Kudos to Commissioner Reynolds!!! Click here for the minutes.
In 2006 at the end of the first 20 year lease on 15 Coppage Drive, the Airport Commission should never have renewed the lease. There were plenty of violations including subletting of the property and property taxes being in arrears.
Airport Liaison Niddrie refers to Property Casualty Initiative (PCI) as the holding company for Kennendy Die??? I believe that they are the mortgagee who foreclosed on the lease and is now the current owner of the lease and now they want to sub-lease to TriCab?? Congrats to Airport Commission for voting against this lease to PCI, which they should have done again two years ago to the Kennedy Family Trust. Airport Commission should take back the building and lease it themselves.
Again kudos to Commissioner Reynolds. All the current airport industrial park leases should be reviewed. In fact I saw a listing for the O'Coins distribution center for lease, can they sublet?
Same Time Next Year
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It’s been nearly a year since I wrote about the problems that come from
having 11 bosses who are not on the same page about anything, as well as
suggestion...
6 months ago
4 comments:
No mention about 140,000 adjustments to these back taxes for the last 2 yrs.???
Commission should have asked the assessor to attend & explain and/or provided written justification for the adjstment that is not listed as either an abatement or an exemption on the assessors website..........
Now, IMO they want to try for strong mayor again?????
Bunch of whining losers should back their nursing.
The real question is why did the board vote to approve the lease two years ago when it renewed. At that time the taxes were in arrears in the property was subletted.
Now they vote not to release to PCI. Don't get me wrong they made the right vote now.
So are you telling me that Kennedy Castings used the value inherent in their $1.00(?) per year lease for 20 years(?) as collateral to purchase something ( possibly equipment) and now this PCI Holdings has foreclosed on what assets Keenedy had including the value of the $1.00 per year going forward.
Is PCI actually an insurance company. Insurance co's do lots of commercial lending like this..but if they lent (or leased) for equipment why dont they just take the equipment back...maybe b/c probably the equipmnet loans (assumed) are underwater so now they have go after the lease value? Can you say subprime?
I would think this would not be allowed by the city per the terms of the lease????
Wonder if my above assumption re: using the lease to collarteralize equipment purchases is wrong and they instead used the inherent value in the lease as collateral to just cash out? Kind a like I cash out of my house with a new mortgage and then take my new found cash and buy a new Rolls Royce or dime up the Emporere's Club for some $5000 per gig fun?
What was the lease used as collateral to buy or obtain?
Am I reading this right?
No wonder they went broke if they were so in debt?
It's interesting that MOB showed up at the meeting......possibly unannounced???.............b/c it says he was taken out of order. He tells the commission the city did have a chit chat with a comm. airline, but that this airline declined b/c they're not interested in locating in the Northeast (or New Engl)? That should narrow it down so that maybe one can figure out what airline they chatted with.
Kudos to you Bill
Now I know what you mean by the power of blogging.
Without this blog bringing up this subject in the past this issue would have remained unresolved.
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