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Michigan Taxpayers Have A Vested Interest In The Hotel

By Corinthian Scales, Section News
Posted on Fri Mar 16, 2012 at 01:11:35 PM EST
Tags: Rick Snyder, Anti-Right To Work, DRIC-NITC, Light Rail boondoggles, Massive Federal debt is not a factor, Obamacare Health Exchange, Autism Mandates, Foreign National Job Preference, H-1B Visas, EB-5 Citizenship, Wholesale Gas Tax, Registration Fees, Government Funding, Cowardly with Detroits Financial Disaster, Progressives, Been there done that with Granholm, Detroit, Obituary, Corruption, Debt, Parasites, Shining City, Fur Trading Post, 1701, 2011 RIP (all tags)

There really is no end to Lansing goonion payola, and crony capitalism that goes on in Michigan. via detroitnews.com

Detroit - The Westin Book Cadillac avoided defaulting on a $15 million loan this month after a city pension fund intervened, raising questions about the health of a landmark hotel and symbol of the city's economic redevelopment.
The Detroit Police and Fire pension fund made a partial interest payment March 1 after hotel owner John Ferchill outlined the Book Cadillac's financial condition.
The Cleveland-based developer told pension trustees the project has lost $23 million after deals to sell condominiums atop the hotel fell through. ~Rest here

Yup. Just like Ferchill Group boasts on its own website.

"The high cost of renovating The Book-Cadillac Hotel required creative financing involving the city, county and state, along with tax credits and other sources that previous developers couldn't handle. The Ferchill Group brought to the table financing tools that Detroit had never used. With the Ferchill team on board, we are confident that we will finally see this project become a reality."
Walt Watkins
Former Chief Development Officer, City of Detroit

Updated memo to Mayor Dave Bing, and the folks in Detroit... blow it out your a$$, ya mooching parasites.

< I'm A Republican Because - Day 16 | "We're all In This Together" - Jennifer Granholm >

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Michigan Taxpayers Have A Vested Interest In The Hotel | 3 comments (3 topical, 0 hidden)

And the tag line: (none / 0) (#1)
by JGillman on Fri Mar 16, 2012 at 02:01:50 PM EST

"By connecting appropriate investors with the appropriate investment, Ferchill projects are demonstrating impressive returns."

Well by golly! We are appropriate!

But. Not. Impressed.

Better question? (none / 0) (#2)
by KG One on Fri Mar 16, 2012 at 02:12:24 PM EST

With a population escaping Detroit as fast as they can and a financial collapse inevitable, who in their right mind signed off on investing any money in the first place?

Even better question, why aren't those people wearing prison stripes already?

Budget Surplus (none / 0) (#3)
by RushLake on Fri Mar 16, 2012 at 02:54:57 PM EST

Maybe they think that the State budget surplus is an "appropriate" investment by the state taxpayers to kick in to save the city. Jesse Jackson, who called in to the Mildred Gaddis radio program on WCHB AM yesterday, believes there is an "appropriate" amount of money to bail out Detroit. Gaddis repeated the question to Governerd this morning when he spent about 45 minutes with her because she thinks it "appropriate".

Why shouldn't the hotel management feel that our "investments" are "appropriate". I believe the nerd didn't get all the pensioners last time out so he's got the crowd over age 65 to screw to death. Besides, Michael Mwhore gets an investment from the communisty for his movie house in TC.

Michigan Taxpayers Have A Vested Interest In The Hotel | 3 comments (3 topical, 0 hidden)

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