Who negotiates these shitty deals on our behalf?
Remember when George Carr wanted the city to donate the Bessemer center land only to lease it back to the city for the library use?
Remember when Kaplan, House and Kern wanted us to build them a parking garage and then lease it back from them at the tune of $8,000,000 +?
To date, the SEDG still has not taken possession of the land they were supposed to buy 2 years ago. To date they have missed each and every milestone associated with the project.
So...now what? how will the land be transferred to the university campus? will Isner of NAI be the broker, the landlord, the builder and the master developer? Will he kiss us first?
Some items of interest from the South Elm St's Master development agreement draft.
In January of 2012, the Commission selected the South Elm Development Group (SEDG) to begin negotiations for a Master Development Agreement to develop the South Elm Street Redevelopment site. SEDG recommended a three-step contract process: a Memorandum of Understanding (MOU) allowed SEDG exclusive rights to negotiate with the Commission; a Predevelopment Agreement (PDA) allows SEDG to continue exclusive negotiations as they prepare the groundwork for a binding Master Development Agreement, which will outline the scope and process for development of the site. "
From the PDA
"During the term of the PDA, the following activities shall be performed by the Developer and funded as noted under separate agreement with the City of Greensboro:
- Up to $7000 for Soil and Groundwater Sample Maps, Findings Tables and Maps as required for Brownfields Agreement;
- Up to $11,900 for Field Surveys;
- Up to $15,000 for Engineering Activities related to Eligible Infrastructure Improvements;
- Up to $9000 for Traffic Impact Study;
-Up to $1400 for Legal Fees related to structuring Land Swap Agreements with adjoining land owners. "
From The MDA
"4. Identify and secure financing for development, including both public and private sources
a. Funding and financing sources are being researched and discussed; the MDA will include anticipated sources for each phase, but each component will need to be evaluated as it becomes ready for development.
b. Private funding could include developers’ equity, grants and low-interest loans through philanthropic organizations, and investor financing, among others.
c. Public funding could include state Powell Bill funds, state Low-Income Housing Tax Credits, Tax Increment or Certificate of Participation Financing, EB-5 funds (Employment Based Immigration through the federal Immigration Department), among others.
Summary of Developer’s Memo with Staff Comments
2. Description of take-down mechanism for the land:
a. RCG will sell parcels directly to component sub-developers; proceeds will be disbursed at a ratio of 60% to SEDG and 40% to RCG until RCG has received $3 million, then at 80% SEDG, 20% RCG for any additional revenue.