Monday, December 20, 2010

Scratch That - City Bought Garage Last February

Sales disclosure documents obtained through Marion County Assessor, Greg Bowes, office, show that the City purchased the garage and property at 101 N. New Jersey Street on February 25, 2010, much earlier than I reported previously. They purchased it from Market Square Garage/Ops Partners, LLC, with Tadd Miller signing for the LLC. That means that public requests for information regarding this deal were being falsely denied for over nine months.

The sales price for the garage property was $13,600,000, and the sales disclosure document indicates that the City bought the property on contract, in keeping with the MDC Resolution authorizing purchase (approved on June 6, 2009). The wording in Resolution #09-R-006, specifies:
The Commission's authorization of the purchase of the Parking Garage is conditioned upon the negotiation and execution of a Project Agreement between DMD and Market Square Garage/Ops Partners, LLC, substantially incorporating the terms and conditions set forth in the attached Term Sheet.

That attached term sheet includes such things as a requirement that the developer prove within 3 months, that financing for the project 'is available', and that the developer commences development within 12 months. I have requested the 'Project Agreement' and the proof of financing documents.

Also on February 25, 2010, Market Square Garage/Ops Partners, LLC, purchased the garage property from Market District Garage, LLC, based in Columbus, Ohio, for the very same $13,600,000. They also purchased the city block with the address of 450 E. Market Street (and 450 E. Washington Street), the same day for $1,381,366.20, from MS Ops Center, LLC, based in Columbus Ohio, and using the same address as Market District Garage, LLC.

4 comments:

Advance Indiana said...

Pat, Help me out here. Why would Maury Plambeck lie to you and the IBJ reporters about a transaction taking place when he knew you would eventually find out about it? It makes no sense to me why he would lie about a matter of public record.

Had Enough Indy? said...

Gary, I really wish I knew. The only thing I can think of, and it is pure speculation on my part, is that Deron Kintner has been handed the keys to what passes for complying with the public access laws in this adminstration. Whoever has put the edict in place, only cares about keeping important information secret as long as possible.

And what luck for them, its now Christmas week. Who is paying any attention?

You speak of corruption on your blog. I am disheatened that someone who never lied to me for the 15 years I have known him, now lowers himself to the standards set by Kintner, Huber, Loftus, and Ballard.

Advance Indiana said...

The media should be down their throats for their lack of transparency, but I'm not going to hold my breath waiting for that to happen. Been disappointed too many times in the past.

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