Centre City Properties LLC today provided the Evansville Redevelopment Commission with a letter stating that they were not able to arrange for funding to go ahead with the project to turn the McCurdy Hotel into an apartment complex. CCP saved the ERC from having to make a tough decision in giving up on the over three year effort to try to fund the ill fated project.
The ERC had previously paid $603,000 for the McCurdy parking lot and extended a grant of $800,000 to CCP. The fate of the deal is not understood at this time. As there is a recorded loan by a bank against the building if CCP gives up on the project there is a possibility that the City of Evansville as a result of this series of extensions could see the building in the hands of a third party and get nothing at all for the taxpayer dollars that they have invested.
This is a developing story as CCP has not announced any intention of what they intend to do with the building that they hold title to and owe over $10,000 of taxes on.
Are you going to break the Kunkel story or let the C&P ?
In cali dude. Going off of text messages.
So…..the curtain goes up on act 4 of this Greek tragedy and comes right back down catching the actors (ERC) with only their heads sticking out under the fallen curtain and free for all the patrons to throw tomatoes at the pinned actors exposed heads.
The show is over please exit the theater in an orderly fashion, parents keep a close watch on your children, and we would like to thank you all for patronizing the ERC theater….next showing will be in January with a new cast of characters please watch the marquee for dates and times.
The management would like to wish each any everyone of you a very Merry Christmas!
JMHO
Well there may be some sunshine on the way!
The feds are investigating the city on how it is spending fed tax dollars!!!!
Read it on the courier blogs today. Said there is a republican congressman working with a soon to be republican mayor to help with the investigation!
That is terrific news! Maybe we’ll get some of that wastefully spent money back.
When government gets it…it doesn’t come back. It’s like light and matter falling into a black hole. What goes in never comes out.
So…. I suppose a recomendation of the Hotel to move forward along with egg on their face with the McCurdy they feel they have made a great accomplishment. What a joke! If I weren’t here watching this unfold, I would think someone is making this up.
No one can’t make up stuff like this, it’s beyond most normal humans comprehension, all of the vetting stuff is complicated to understand and the pressure…oh the pressure, I expect all of the ERC members to come down with some form of post dramatic stress disorder (PDSD). 😉
JMHO
This 4 year McCurdy debacle will be the legacy of the clueless outgoing City administration and their even more clueless ERC. Absolutely shameful!
Worst Mayor,—-ever.
cue the Steely Dan song: “Royal Scam”
Tom Barnett told me, immediately after the meeting was closed, that Centre City Properties LLC was offered funding for the project or had funding available. Barnett did not elaborate on who was offering that funding or the details of the funding package. Strange, very strange.
Well, in any event, CCP has backed out of the contract and is in default. Of course CCP still owns the property and 5/3rd bank is holding a 1st on the mortgage with Barnett and company holding a 2nd.
What will this cost taxpayers you ask? I asked the same question of Barnett after the meeting. Giving him plenty of lee-way, I asked for just a ballpark estimate of what this is going to cost. He would not offer even that.
These people treat taxpayers like Scrooge treated Bob Cratchit!
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Barnett, it’s time to say good-bye to Evansville. Try to find another town more naive than Evansville.
If that’s even remotely possible!
Browning Investments made off with over a $ 1 million dollars (or more) from the hotel project and now Centre City makes off with another
$ 800,000 (or more). They are laughing at the City of Evansville all the way back to Indianapolis.
The taxpayers should bring suit against this mayor for his wasteful profligate spending of tax dollars.
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Amen!
I’ll second that!
Don’t forget Mr. Dunn’s $600,000 for the McCurdy parking lot
I heard that the attorney representing Steven Scott and CCP was Bob Goldman’s (ERC Chairman) brother. Can anyone confirm this? If it’s true than wouldn’t this be a conflict of interest?
The problem is…neither political Party seems to care much about letting the free market work. It is always a choice between one government-brokered solution or another. Getting out of the way is difficult because they (the politicians) will not get the glory when things seem to go right.
If government gets out of the way and lets capitalism work, debacles like this do not happen. Capital is drawn to projects that make economic sense and shys away from those that do not.
When does a seller pay a down payment for the buyer?
Answer: Never, unless it is a government deal and government money.
It all sounds like a fish(y) story.
LOL if it wasn’t such a disgrace.
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