Developers of Langtree at the Lake, the $800 million mixed-use development in Mt. Mourne, will ask the Town of Mooresville on Feb. 2 to annex 142 acres in their development. It's a move that, if approved, could pave the way for the town to back the issuance of millions of dollars in bonds to pay for Langtree's infrastructure costs.
Langtree asked Iredell County in November to back $46 million in bonds. But the developers "ran into resistance ... partly because Langtree would be the first in the state to use the new financing method," the Charlotte Observer reports today. Click here for the Observer's full report: http://www.charlotteobserver.com/275/story/491835.html
The Report covered this story extensively when the proposal was before Iredell County's board of commissioners. For that coverage -- including an explanation of the new type of "special assessment district" financing -- click on the links below:
http://thegattonreport.blogspot.com/2008/11/bonds-for-billionaires.html
http://thegattonreport.blogspot.com/2008/11/county-to-langtree-too-many-questions.html
http://thegattonreport.blogspot.com/2008/11/tice-says-she-voted-with-group.html
http://thegattonreport.blogspot.com/2008/11/corporate-welfare-so-what.html
In other news...
The Lake Norman Times continues to closely follow the Lake Davidson Working Group meeting that was closed to the public and press last week. For the latest on that story, follow the links below:
WAS LAKE DAVIDSON MEETING ILLEGAL? Expert says closing meeting to public violated law; officials say rule doesn't apply:
http://thelakepaper.com/articles/2009/01/21/news/news001.txt
BOAT HORSEPOWER OFF INTERLOCAL AGREEMENT? Working Group comes to consensus on land-based section, still pushing for water-use restrictions:
http://thelakepaper.com/articles/2009/01/21/news/news002.txt
Members of Lake Norman Marine Commission oppose restrictions on Lake Davidson:
http://thelakepaper.com/articles/2009/01/21/news/news003.txt
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14 comments:
OK, here we go again! Millionaire developers looking for Government subsidies for their grandiose plans.
Yes, this money will be paid back. Yes, the Developers will pay the cost of preparing the Loan application but that is not the point. The developer's Financial business Plan is "get the Town/ County" to obtain 'cheaper' money for us so we can have a higher profit margin".
The Howards ran into resistance from the Iredell Board and now they are targeting the 'easy marks', the Mooresville Town Commissioners. They, the Commissioners, won't ask the detailed questions which Iredell did.
If ToM is to grant these loans to Developers, why can't we do the same for the citizens? Hey, times are tough, many people are out of work and more will follow so why not borrow the money and 'loan' it to the citizens at the same 'sweetheart' terms which the developers are seeking.
Sound far fetched? Yes!?
But why should the Town even consider the Howard's request? The Howards and their backers have already lined up their finances. They would not have embarked on this project without sources available. Remember folks, this is a $750 Million development with high-end Condos and townhouses and an 18 story Hotel and Convention center. A few months ago, the Howards were bragging about how their $600,000 to $2,000,000 condos were virtually all pre-sold!
He was even heard bragging at a New Year's Eve dinner that everything was going ahead as planned and that things are looking good.
These are not some cash strapped local Downtown merchants trying to make ends meet. These are not your Middle Class blue collar workers wondering how to make mortgage payments. These aren't the Seniors of our Town huddling around a stove because they don't have the money for warmth. These are rich, well backed developers in their limos, driving down their Lakeside, tree lined driveways coming to the Town and asking for a loan.
And the shame of it is, the Howards fully think they will sway the Town with a promise of tax revenues and jobs. The Town will buckle, as they have done in the past, because they can't see past their own noses. They will grow weak kneed when Howard begins his threats, not fully realizing this Langtree at the Lake project will continue and the Town will reap the benefits regardless. They will grant this because of familiarity with the Howards and the supposition that whatever he says must be good for everyone. (as well as other linkage.)
There is no NEED to subsidize Langtree. Make no mistake about this! The Town does NOT need to help Langtree in any way.
If the Town wants to subsidize something, subsidize the people of our Community, the Race shops, the Downtown Merchants, the Senior citizens, the start-up Mom and Pop concerns. Borrow money to build our roads, sewer systems, water plants, infrastructure but don't borrow money for developers.
If the Town elects to provide these loans, the Town is doing little more than gold lining the pockets of the Developers.
The only way to stop this is to voice your disdain and absolute displeasure. Express yourself, ask a million questions of the Town Board, the media, represented officials.
Thank God I live in the county. The Town Commissioners are easy marks, or why else would Langtree at the Lake to get annexed. If I lived in the ToM I would be outraged.
Yankee Bob
Is it just me or does this project just smell a little funny? Big announcement, lots of fanfare, lots of hype, invite all the 'right people'. Big presentation. Lots of glitzy plans. Lots of sexy rhetoric. Lots of excitement. Years later. Not one brick in place. The condo project that was 'almost sold out'? Postponed. How much sense does that make? Big luxury hotel? No announcement on that and no construction visible. If this is 'on schedule' why do all the signs along I-77 say 'Coming Spring 2009'? I think it's safe at this point to say that ain't going to happen.
Given all that, if the Town does ignore all the Citizens of Mooresville and the needs we have and instead choose to grace Rick Howard with this bond package, just who is going to buy those bonds? Don't think I will. Ain't it a shame Bernie Madoff ain't still in the market. He and Rick could join forces to pull this stunt off.
And if the project does not succeed, who is going to pay the bond holders? The Town says they have no liablility. All seems very strange to me.
How flattering for the Mooresville Town Board. Rick Howard coming with this request in effect saying 'I don't think you're as smart as the Iredell Co. Commissioners'. But the really scary thing is that they probably aren't.
Let me see if I've got this right. The county was going to get in bed with this deal behind closed doors and in the dark of night. Gatton Report found out about it and alerted the county taxpayers. Deal falls through and county commissioners scramble for the hills. And lo and behold, WE get to have the honor of doing what even the county knew better than to do?!!! Oh yeah, that'll go a long way to fix the broken bridge between the Mooresville officials and the people.
First the federal government pushes a $850 billion bailout of the rich down our throats, then our own town wants to push this bailout down our throats. Where does it stop?
Brad Howard was on the United Way Board in Charlotte. I imagine he knows Gloria Pace King. Maybe he can get her to come up here and raise some money for their project. She isn't busy now.
I hear Mitch Abraham is out of a job and the company he worked for owes everybody in town. He's ripe. Maybe the Howards can sidle up to him like the water company did. Abraham's probably looking for a nice little angle right about now.
I'm sure they will back the bonds. They bailed out the cable industry! Why would this be any different?
I hope it's not true that Mitch is out of a job. Times are tough for everybody and I wouldn't wish job loss on anyone.
We do not even take care of what we have now
Looks like we might as well make John Crone a detainee at Gitmo. He can't a trial or a chance to be heard either. Evidently the Town Board considers him a terrorist.
I've got it ... why not use the Cops for Kids account to pay for this development? And use it to pay for the settlement for the lawsuit filed by Nitzu!
The Howards make me sick. Little Howard tries twice to be elected to the county board of commissioners and fails. The timing of his run was always suspect to me. During this time he starts to show up at every meeting, function, events etc and tries to befriend every decision maker in the county.
Thank God the Iredell County board doesn't believe in pay to play.
Someone said,
Anonymous said...
You NEED TO READ ALL I WROTE, as I am sure a judge will down the road, or dont you get that I dont give a damn what you think about your boy, just as I did not care what crones boys thought.
Now I have had enough of questions, prove him innocent or shut the hell up.
BTW, my credibility only exists in the future, or are you to stupid to know that already. It looks like it is getting better by the day, yes?
September 21, 2008 11:29 PM
Gatton Report Wrote
“Husemann said he decided to release the information about the federal request when the Mooresville Tribune asked for an update on the Cops for Kids situation. "I don't want to withhold any information," said Husemann, adding, however, that "we do not plan to release the accounting study until the SBI determines that it has no relevance to their investigation and until (Town Attorney) Steve Gambill determines that any personnel information is redacted."
Stated Sept. 10th 2008
They will never release those audit results because it will screw up the criminal case.
Anonymous said...
I would like to see them try to still cover this up, the reason you have not seen the audit, is because it is so bad that it will fry crone,(I know what he had and did not have and do and not do) just like I said, he tried to retire, they would not let him, had it just been the evidence room, he would have been allowed to retire but they had no choice, they had to distance themselves right away and in a grand way because they know he is guilty, and he is not going to be the only one. I mean hell, look how Rader backtracked on whether he stood by what he said about crones store being the only one that made sense. He knows as well, but he is covering still, so you should look for the reason, either in CFK or out, but the reason is there.
The evidence room allowed them to fire him right then, the criminal investigation gave them the motivation they had not had before to do it.
They will never release those audit results because it will screw up the criminal case. They are private bank statements that were turned over by mistake by Crone. The town cant show them, and the town cant get a complete picture of the finances of Cops 4 Kids so this audit is bullcrap and meaningless. But Jaime could and did show what she got out of him and that was all I needed to see, what he
Look, if the SBI follows the letter of the law, they have no choice but to charge him and I mean with everything the law says they must, so, they are all history according to the law. There can be no cover up anymore, it is ONLY a matter of when they charge him, not if they charge him. Thats the Law, I did not write it, but I sure as hell can read it and back it up, so if I can, you know the Atty General Cooper can too.
They are coming folks, for all of them, first those fundraising rooms I talked about, then Crone and his merry band of robbing hoods, and then the Sheriff and his, it is the Law, they MUST follow the law, it is too late for them all.
But I have an ace in the hole anyway, a couple actually.
September 10, 2008 2:44 PM
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