Tweet
This is sick--corruption in the open. By a government agency that can not be controlled.
"On August 10, the City Council was ready to approve a sweetheart development deal with Hal Katerskys Pacifica Ventures for a $57 million Class A office building at 1601 North Vine. The Community Redevelopment Agency (CRA) was proposing to sell this prime 18,208 square foot lot, located between Sunset and Hollywood Boulevards, right across from the new W Hotel complex, to Katersky for $825,000, a $4.6 million, 85% discount, from its purchase price of $5.445 million in October 2006. However, the motions were tabled because Ron Kayes August 10 blog, Sweetheart Deals and Opportunists: How to Destroy a City, [LINK] disclosed that Katerskys recently constructed Albuquerque Studios had filed for bankruptcy on July 22 in order to forestall a foreclosure sale of the studio precipitated by Chicago based Workers Realty Trust (www.ng-iv.com), a lender and investor that is owed $24 million.
To compound the fact that the bankruptcy was not disclosed by the CRA and/or Katersky on a timely basis, Workers Realty is (or maybe was) the equity investor for this undercapitalized development and will own 94% of the project. Furthermore, Amalgamated Bank, owned by the SEIU, the senior lender ($80 million) in Albuquerque, is the senior lender for 1601 North Vine."
In the middle of all this is the openly corrupt SEIU. If approved THEY get more tax dollars.
Prop. 22 is on the ballot to stop Sacramento from stealing money from local government. Yet, at the same time, local government is using eminent domain to steal private property and create corruption like this combination of government, a special interest and the SEIU.
I wish I could vote to stop the theft of money, by State government AND local government. Prop. 22 only protects local government so it can continue to steal. The question of Prop. 22 is whether you want the State or local government to steal from you. Very sad.
More...
"On August 10, the City Council was ready to approve a sweetheart development deal with Hal Katerskys Pacifica Ventures for a $57 million Class A office building at 1601 North Vine. The Community Redevelopment Agency (CRA) was proposing to sell this prime 18,208 square foot lot, located between Sunset and Hollywood Boulevards, right across from the new W Hotel complex, to Katersky for $825,000, a $4.6 million, 85% discount, from its purchase price of $5.445 million in October 2006. However, the motions were tabled because Ron Kayes August 10 blog, Sweetheart Deals and Opportunists: How to Destroy a City, [LINK] disclosed that Katerskys recently constructed Albuquerque Studios had filed for bankruptcy on July 22 in order to forestall a foreclosure sale of the studio precipitated by Chicago based Workers Realty Trust (www.ng-iv.com), a lender and investor that is owed $24 million.
To compound the fact that the bankruptcy was not disclosed by the CRA and/or Katersky on a timely basis, Workers Realty is (or maybe was) the equity investor for this undercapitalized development and will own 94% of the project. Furthermore, Amalgamated Bank, owned by the SEIU, the senior lender ($80 million) in Albuquerque, is the senior lender for 1601 North Vine."
In the middle of all this is the openly corrupt SEIU. If approved THEY get more tax dollars.
Prop. 22 is on the ballot to stop Sacramento from stealing money from local government. Yet, at the same time, local government is using eminent domain to steal private property and create corruption like this combination of government, a special interest and the SEIU.
I wish I could vote to stop the theft of money, by State government AND local government. Prop. 22 only protects local government so it can continue to steal. The question of Prop. 22 is whether you want the State or local government to steal from you. Very sad.
More...