Tuesday, May 21, 2013
There’s one element of the term sheet that I certainly expected to see addressed, and that is compensation to the existing business owners in this four-block parcel for the arena. The term sheet map doesn’t show it well, but the bulk of the K-L/6th-7th block is owned by Macy’s — not the City or the mall owner. That’s the physically largest example of this that I know of. There are a number of smaller business hold leases in these four blocks. What sort of compensation should they receive? Macy’s the largest single example in these blocks, but I’m sure there are others (24 Hour, it turns out, recently paid a lot of money to convert space from a Hard Rock to a gym).
In addition, how's demolition of the structures going to be paid for?
I can’t find the term “overrun” anywhere in that document. $447M isn’t anywhere near enough for that location, in my opinion. We need to know who will pay the difference.
I’m also not impressed with the current loan refi terms, either. Another big difference between this and the Seattle deal is what happens in case of shortfall? If Seattle revenues aren’t sufficient, Hansen’s rent goes up. If Sacramento revenues fall short, the city dips into the hotel revenue pot.
At least you’re not hiding your bias. And remember, it's only racism if white people talk about their culture.
It's good to see the Press writing about skin color and race again. Not long ago another article was posted here about What Makes an Exceptional Woman of Color which was also based on race… where white women need not apply.
Why does it have to be a "well-organized festival"? Why do you assume people needed to be hearded together to have a good time? All your ideas Iassc cost money and this city is broke. This was a moment in time that lasted maybe 30 seconds, enjoy it and get back to work.
But they will be sleeping on the ground, do you really think the new owner will take the risk of being sued later becasue someone got sick while camping out for a week or so? That area is still considered contaminated even if the EPA says it's okay.
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