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Well, while I am glad the county has $100K more in the bank now, I am still pessimistic about the chances that this guy can actually redevelop the site. It will require years of having money, signing contracts, meeting deadlines. I think he is sincere; I don't this is any form of a scam [[short of successfully developing the site, I don't know how he could benefit from it). But he has bitten off a gigantic piece to chew. I hope it works out.
Developers by their nature are a unique breed. They have to be financially conservative enough to convince investors to write big checks. They have to work for months or years without any guarantee of seeing a paycheck. They have the ability to see things that others can't. [[But they also sometimes see things that will never come to be.)Quote:
Originally Posted by MikeyinBrooklyn
If he gets it right, the accomplishment of it would far greater than the financial gain to come.
My only hope is that the County has some pretty impenetrable reversion language should he fail to meet the milestones and benchmarks for insurance, demolition, safeguarding, etc.
Totally agreed, Corky. Can I call you Corky? I am hoping it pans out. It would be a bigger triumph than taking on MCS, in my opinion. There is far more work to be done.
I also agree the county should hold him to a set of goals, with failure to meet them allowing the county to re-bid the site. I will chip in for a bronze statue to Mr. Hults if he gets it done.
Quote:
Originally Posted by MikeyinBrooklyn
The county's involvement is simple. Pay the price and get the title. Pay the taxes, and keep the property. Fall three years behind on the taxes, and lose the property.
Basically. From what I see Wayne County and Detroit does not care about development as long as the taxes are paid.Quote:
Originally Posted by 48202
How much will it be in his best interest to secure the site? In other words are there serious fines, not just nuisance amounts, if he doesn't and is he liable for accidents to trespassers in its present state?
i can see it now...
PACKARD MOTOR CAR COMPANY BUILT 1911 REDEDICATED 2020
LOFTS | STUDIOS | OFFICES | SHOPS | ENTERTAINMENT | MUSEUM | URBAN RUIN SCULPTURE GARDEN
CONVENIENT ACCESS TO FREEWAYS, LIGHT-RAIL, MINUTES AWAY FROM BELLE ISLE, HAMTRAMCK, EASTERN MARKET, MIDTOWN AND DOWNTOWN
STUNNING POST-INDUSTRIAL VISTAS
ALL INCLUSIVE URBAN ENVIRONMENT
PRIVATE SECURITY FORCE
LOFTS STARTING AT THE LOW 900,000S
LIMITED SPACE, RESERVE NOW!
The Hults brought the old Packard Plant. HAHAHA!!! If I see them put a large steel fence around the plant and construction taking place. I will believe it. Right now haveing the Packard plant turn into yuppieland is a fairie tale dream.
I see Fernando getting the property after Hults fails to come up with the dough Monday. When does the BS alarm go off around here these days?
I have a desire to bet on this. I agree, needing time to come up with $100K a month after failing to come up with $1M, leads me to believe he'll have a tough time finding this money by Monday. At least the county go a little money out of it. If I were the county I would tell both parties first one to bring a certified check for $2M into the the treasurers office wins the site.Quote:
Originally Posted by daddeeo
as often as car alarms.Quote:
Originally Posted by daddeeo
remember car alarms? lol! yunno, that thing that you automatically tune out because theyre constantly going off?
but yeah, this Hults chump even if he makes the full payment is going to fall apart once he starts digging into the project and realizes the gravity of the situation. he's got too many stars in his eyes and not enough sense in his head or money in his pocket. look forward to another ten years of CCS kids, NYC graff tourists, and Belgian photographers romping all over the place.
btw...
http://cmsimg.freep.com/apps/pbcsi.d...-Packard-Plant
Totally Looks Like
http://images3.wikia.nocookie.net/__...rtPortrait.jpg
but i guess having this muppet-lookin guy from chicago is better than having some Scientologist broad from Texas...lol
How would I contact Bull Hults directly to ask him a few questions?
Just let the media know that you can chip in $100. He'll call you.Quote:
Originally Posted by night-timer
Seriously, he's on LinkedIn. http://www.linkedin.com/pub/bill-hults/53/75/192
I have to wonder how much cheaper it would be to clean up the site if practical standards were met and not governmental standards? I simply would think that governmental standards are more about keeping governmental gravy train rolling than much else.
Why would higher environmental standards mean more governmental gravy? It's still private money that would have to pay for any cleanup.
Surely, Kiraly, you are aware that there is a whole mess of companies that, like defense contractors, thrive on government-regulated environmental clean up? I'm not saying that there shouldn't be, but many people and companies make a lot of money on environmental issues. My brother-in-law, for one.Quote:
Originally Posted by Király
This is completely true, but that doesn't mean there are lower standards for cleaning up a private site and a governmental site, because basically all environmental cleanups need to meet the same general standards. If anything, the enforcement for governmental sites, especially Federal sites, tends to be less because it is harder to force the government to clean stuff up.Quote:
Originally Posted by MikeyinBrooklyn
But for site like Packard, which presumably has multiple areas and types of contamination the actual plan would normally be negotiated with the regulators, so there is a lot of variation in the cost. If nothing else, you have a lot of flexibility in the timeframes for things to be done, which can make the cleanup a lot more feasible in the context of an overall project. People doing environmental regulation aren't idiots--they want stuff to be cleaned up, but if you make a brownfield development infeasible, the site still doesn't get cleaned up, so if the development itself won't make the situation worse, they will try to come up with a plan that is workable.
However, creating such a plan isn't cheap, which is one reason to be concerned about Hults' ability to pull this off.
I don't know. The guy is sincere if he's willing to give up 100k. I'm sure he's begging rich people this weekend for the money.
Yep. Its a tax sale nothing more/nothing less. I'm rooting for the third place guy. Hults might come up with the money and might secure the property and even clean it up a bit but I have little faith that he will pull of any major redevelopment.Quote:
Originally Posted by maverick1
I predict that mr. hults will not make the monday deadline for the final payment. why is it constantly like pulling teeth to get these big-talking wheeler-dealers to pony up? Sheesh.
I think any private company would ask the government to clean it up. Just my opinion, but I think the government is responsible for cleaning up any contaminated site that predates stricter environmental control. After all, government policies enabled industry to pollute it in the first place.Quote:
Originally Posted by Király
If I buy land and actually have the money to develop it, I'm going to ask for public assistance to help clean it up before I start work.
he has until 3pm to pony up...
http://www.crainsdetroit.com/article/20131103/NEWS/311039926/packard-plant-no-quick-turnaround
this just in--Haggard Hults Sighted at Motor City Casino:
http://youtu.be/GiVVJ6Rxs9M
Kudos to Crains for a more in depth explanation as to how the plant has many hurdles to overcome,it is not so easy to pay the money.Quote:
Originally Posted by WaCoTS
There is a lot of drama behind the plant that makes it unique,not only from the city but others that have been involved in the past.
Would anybody lay down five million based on the past history,confident that the city has crossed its I's and T's,and would the city have the funds under bankruptcy to reimburse if not?
Pay your money and take your chances,but in this case the risk at this point without any clarity it is a high risk,and if you are working with private investors you need to be looking very close at the what ifs before you go blowing their retirement monies.
Wolverine, your logic is excellent except for one point: cash strapped city and county governments have the easy option of just never doing it [[why would they have waited this long if the ever intended to fund it?). Perhaps instead of paying outright for the environmental work, they could agree to a series of tax incentives [[limited periods of time during and after redevelopment with lowered or eliminated property and income tax breaks). Government loses no money that it had anyway, and the developer gets financial incentive to do the work.Quote:
Originally Posted by wolverine