RE: What is going on in Michigan? (Full Version)

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Yachtie -> RE: What is going on in Michigan? (7/5/2013 4:48:08 PM)


quote:

ORIGINAL: tazzygirl

It cost 1.5 mill a year to run. He turned down 18 mill and 12 mill... for 550,000....

And thats smart finance to you?



Trying to get some flavor and not just a Wiki...

here

here


A 20 Mil bid fell through over environmental cleanup. I wonder if perhaps the other bids had problems too?



RottenJohnny -> RE: What is going on in Michigan? (7/5/2013 4:50:50 PM)

The fight that's been going on in Michigan is basically about the attempt of reds to gain control of a state that has been very blue for a long time and they're using the financial problems in Detroit as the linchpin for their fight.

Because Michigan's economy has been so reliant on the automotive industry, the labor unions (and by extension, Democrats) have held a lot of sway in what measures get passed at all levels of government. Now that the auto industry has moved out, the receding tide of money has exposed some big problems with how Detroit and other cities in that area have handled their finances. I've seen esitimates of debt over the next several years that tally into the tens of billions.

Last year the Republicans tried to pass a bill that would give an emergency manager broad powers to control a cities finances. This included things like cancelling contracts and suspending collective bargaining. The bill was voted down because the Dems felt it gave too much power to the manager with no input from the citizens. The bill was then modified to include some options for emergency management that could be voted on by local officials. But it also included a stipulation that allowed the state to pay for emergency managers thereby making it a spending bill which avoids any referendums.



tazzygirl -> RE: What is going on in Michigan? (7/5/2013 4:59:27 PM)

Which underscores my point.

20 million as opposed to 580K

The Toronto company, on the same day as the article you provided, said they werent sure how they were going to develop the property.

Was there any guarantees that the property would offer any new jobs with the Toronto based company?

After spotting an auction ad in the back of a newspaper only weeks ago, he decided to bid $583,000 (U.S.) for the Pontiac Silverdome, the former home of football's Detroit Lions. The president of Toronto-based Triple Properties Inc. put a $250,000 deposit in the mail, with only online documents from the auction house to guide him.

Then he forgot about it, content to manage his company's small portfolio of retail and industrial properties.

"It was a bit surprising," Mr. Apostolopoulos said Monday after the sale was confirmed by a U.S. judge.

"There were really very few bids."

Mr. Apostolopoulos' bid, one of four, has earned attention across the United States for the extraordinary price: It values the stadium at about 1 per cent of the $55.7-million it cost to build in 1975.

http://www.theglobeandmail.com/report-on-business/toronto-developer-acquires-pontiac-silverdome/article1374848/




PeonForHer -> RE: What is going on in Michigan? (7/5/2013 5:06:46 PM)


quote:

ORIGINAL: tazzygirl

But I really would like to hear other's thoughts on what is happening there. Is it truly as bad as this or is this writer simply grinding an ax here. I know we have some posters who live there.


Who cares? It's only happening somewhere in America, and America doesn't matter.



tazzygirl -> RE: What is going on in Michigan? (7/5/2013 5:09:04 PM)

Seems that way lately.



Yachtie -> RE: What is going on in Michigan? (7/5/2013 5:15:30 PM)


quote:

ORIGINAL: tazzygirl

Which underscores my point.

20 million as opposed to 580K



The 20 Mil fell through, not rejected out of hand.



tazzygirl -> RE: What is going on in Michigan? (7/5/2013 5:21:59 PM)

A little more on the 20 million deal.

http://www.mlive.com/news/detroit/index.ssf/2009/11/attorney_who_offered_20_millio.html

According to the Detroit News, the "injunction alleges the city breached a contract with Silver Stallion and engaged in racial discrimination against the minority-owned firm." Specifically, the lawsuit claims Mayor Clarence Phillips "openly expressed bias against" Silver Stallion.

DetNews, Nov. 18: In August 2008, Silver Stallion made a $100,000 deposit of earnest money in escrow under a purchase agreement with the city and hired an engineering firm to do an environmental assessment of the facility, according to court documents filed this week.
The closing was delayed after reviews found possible contamination, according to the lawsuit. In February meetings regarding the group's ability to fund the purchase, the city asked that Silver Stallion release the $100,000 in escrow to the city and dropped the purchase price to $17 million due to damage to a mini-dome and missing property.

The auction was announced the next day.

It sounds like the city wanted the escrow money while already willing to go to auction anyways.

Something doesnt sound right.



Hillwilliam -> RE: What is going on in Michigan? (7/5/2013 5:24:45 PM)

I wish thishereboi was around to comment on this one. She'd probably know a lot more.



tazzygirl -> RE: What is going on in Michigan? (7/5/2013 5:32:35 PM)

I do too.



Yachtie -> RE: What is going on in Michigan? (7/5/2013 5:35:18 PM)


quote:

ORIGINAL: tazzygirl

Something doesnt sound right.


Indeed. I wonder if the dome was in actuality a monkey on the city's back and it needed to get rid of it any way it could? I'm also curious as to just how much the new owner(s) have put into it?






Hillwilliam -> RE: What is going on in Michigan? (7/5/2013 5:36:32 PM)


quote:

ORIGINAL: Yachtie


quote:

ORIGINAL: tazzygirl

Something doesnt sound right.


Indeed. I wonder if the dome was in actuality a monkey on the city's back and it needed to get rid of it any way it could? I'm also curious as to just how much the new owner(s) have put into it?





I'm wondering if any cash changed hands.



tazzygirl -> RE: What is going on in Michigan? (7/5/2013 5:42:35 PM)

Would that not have to had included the Judge though? It seems the one company still wanted the property badly and was willing to pay quite a bit more than 580K.



Hillwilliam -> RE: What is going on in Michigan? (7/5/2013 5:47:19 PM)

typically, auctions that concern the state (I've worked a shit load of them) have a 10 day period afterwards where they will accept more bids.



tazzygirl -> RE: What is going on in Michigan? (7/5/2013 5:55:23 PM)

Then this just gets stranger and stranger.



thishereboi -> RE: What is going on in Michigan? (7/5/2013 6:01:10 PM)


quote:

ORIGINAL: tazzygirl

I do too.



Hate to disappoint, but i wasn't aware they had sold the dome. If it helps I agree that it is very fucked up.



tazzygirl -> RE: What is going on in Michigan? (7/5/2013 6:12:35 PM)

Well, fudge... you arent any help... lol... no seriously.. what am I missing here? Do they have these rights or is this something that is extremely out of the ordinary?



DesideriScuri -> RE: What is going on in Michigan? (7/5/2013 8:42:07 PM)

quote:

ORIGINAL: tazzygirl
quote:

What did you think when the majority of US Citizens were opposed to the ACA while Congress was passing it?

WASHINGTON — More Americans now favor than oppose the health care overhaul that President Obama signed into law Tuesday, a USA TODAY/Gallup Poll finds — a notable turnaround from surveys before the vote that showed a plurality against the legislation.
By 49%-40%, those polled say it was "a good thing" rather than a bad one that Congress passed the bill. Half describe their reaction in positive terms — as "enthusiastic" or "pleased" — while about four in 10 describe it in negative ways, as "disappointed" or "angry."
http://usatoday30.usatoday.com/news/washington/2010-03-23-health-poll-favorable_N.htm?csp=hf
This isnt about national or health care. I would actually like to pertain this to Michigan and what is happening there.


Of course it isn't about National health care. But, the "will of the people" argument is only supported by you when the "will of the people" supports your same beliefs. Thanks for posting a link that had even less to do with the actual meat of my response than anything.



tazzygirl -> RE: What is going on in Michigan? (7/5/2013 8:48:53 PM)

quote:

Of course it isn't about National health care. But, the "will of the people" argument is only supported by you when the "will of the people" supports your same beliefs. Thanks for posting a link that had even less to do with the actual meat of my response than anything.


How do you assume the "will of the people" is based upon a non-elected official given the power to sell off the "people's" assets?



DesideriScuri -> RE: What is going on in Michigan? (7/5/2013 9:10:49 PM)

quote:

ORIGINAL: tazzygirl
quote:

Of course it isn't about National health care. But, the "will of the people" argument is only supported by you when the "will of the people" supports your same beliefs. Thanks for posting a link that had even less to do with the actual meat of my response than anything.

How do you assume the "will of the people" is based upon a non-elected official given the power to sell off the "people's" assets?


The "non-elected official" was granted the powers by legislation drafted by "elected officials," no? Or, is that not representative of the "will of the people?"

Careful how you answer that. Sweeping mandates of the EPA would be a ridiculously similar example of what you are griping about. Yet, I don't think you griped about the EPA's sweeping mandates, did you?

One of the problems in MI is that Detroit is corrupt and bankrupt. Well, it used to be corrupt. It may or may not be now. The city was the driver of MI's economy. Now, it's falling into disrepair and crumbling. The people all want this, that and the other thing. No one is left to pay for it all, though. What do you do? Putting a city into receivership isn't unheard of in MI.:
    quote:

    If Michigan Gov. Rick Snyder concludes that Detroit cannot fix its own financial problems, the city would become the sixth in the state to get an emergency manager. Benton Harbor, Flint, Pontiac, Ecorse and Allen Park currently have emergency financial managers.



tazzygirl -> RE: What is going on in Michigan? (7/5/2013 9:23:51 PM)

Would you, as a "people", agree that selling off property, as exampled by the SilverDome, be in the best interests of the "people"?

My understanding is that they are now turning their eyes to the art work. Frankly, I have no problem with that. Nor do I have a problem with the city selling off the SilverDome. I do have a problem when something seems to "wrong" as to sell off a piece of property for pennies on the thousands.

I would question this on any level, not just city.



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