120 new Brady District Lofts + retail

[TheArtist]

quote:Originally posted by Double A

Lamson ain't signed s#*t. Until that happens, nothing's legit.

I think Will needs to talk to Lamson. Lamson is one person who the donors have to listen to.

[we vs us]

What's the ratio of public to private spending at this point for the stadium?

[booWorld]

quote:Originally posted by we vs us

What's the ratio of public to private spending at this point for the stadium?

Could you clarify or re-phrase your question?

Do you mean the ultimate intended ratio?

Or the ratio already spent?

[sgrizzle]

quote:Originally posted by we vs us

What's the ratio of public to private spending at this point for the stadium?

$30m Private (Donation)
$5m  Private (Rent)
$25m Public  (Improvement District)

[Double A]

quote:Originally posted by sgrizzle

quote:Originally posted by we vs us

What's the ratio of public to private spending at this point for the stadium?

$30m Private (Donation)
$5m  Private (Rent)
$25m Public  (Improvement District)

SemRon pledged 7.5 million that it doesn't look like they are gonna make good on. Did somebody else "Step Up" to fill the gap and make up for that shortfall? Otherwise, it would seem there's 22.5 million in private donations.

[we vs us]

Sgrizz answered my question.  "Spent" was incorrect on my part; "pledged" is a better descriptor.

I'd heard that it was originally going to be funded almost exclusively by private donations, but obviously that's not true now (ie. all the back-and-forthing about the IDL tax district).  Just didn't know what the current projected mix looked like.

[booWorld]

quote:Originally posted by we vs us

I'd heard that it was originally going to be funded almost exclusively by private donations, but obviously that's not true now (ie. all the back-and-forthing about the IDL tax district).  Just didn't know what the current projected mix looked like.

The projected funding mix looks like this:

Donors = approximately 50%
Taxes = approximately 42%
Rent = approximately 8%





The projected control mix of the land on the west side of Elgin between Archer and Brady looks like this:

Tulsa Stadium Trust/Donors = a minimum of 100%
Will Wilkins and his mom = a maximum of zilch

This was part of the proposed stadium project discussed at a public hearing on July 10th and approved by the City Council after the hearing.  Remember?

[sgrizzle]

quote:Originally posted by Double A

quote:Originally posted by sgrizzle

quote:Originally posted by we vs us

What's the ratio of public to private spending at this point for the stadium?

$30m Private (Donation)
$5m  Private (Rent)
$25m Public  (Improvement District)

SemRon pledged 7.5 million that it doesn't look like they are gonna make good on. Did somebody else "Step Up" to fill the gap and make up for that shortfall? Otherwise, it would seem there's 22.5 million in private donations.

What I was told by someone "in the know" was that Semgroup never really pledged the 7.5M. It was proposed to buy the naming rights for $7.5M but no official agreement was signed. I'm guessing this is because Semgroup realized they couldn't fulfill the obligation and got cold feet. No matter what the reason, they have almost the full $30M pledged currently and should have no issue making up the rest.

[Double A]

quote:Originally posted by sgrizzle

No matter what the reason, they have almost the full $30M pledged currently and should have no issue making up the rest.

How much is almost? Just give me a ballpark figure. They should have no problem making it up, they've been making it all up as they've gone along(manufactured deadlines, the 120 lofts as part of the proposal, etc.). Why stop now?

Lamson still ain't signed s*#t.

[sgrizzle]

quote:Originally posted by Double A

quote:Originally posted by sgrizzle

No matter what the reason, they have almost the full $30M pledged currently and should have no issue making up the rest.

How much is almost? Just give me a ballpark figure. They should have no problem making it up, they've been making it all up as they've gone along(manufactured deadlines, the 120 lofts as part of the proposal, etc.). Why stop now?

Lamson still ain't signed s*#t.

I think they have 28-29M but that is just a "ballpark" guess.

[swake]

quote:Originally posted by Double A

quote:Originally posted by sgrizzle

No matter what the reason, they have almost the full $30M pledged currently and should have no issue making up the rest.

How much is almost? Just give me a ballpark figure. They should have no problem making it up, they've been making it all up as they've gone along(manufactured deadlines, the 120 lofts as part of the proposal, etc.). Why stop now?

Lamson still ain't signed s*#t.

Lamson actually has signed s**t, he's signed an exclusive negotiating rights contract and he's extended it twice. If he wasn't going to sign he would have ended the process instead of extending it and he would have signed the deal with The River District in Jenks.

The last extension expires Thursday, hopefully everything will be signed and done on then Thursday and you can move on to ***** and moan about something else.

[TheLofts@120]

For you further information:

This morning I attended the Tulsa City Council Economic and Urban Development Committee Meeting at the request of Councilors Rick Westcott and G.T. Bynum to discuss the situation regarding the TDA's refusal to negotiate terms of a contract for the site as we had proposed for the mixed use development.

This meeting will be rebroadcast tonight I believe starting at either 10:00 or 11:00 PM on TGOV Cox Channel 24.

Additionally, News Channel 8 will be running a story to air I believe as the headline story for the 10:00PM newscast.

Michael Bates has prepared a feature story to run in this week's Urban Tulsa and I'm sure it will be a very good article highlighting a lot of information.

Tulsa World I understand will also run a piece in tomorrow's paper on today's city council meeting.

KFAQ1170's Chris Medlock I understand dedicated most of his 2 hour show today to the issue and I also understand you can listen to podcasts from their website.  

Just wanting to keep you informed as to what has been transiring recently with regards to our desire to bring this quality mixed-use development to Downtown Tulsa.

Thanks
Will

[dsjeffries]

Here is the KTUL story:

http://www.ktul.com/news/stories/0808/541697.html

quote:
The Tulsa city council is probing for answers in a developer's uphill battle to move forward with plans for a downtown building.

"120 Brady Village" would be a mixed-use development located at the corner of Archer and Elgin, directly across the street from the future site of the new ballpark.

NewsChannel 8's Burt Mummolo has been covering this story for weeks and there are still more questions than answers.

Developer Will Wilkins feels as if he's gotten the cold shoulder from the Tulsa Development Authority. It was smooth sailing before the coincidental announcement that the new ballpark would be moving in across the street. What went wrong? Tuesday the Tulsa city council got answers to half their questions.

They listened over the course of an hour, of the trials and tribulations of Will Wilkins attempt at downtown development. "I just want to find out what happened."

Councilor Rick Westcott led the questioning in an effort to find out why 120 Brady Village is facing a TDA roadblock. "Whether their reason is proper or improper they've gotta have a reason for doing that, I want to find out what it is."said Westcott

" I have not seen anything that leads me to believe the TDA is opposed to the Wilkins development."said Mayor Taylor Mayor

Taylor says she supports downtown development, and is puzzled at the perception that someone is out to kill the Wilkins deal.

"There's no.... I don't think there's any reason that to think that anyone's against the Wilkin's, That's what I, I think that stir up has been very odd."said the Mayor.

But also odd, the fact that no one from the TDA appeared at the meeting. "The TDA was not there."said Westcott Was that Surprising asked Burt ? "Very surprising."said Westcott "Did any councilors invite them? That would be my question."asked Mayor Taylor

"We don't have to call them, we've never called them in the past."said Westcott

"What's going on here? Somethings not right here." Bob Sober, retired architect and friend of Wilkins, concerned at the TDA's silence. "This thing just seems to be surrounded by secrecy and its been very disturbing."said Sober

NewsChannel 8 left a message for the TDA, but our call was not returned. We have also made an open records request for all communications pertaining to the TDA and the Wilkins development.

Is something fishy going on? Asked Burt ? "Burt, I've gotta be careful because I have only heard one side, but from what I heard today, it sure looks like something fishy is going on."said Rick Westcott

Mr. Wilkins is set to meet with the TDA on Thursday morning, at which time they may very well put an end to the exclusive negotiation deal that Wilkins currently has for the corner of Archer and Elgin. Thee city council has formally invited the TDA to appear at next week's meeting.

I'm looking forward to the articles World and Urban Tulsa.  This situation has to be resolved.  This situation shouldn't even be happening AT ALL, and I'm sorry that local developers trying to do good are shoved out by money.  Hopefully, Will will win and the development will go forward as planned. And hopefully, it will never again be this hard for good people to do good things in this city.  It's not likely, but I'm hopeful.

[carltonplace]

Here is the Tulsa World Article

Mayor is miffed over remarks by developer

ANGERED
Mayor Kathy Taylor: Wilkins "has made broad statements, pretty serious accusations, without understanding the facts."

By BRIAN BARBER World Staff Writer
8/6/2008
Last Modified: 8/6/2008  2:47 AM


But the developer says he stands by his e-mail regarding donors to a new baseball stadium.


Mayor Kathy Taylor has demanded that a developer retract allegations he made about her and the other donors to a proposed downtown ballpark.

Taylor said Will Wilkins of Novus Homes LLC indicated in an e-mail he circulated Friday to drum up support for his project that the donors stood to profit from the ballpark plan.

The mayor said she met privately Monday with Wilkins about the e-mail and that she had the impression that he was going to retract the statements.

"People have to be responsible for their actions," she said. "I feel like he has made broad statements, pretty serious accusations, without understanding the facts."

But Wilkins told the City Council during Tuesday's committee meetings that after reviewing the specific language of the e-mail with his attorney, he is standing behind it.

Novus entered into an exclusive negotiating period in January with the Tulsa Development Authority to pursue a mixed-use development on a half-block parcel owned by the authority, which is the real estate arm of the city.

Tulsa Development Authority officials approached Novus about the property, along the west side of Elgin Avenue between Brady and Archer streets, after previous development efforts fell through, Wilkins said.

Since then, he has spent about $15,000 putting together the project called 120 Brady Village, which includes commercial, residential and hotel components.

But once the proposed stadium site was moved nearby, all of the surrounding land fell into a master development area that ballpark backers want to control.

The George Kaiser Family Foundation is assisting in acquiring the land around the proposed stadium. It is expected to be transferred at acquisition cost to a public trust created to govern the ballpark.

All revenues the trust receives from selling or leasing the parcels for development will go toward retiring the debt on the stadium and future maintenance needs, officials have said.

Novus now has been notified by Development Authority officials that the negotiation period for the land will be terminated at a Thursday meeting.

In his e-mail, Wilkins said that "interference from the Mayor's administration and the $30 million donors have influenced the TDA to attempt to withdraw from our contract negotiations for the sole gain of the donors."

Half of the ballpark's $60 million cost has been pledged by 27 private donors. Included among them are Taylor and her husband, Bill Lobeck, through their Lobeck Taylor Foundation.

Wilkins drew a distinction for councilors that he used the word "gain," alluding to the land acquisition, not "profit."

Later in the e-mail, however, Wilkins said, "This action is a slap in the face to any developer that has a good idea in improving our downtown and Tulsa in general by saying 'you have a great idea, have spent the time and money to prove it's a great idea but now we're going to take it so we can profit from it.' "

Taylor has obtained a private attorney in the matter, Joel Wohlgemuth, but when asked by the Tulsa World whether she intends to pursue legal action against Wilkins, she said, "Not necessarily."

Taylor said it is important for everyone to realize that the way the stadium trust is structured under Oklahoma law allows for no personal benefit or profit to the donors.

She also said that she and members of her administration are not calling the shots with the Tulsa Development Authority, noting that she does not have a seat on the authority.

For their part, councilors said they weren't interested in getting involved in a "he said, she said debate."

Councilors Rick Westcott and G.T. Bynum said that what the council needs to focus on is whether the developer was treated fairly.

Councilors were frustrated that no one from the Development Authority came to their Tuesday meeting to discuss the situation.

[sgrizzle]

Well he wanted to raise a stink and now he did. He didn't own the property, have a contract on it, or a pending contract on it. He has even stated that "you don't do all the engineering and construction documents until you have a contract because anything can happen" which to me means that this is not entirely unexpected.