February 27, 2010
February 26, 2010
My roommate from college is an anesthesiologist. He has been doing it for 20 years and one of the calmest nicest guys you ever meet. One of the things he does tell me, however, is that the stress can really be at time unimaginable. He has told me that, sooner then later, he will just turn in his license and retire. He has a boatload of money saved. Maybe that what he is doing?
Then I read the part about a drunk driving charge? Come on 2003? That was almost 7 years ago? Low blow... Maybe this will become a story, but as far as I can tell the mere fact a doctor turns in his license is not newsworthy.
February 25, 2010
- You own a business that I want that is worth $20 million dollars but you are having financial difficulty.
- I tell you that I want to buy your company but we can not agree to a price.
- Also convince you not to talk to anyone else about buying your business and you do not talk to any business brokers to see if anyone may be interested.
- In order to keep you afloat I will lend you monies to pay the bills that wil be credited to our agreed upon sale price.
Here is the question, why would I possibly want to help your business that will only drive up my purchase price? I would actually rather try to hurt your business thereby lowering the $20 million dollar price. It would cost me more money in the short-term covering your losses, but it all gets credited back at the closing on the reduced sale price..
Eventually your business is only worth $10 million, but since I have given you $6 million to cover you then I only pay you $4. The day I actually own your business is the first day I actually try to make your business successful.
In the above example, you are Worcester and I am Massport.
February 24, 2010
Let me straighten out a couple things. The amount of money MassPort has given us to subsidize the airport will come off the purchase price. For example, if an agreed price was $25 million but MassPort has contributed $13 million the past 10 years, they would only pay $12 million. I think that is absolute BS, but I digress.
Grants have nothing to do with the sale price. They do, however, have to be paid back if we ever had to close the airport. Bottom line these grants do not effect the sale price, but it does box us in even more with MassPort since it increases the cost to close the airport thus our need to sell the airport.
In the end we are not going to get fair market value and there is no excuse why we never conducted an RFP for the entire airport? That said I believe MassPort will crank at ORH once they take over June 1st.
February 23, 2010
The City of Worcester has alot of good people working at the street level. One of my complaints, however, have been the blanket code sweeps. You the code department goes into Main South and writes up a couple hundred code violations. Don't get me wrong the people, who do the sweeps, work hard but what does it really do. The City has limited resources, lets take these same people and effort and focus on the properties that are the habitual offenders.
Every single neighborhood in the City of Worcester has that one property that accounts for 75% percent of the problems. Focusing on those properties is a better example of addressing the "broker window" theory versus writing up a couple hundred code violations. My hope is that today's meeting has laid the groundwork for a "Dirty Dozen" program that will formally public list the 12 worst properties in the City of Worcester, along with the ownership, utlizing statisitics and input from the various neighborhood groups and crime watches. The City then uses the full scope of the nuisance ordinance against these 12 properties.
We will see. By the way I got this idea from a WMRB report that I read years ago citing how this is what they have done in other cities like Toledo.
February 20, 2010
February 19, 2010
This year s going to be very tough year for the Supermarkets in Worcester. I say at least one, most likely two will close.
February 18, 2010
Implemented the recommendations was horrible!!!! We created the Univercity Partnerhsip with Armand Carriere as the Executive Director--what a joke that was. One of our recommendations was to hook-up college interns with groups like the Chandler Business Group. One day I called Armand, explained how I was on the task force and how we could use some interns. He was completely baffled as to why I called him?? No lie, I spoke to him for 10 minutes and he still could not understand what I was asking.
Another recommendation was that we meet two years later so we can actually review our recomendations and determine if any we met. We never met, although I asked more then once. Bottom line, I am confident that this task force will make good recommendations, but not so confident any will implemented.
All of the Route 146 construction was suppose to alleviate the flooding in these areas, but it did not. We shold be looking for economic stimulus monies to correct this situation. The properties in these areas should be quite valuable since they now interesect with all the major highways, but if they floor every storm?
February 16, 2010
- Sams Club
- Hanover involvement with City Square
- Best Buy out of Greendale Mall
- At least one big grocery store closing in Worcester due to Market Basket
February 15, 2010
- The City of Worcester will then sell us city owned lots for pennies on the dollar through direct sales (values under 25K). Even if the property goes out to RFP, we will get the bid even if we are not the highest bidder.
- We can utilize our non-profit status and partner up with for-profit developers since we can get grant monies from the EPA for Brownfields clean-up
- Any LDA (Land Disposition Agreement) that we sign will not be enforced
- HUD loans will be given to us guaranteed by the the City who will then make any payments for us that are not waived .
- Any variance we want will be given, especially those pesky parking requirements
- Infrastructure repairs that need to be done like sidewalks and grind/overlays will get pushed to the to of the list and paid for by the City of Worcester.
- Above ground sewer lines through private property will not be questioned
- Instant respect will be ours
- Financial reporting requirementst to the City of Worcester will not be neceessary
- We can land bank properties and abandoned buildings for years
All we need is an Executive Director? Here are my nominees:
- Councilor Rosen
- Brendan Melican
Where are we going to get our funding? Other then usual sources, we are going to partner with Hanover. Yes, the Hanover Chandler Street CDC....
Last week I ran into a friend that I went to high school with that works for one of the major cigarette companies, who told me about the stores on the New Hampshire border selling 5,000 cartons per week. He also commented how baldy the Commonwealth of Massachusetts has killed the cigarette business.
Not only has the Commonwealth taxed cigarettes to the point of pushing people into other states, but there are alot of little things. Remember all the Philip Morris that you would see around (coats, jackets, hats, etc). All of this is illegal in Massachusetts including coupons. Many times I have had people come in with coupons, only to tell them that we can not accept to which the customer says I will just save them for when I go to New Hampshire.
It would be one thing if all 50 states were doing the same thing, but Massachusetts acting alone has hurt many Massachusetts businesses and themselves through lower tax collections.
February 14, 2010
February 12, 2010
B) Mason Street low income project
C) City Builders low income project
D) UNUM lease at City Square
Yep, that's right going on month 25 after the award to Pharmasphere for $1 and they have yet to take title.
February 11, 2010
February 09, 2010
February 08, 2010
I wonder how much we lost annually in taxes. Jahn, what do you think?
February 07, 2010
February 05, 2010
February 03, 2010
- Acorn purchase price netted 275k more to the City of Worcester then Winn/WBDC
- Acorn's due diligence period was 90 days versus 12 months
- Acorn is paying a deposit of 10K, that they will lose to the City of Worcester if they do not close in 90 days. On the other hand, Winn would pay no deposit and the City would have received nothing after their 12 months if they did not close.
- Acorn has more units and they are all market rate, no low-mod income
February 02, 2010
Yes, T-Traveler it was here that we discussed the possibility of Sam's moving to the new Wal-Mart.
Here is another for you. The Market Basket is already hurting grocery stores in Worcester. Imagine what the new Walmart will do? Please note the opening of the new Walmart has been delayed at least 90 days for major mistakes made with the roof assembly. By the end of the year I expect the Shaws on Grafton Street not to be the only large grocery store shuttered in the City of Worcester.
February 01, 2010
But Dave you now owe me two beers since it is February 1st. New bet. I bet you double or nothing we will something first about Hanover coming in as the lender or developer before we get anything signed by UNUM. Do you take the bet?
Here are some other reasons new reasons why Acorn should get the nod:
- 10,000 of a 25,000 is nonrefundable. Winn's deposit was nothing.
- 90 day diligence period. Winn's was 12 month.
So let me get this right. Winn wanted to be awarded the bid, put nothing down as a deposit and tie up the property for 12 months? Why not Pharmasphere has done the same thing now going on over 2 years!!!
Lets keep it positive. This is some great news!!!