'Cornerstone' since 1992, but no longer
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posted by Bob at Monday, December 17, 2007
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Monday, December 17, 2007
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13 Comments:
They can't make a go of it when they have no bills to pay and people wonder why the private landlords are going out of business
I wonder, at what point the building will "officially" become a "registered vacant building"...if if a FULL code compliance inspection will be required, by the City, of a property owned by the City.
Was this one of Repke's projects?
Nancy Lazaryan
It says they are waiting for a development oppertunity with adjacent land...does that include some homes around that they will need to take down through code compliance in order to gain enough land for their next project of failure? I would guess it would be one of Repkes, he is part of that so pocket lining non-profit organization.
DFL'ers are in charge of St.Paul's tax dollars, Repke apparently know all these city pocket lining people.
Right?
The DIRTY TRUTH!
http://http://ademocracy.blogspot.com/search?q=mike+taube
Well Chuck we are waiting for your response.
How far is the DFL going to fall from grace?
Sorry, not my project folks. I know you guys would love to have me in some kind of scandle, but keep trying.
So, here is what I know (or think I know) or at least what I have heard. The project was origanally an attempt at condo's that didn't get anywhere. So, ESNDC (no relation to NENDC that I work for) took on the project as affordable rental.
But, 11:40 is dead wrong they don't get to do this with no bills to pay, they get to do it with better than a $450,000 mortgage and the same property taxes and utility bills that everyone else has to pay. And, never forget the non-profits always have the full scrutiny of the cameras rolling all of the time, so Nancy they lived with the assumption of a FULL code compliance anytime and rather than having a local handy man able to fix things they have to contract out big time.
So, the deal sucks money like a vacume. They have the same issues with tenents that any landlord does and finally they told the City they're done. You can have the building back.
So, my guess is that it will sit vacant for a long time. And I am doubtful it has any future other then a bulldozer.
JMONTOMEPPOF
Chuck Repke
Chuck & Sharon's IM's Witness that I'm not attending a Bogus hearing with Marcia Moermond THANKS CHUCK
Sharon4Anderson [10:08 A.M.]:
Click here: EastFRONT PAGE
'Cornerstone' since 1992, but no longer
I don't think this is Chucks non-profit. It is the non-profit I posted the story about months ago. The MIKE TAUBE letters at the blog. I'll post it and see if we get a stir out of Chuck. :-)
Sharon4Anderson@aol.com wrote:
Chuckrepke [10:10 A.M.]: Yup not my group. That was Mike Anderson's group. He came from Vento's office and now he is with the School District
Sharon4Anderson [10:10 A.M.]: Sorry what are the initals for your group
Chuckrepke [10:12 A.M.]: NENDC - North East Neighborhoods Development Corporation - you had me right the other day when the City let me discount the debt on the old VFW on East 7th and White Bear
Chuckrepke [10:12 A.M.]: I helped those guys out when they were closing by buying the building and demo'ing it for potential redevelopment
Chuckrepke [10:13 A.M.]: So, the City then allows me to discount the debt when I sell it - so I sold it to the dentist across the street Chuckrepke [10:15 A.M.]: So, the VFW came out OK - and the dentist came out OK and the neighborhood got rid of a potential problem property and all it cost was $230,000. Three good deals pretty cheep.
tHE 40 THOUS RELOCATION FUNDS for 5 Tenants must also apply to all vacant buildings.
As to the relocation monies, anytime the City displaces someone there is the potential for relocation assistance. So, since the City had been involved in the project they will pay up to $40,000 to relocate the residents.
JMONTOMEPPOF
Chuck Repke
As long as Sharon posted my notes to her, let me give you a little more info on how hopefully good redevelopment works.
The corner of East Seventh and White Bear was in pretty rough shape. In discussions with City staff we (NENDC and the city) sent me out to see if I could acquire some of the property for redevelopment. A large mixed use building was vacant and had recently been picked up on CD by someone who was going to do a basic rehab on the building and keep it for investment purposes. I met with that owner and negosiated a price that would take him out. I then negosiated a price for the building next to it that had a dollar store and three apartments. The City in the mean time had been contacted by a company that had opened several dental shops around the state that are open evenings and weekends and take medical assistance (a good thing for the neighborhood). They were looking for about an acre to develop on. We decided to try and put them together at that location.
Across the street was the VFW. It was for sale. One concern for any neighborhood is the potential bad spill over from a private rental hall. We decided it made sense to pick up that parcel in the event that we could catch some additional development or expantion.
So, the City loaned NENDC the money to acquire the properties understanding that there is no way in this green earth that anyone in there right mind will buy the vacant land at the price that it cost to buy the property and demo the structures. Are you with me?
The dental clinic then buys the land at a higher price than what land costs, but a lot lower than what I paid for it. You can scream all you want, but there is no way to attract development into the central city without the City getting the price of land down to what you could buy vacant land in the suburbs.
So, in the last few weeks here the clinic has been doing well and they became interested in the old VFW lot for extra parking. So, I sold the vacant lot to them and the City discounted what I owed them for the purchase and demo of the building $350,000 to $120,000 which is more than $10 a square foot for the land.
And all of this was public in front of the HRA and Sharon sent out extra notices to make sure everybody knew what I was doing.
Chuck Repke
NENDC not ESNDC
Chuck thats great!Maybe if the city worked with the true and I say true investors in St.Paul and not you so called non profits the investors that were here would have stayed.
What you and the city are doing is a sad shame.Its a no win.The money the city is spending on aquiring this land and then selling it for a loss is complete ignorance.Why doesn't the city target the investors here in St.Paul that have been in the communities and give them grants or loans for outside and inside repair so they can look good, make a profit and attract better tenants.
This in the long run my friend is a much better idea.
What the city does now is chase the only people who want to do business in St.Paul out of town and then wonder why no one wants to invest here.DAHHHHH!!
11:40 - I do give grants and loans to businesses in the area. In the last few years NENDC has assisted a chiropractor, three bars or restaraunts, a vet, four barbers/beuaticians, a furniture store, a drug store as well as the dentist. We also did a small business loan to one apartment owner (though he ultimately sold).
We also do home improvement loans for people that live in the area and meet moderate income levels.
What I do each year is go to the City and get a grant/loan package targeted to the neighborhood that will allow me to assist small businesses on White Bear Avenue or in Phalen Village.
But, from time to time you have to try and bring in something new. For the last couple of years I have been working to try and get a major grocery store into the north east corner of the City. There is no "flag" grocery east of Arcade or North of 94. That is a huge section of the City. You try and put together 5-6 acres of land needed to do a grocery and tell me that you can do it in a City without City assistance. Land costs are to high.
So, that neighborhood will by next November have a new Cub grocery store. The City has come through allowing the new tax monies generated by the improvements to pay for the land.
Folks for a lot of low income people in the apartments both privately owned and PHA on Maryland and near by this will be the best thing that has ever happened to them. And, for the seniors in the area it will be great.
But, you are right. We could do nothing and wait and wish and hope that magic would change things.
JMONTOMEPPOF
Chuck Repke
I am confident Chuck has been thoroughly investigated by the property rights advocates. He has an impeccable reputation.
I know some of you guy's would love to throw pies at him. Maybe we could get Chuck to take a few pies in the face for charity at the "RACKETEERING law suit celebration party" after the jury trial.
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