So Who’s Responsible For Downtown Fullerton’s Amerige Court Turkey Project?
June 16, 2009……..Fullerton City Council Agenda
CLOSED SESSION
Item 1. CONFERENCE WITH REAL PROPERTY NEGOTIATOR – Per Government Code
Section 54956.8
Property: North and South Block of 100 West Amerige Avenue,
Fullerton, CA
Agency Negotiator: Rob Zur Schmiede, Director of Redevelopment and
Economic Development
Negotiating Parties: Richard Hamm, Pelican-Laing Fullerton, LLC
Under Negotiations: Price and terms
The Laing of the LLC is John Laing Holmes. Laing is a home builder with a reported debt of $500 million to $1 billion and is in Chapter 11 receivership. And furthermore, the word on the street is the front men of the LLC Hamm & Pellican are also on the verge of financial protection.
Exactly what kind of negotiations could our financially unexperienced City Council be doing with a group of financial wizards who are running amok in debt? When is the Redevelopment Agency going to realize the housing market has collapsed? If this project goes forward it will be a financial wreck for Fullerton.
Dear Friends, how many of you realize Pam Keller, Sharon Quirk, Don Bankhead and Dick Jones have already voted to place the Fullerton tax payers on the hook by guaranteeing the developer who’s in bankruptcy a 15% profit? Who besides us are willing to admit this project was a turkey from day 1?
I had no idea taxpayers had guaranteed that the developer make a profit. Wasn’t this approved in the middle of a real estate downturn? How stupid are we?
T, the answer to your second question is VERY
Maybe we can get the Fox block developer interested. Wait a minute–he has no money, either!
Yes…he could move the McDonald’s there, making it the anchor tenant. Kinda like the Knollwoods at Harbor / Commonwealth.
I hear Mid-Evil Circus Revival is making a comeback.