Overview of BCHD Wealthy campus proposed financials with the Developer/Owner/Operator
BCHDs $2M fee Investment Bankers are recommending this "deal" that earns them a fabulous fee ...
Fact 1: BCHD will have NO ownership - 0% - BCHD will lease our public land to the private developer for its use
Fact 2: BCHD will lease our Publicly owned and zoned land to the commercial Developer/Owner/Operator of Phase 1 (the roughly 110-foot tall, 300,000 sqft building up against residential neighborhoods that average 20-feet tall)
Fact 3: The proposal leases 3.22 acres of our Publicly owned and zoned land to the private developer for 65-95 years
Fact 4: BCHD is taking $25M of our Public owned and zoned land away from the Public for GENERATIONS for a net $677,000/year rent paid by the private Developer/Owner/Operator and using it for 80% non-residents of the District
Backup from BCHD & Cain Bros (investment banker) Documents
Fact 1 BCHD has known for nearly a year it will have NO OWNERSHIP in the project
Fact 2 BCHD will be leasing to a Developer/Owner/Operator - not a joint venture partner
Unlike other BCHD executives, the CFO has a higher standard of accuracy and names the "Developer/Owner/Operator" precisely, not as some made-up "partner" named like the Board and CEO use. BCHD has NO OWNERSHIP.
Fact 3 It's a lease for 3.22 acres of Public Owned and Zoned Land
Per BCHD, the building footprint is 1.22 acres
And the open space is 2.0 for a total of 3.22 acres of leased Public land
Lease term: 65 with 2 15yr renewals possible
Fact 4: BCHD is taking $25M of public land away from the public for 50-99 years for $677,000/year lease from a private Developer/Owner/Operator
BCHD is taking over 3 acres of publicly owned and zoned land away from the public for GENERATIONS to rent it to a private developer to build assisted living that requires $200,000 a year in gross income to cover RENT
Exhibit 3-3 calculation from BCHD consultant MDS
Isn't it nice that we're donating our land to PV residents to have $150K per year rent assisted living?