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This is facinating; A failed, bankrupt hotel is purchased for $4.5 million five short years ago, nothing was done and it is still failed and bankrupt, yet the asking price is now triple that amount.
ReplyDeleteWould someone please explain this to me? I am just a plumber's helper who purchased a home three years ago, made all my payments twice a month on-time and had the lender call in the note. They would not renew. I had to buy my home all over again and the $4000.00 equity I struggled to build over those three years was stolen from me with $4184.00 in closing costs.
Someone please knock some sense into me with a pipe wrench. I am either doing something totally wrong or my home must also worth at least double what I paid. Which is IT?
The asking price virtually guarantees this building will continue to decay for many years to come. The days of property speculation are over! It is utter madness to think that doing absolutely NOTHING to a property already in decay can reap huge profits over such a short period of time. The hotel should be on the auction block for what is owed, based on the original purchase price paid. That way, a guy like Harry Stinson can afford to pick it up and actually do something with it.
Why do I get the feeling, that soon this building will be dust.
ReplyDeleteAnother piece of Hamiltons history to be gone.
This building has already been gutted inside, there are ample pictures of that destruction circulating about since the last time "City-Building" Mayor Fred took a tour with the media to sing it's praises and remaining features.
ReplyDeleteAnd what does the Economic Development Guru's down at city hall have to say about this latest development? How much liability have the taxpayers been exposed to, in other words how much do we stand to lose until a demolition permit is granted to put this building out of it's misery?
I like the quote from Marini, "Let's hope someone's looking around". Hope is desperation. With all these directors, Marini, McCabe and god knows who else, why are we still "hoping"?
ReplyDeleteMarini doesn't know what he is talking about. He just provides typical bureaucratic sound bites for the media. Get rid of him. Then there would only be one left in the Ec. Dev dept his son.
ReplyDeleteThe City has already sunk a million into it through the ERASE program for asbestos removal. Would we get re-imbursed from the sale seeing as nothing transpired, I doubt it.
Here we go again, time for a shake up at Silly Hall. Won't happen though. Bureaucrat feeding at the trough and doing nothing.
Makes me upset to be paying taxes in this City.