Judge sides with city council on Cobo Deal

[THE FURY 617]

http://freep.com/article/20090409/NE...l+on+Cobo+deal


City Council needs to change their minds...

This is what happens when you make a "hood rat" as a new city council president!!!

[PurpleHeart]

I've been saying all along:

This deal sucks and was dead from the get-go

There was not enough in the pot to get the city council to sign over Cobo

And that Ken couldn't override council!

Why doesn't the state and this newly formed authority just buy Cobo from the city. Make them an offer they can't refuse in this economy the city sure can use the cash. But try to take it over .... no this is a no brainer,

This is one of the most highly sought after pieces of real estate in Detroit and you just ain't going to waltz in there and take it over. At least not while Monica is calling the shots.

Way to go council!

Keep up the good work.

[Angry Dad]

I've been saying all along:

This deal sucks and was dead from the get-go

There was not enough in the pot to get the city council to sign over Cobo

And that Ken couldn't override council!

Why doesn't the state and this newly formed authority just buy Cobo from the city. Make them an offer they can't refuse in this economy the city sure can use the cash. But try to take it over .... no this is a no brainer,

This is one of the most highly sought after pieces of real estate in Detroit and you just ain't going to waltz in there and take it over. At least not while Monica is calling the shots.

Way to go council!

Keep up the good work.

So instead the city will get nothing. And instead pay millions to keep their "jewel".

Hate to break it to you but there isn't anybody willing to buy Cobo.

Cobo is like an old TV, you have to pay somebody to haul it away. Or like happens so much in Detroit, leave it where it becomes somebody else's problem.

[firstandten]

So instead the city will get nothing. And instead pay millions to keep their "jewel".

Hate to break it to you but there isn't anybody willing to buy Cobo.

Cobo is like an old TV, you have to pay somebody to haul it away. Or like happens so much in Detroit, leave it where it becomes somebody else's problem.

This deal will get done. Once there is a mayor with a four year mandate and a council with 4 to 5 new members [[a very real possiblity). The differences will get ironed out . I do believe there were some legit issues that weren't addressed for this deal to go thru. I believe its in everybodies best interest for this deal to happen and once you get some new players in there it will happen.

[3WC]

Purpleheart: Your statement that Cobo is "the most highly sought after piece of real estate in Detroit....." evidences a remarkable lack of understanding of the real estate business.

Real estate is generally valued as a multiple of its net operating income [[subject occasionally to other considerations) and in Cobo's case it has a net operating LOSS of $15,000,000 a year; the loss would be a substantial multiple of that amount if it were privately owned.

There's only one prospective "purchaser" and that's the consortium of counties which doesn't look at the transaction as a real estate deal; they just want to acquire it as a means to stop the bleeding and its current condition's adverse impact on their communities. Because of their status as municipalities, and the use of our tax dollars, that group is the only solution to a worsening problem.

If it were demolished and sanity ever returns to our capital markets, it's value from a real estate standpoint would be significantly enhanced.

[Olddetroiter]

There was not enough in the pot to get the city council to sign over Cobo....

This is one of the most highly sought after pieces of real estate in Detroit and you just ain't going to waltz in there and take it over. At least not while Monica is calling the shots.

Real estate [[or anything else for that matter) is only worth what someone is willing to pay for it. If Monica and her gang can get a better offer than what's currently on the table I suggest they snap it up before the chump changes his mind.

[Angry Dad]

This deal will get done. Once there is a mayor with a four year mandate and a council with 4 to 5 new members [[a very real possiblity). The differences will get ironed out . I do believe there were some legit issues that weren't addressed for this deal to go thru. I believe its in everybodies best interest for this deal to happen and once you get some new players in there it will happen.

Likely the wrong thread but who is running for council as of now?

[kraig]

Instead of appealing the ruling, and losing in court again, maybe the Mayor should talk to City Council, at least Councilwoman Talabi, and find out what would make her agree to a deal. After all, he had her vote and lost it, which might suggest that there's a possibility that he could get it back.

It's obvious at this point that he's not going to win in court. He's just trying to save face and prolong this as long as he can.

The election is in 22 days. Why should I vote for Ken Cockrel. Monica Conyers is a disgrace to City Council and behaves like a fool. And yet, she is constantly getting the better of him which doesn't say much for his ability.

[R8RBOB]

Instead of appealing the ruling, and losing in court again, maybe the Mayor should talk to City Council, at least Councilwoman Talabi, and find out what would make her agree to a deal. After all, he had her vote and lost it, which might suggest that there's a possibility that he could get it back.

It's obvious at this point that he's not going to win in court. He's just trying to save face and prolong this as long as he can.

The election is in 22 days. Why should I vote for Ken Cockrel. Monica Conyers is a disgrace to City Council and behaves like a fool. And yet, she is constantly getting the better of him which doesn't say much for his ability.

I can agree with this. I think the council in particular Conyers knows the mayor too well and know his strengths and weaknessless. I voted for Cockrel back in February because I believed he should have the right to finish out the year. I admit I cannot support him for a four year term because I don't think he is cut out be a strong leader that Detroit desperately needs.

He made the mistake of signing off this disaster without securing a majority of the votes needed to pass this. Everyone knows that Conyers is going to at him "tit for tat" on everything and no way was she going to support this because he was for it. She did a better job selling the idea that Detroit should not give up Cobo than he did trying to get people to agree to regionalize Cobo. Detroit cannot have a weak mayor in these times.