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?
Recent Posts
See AllWe are concerned that Board Member Vanessa Poster, while in her role as an elected official of BCHD, misled the City Council on October...
Comentários