effects on spending. The principals involved from Jennifer Granholm, Rick Snyder, Kwame Kilpatrick, Dave Bing, Mike Duggan, Roger Penske, Peter Karmanos, Mike Ilitch, Dan Gilbert, Kevyn Orr, some federal judges, the boards of directors of some of the largest charitable trusts in the world. Most of all the dollar amounts from your 200 million to at least the 18 billion in the largest municipal bankruptcy in U.S. history. Not forgetting of course, the dates of who knew what and when about M-1 rail.

It would seem pretty pointless to argue endlessly about these differences of opinion here, like many others have done, but would probably make for some great lively conversation over a couple beers sometime. Thanks again for not getting offended over my laugh, it is a pleasant change.

[brizee]

Crazy how that area has changed since I was catching the bus there from Cass Tech.

This used to be a sex/lingerie shop.

DIME music building used to be a shabby looking diner.

No more busses.

Interesting to watch unfold.