Drillers Deadline Today (again)

[swake]

The latest extension expires today at 5, any news on this?

[Wrinkle]

I'm expecting another delay announcement.

The deal's got problems, many of which remain unsolved.

[RecycleMichael]

I understand the Drillers keep asking for more stuff to be thrown in...more luxury boxes, underground batting cages, etc.

I would also guest that the City Council has to approve the trust before anything can be signed.

[Wrinkle]

Getting the proposed Trust approved by the Council would be only one of the major problems.

Have you read the Trust Agreement?! Wide open contract to do anything, anytime, anywhere.

Not to mention the FIVE of the Seven Board memebers getting stuck with 12-year positions, and having to donate more than $2 million for the privilage.

The other two are the Mayor and the Mayor's choice.

And, that's not even the most distrubing part:

ARTICLE III
Purpose and Powers of The Trust

quote: (1) This Trust shall have the power to (i) to acquire, construct, own, operate, and sell a baseball stadium in downtown Tulsa (herein called the "Tulsa Stadium Project") and (ii) to acquire, construct, own, operate, and sell amenities and facilities necessary or convenient thereto as determined by the Trustees in their discretion.

and,under
ARTICLE VII
Powers and Duties of the Trustees

quote: (c) To make and change investments; to convert real into personal property and vice versa; to lease, improve, exchange or sell, at public or private sale, upon such terms as they deem advisable, any or all of the property in the Trust, real or personal; to purchase property from any person, firm or corporation, and lease land and other property to and from the Beneficiary, and construct, improve, repair, remodel and equip buildings and facilities thereon and to operate or lease or rent the same

and, this:

quote: (e) To make and perform contracts of every kind...

And, essentially takes away any "benefit" the City of Tulsa (Named formally as the "benefactor of the Trust") might ever receive in:

ARTICLE VIII
Beneficiary of Trust

quote: (3) The Beneficiary shall have no legal title, claim or right to the Trust Estate, its income, or any part thereof, or to demand or require any partition or distribution thereof, or to demand or require any partition or distribution thereof, except as set forth hereinafter in this Trust Indenture. Neither shall said Beneficiary nor any agents thereof, have any authority, power or right, whatsoever, to do or transact any business for, or on behalf of, or binding upon, the Trustees or upon the Trust Estate, nor the right to control or direct the actions of the Trustees. The City of Tulsa as Beneficiary of this Trust shall be entitled solely to the benefits of this Trust as administered by the Trustees hereunder, and, at the termination of the Trust as herein provided and then only shall said City receive the residue of the Trust.

Then, goes on to shield them from ANY liability for anything, ever:

ARTICLE VI
The Trustees

quote: (13) The Trustees, the City, or any agency thereof, shall not be charged personally with any liability whatsoever by reason of any act of omission committed or suffered in good faith or in the exercise of their honest discretion in the performance of such Trust or in the operation of the Trustee Estate; but any act or liability for any omission or obligation of the Trustees in the execution of such Trust, or in the operation of the Trust Estate shall extend to the whole of the Trust Estate or so much thereof as may be necessary to discharge such liability or obligation.

...some deal.

Pay for and hand them a ballpark, the ability to take whatever other land they desire (really, anywhere), let them contract and operate it, profit from it or sell it if they desire, and then shut up.

[Wrinkle]

IMO, this Trust Agreement is written as a Private Startup Operation, funded by the public.

Idea: Make it private, let them do it themselves, or (here's a thought), bid it. Apparently, the economics works (so long as the public puts their $30 million into it).

If we're going to pay for a ballpark (the $30 million), then we should own it. Meaning the City Council would have some ongoing control, in particular, the ability to authorize the selling of the asset, or not.

Question: Is this Trust Agreement in any way similar to the one written for the BOinc Arena?

[Renaissance]

Sigh.

If they had just decided to build a stadium and then created a set of special design codes for the stadium district, they could be moving dirt soon.  But they can't help themselves from overreaching, can they.  And it always ends badly.  

I want to know who drafted this thing and why they thought it would fly.  I wonder if this was even a unique document or if it came from some kind of template that wasn't tailored to this kind of purpose.  12 yr terms?  For the donors?  Really?  

After Mayor Taylor's confused, tearful performance in front of the TDA, I'm convinced she's not the one actually orchestrating this whole deal.  Can anyone tell us who, ostensibly even, is the public face of the ballpark master plan?

[waterboy]

Geez.

The thing that struck the wife and I this weekend after reading the details is, if the assessment district is contributing 25 million and the donors just 5 million more at 30 million, WHY do the donors have so much more representation? The assessment district has 1 member appointed by the Mayor (which turns out to be from Williams co.s). The donors have 12 including the boys that only contributed 2 million.

Sounds a little out of whack. And after reading the trust agreement I'm inclined to sell and move before they decide my home would be good for visiting team executive stays.

[Rico]

Just for the sake of chatter...

Early on when the Driller's had the negotiation agreement with Jenks..
Many speculated they (the Drillers) were just out to get as much as they could out of Tulsa...

What if what is happening now is the reverse?

A draw of 6 million people in your immediate area could be very enticing. May well mean mucho mas dinero$

[waterboy]

The Drillers are walking along the precipice if that's the case. Masterful if they are, but I didn't see that kind of stuff in them.

After watching the River District video of a Benz cruising through what looked like a nuclear irradiated California corporate campus, I really doubt it would fit in there. Artist says its the teenager, soccer mom market demo. That ain't baseball boys. Big field of dreams, that's for sure.

[swake]

quote:Originally posted by Rico

Just for the sake of chatter...

Early on when the Driller's had the negotiation agreement with Jenks..
Many speculated they (the Drillers) were just out to get as much as they could out of Tulsa...

What if what is happening now is the reverse?

A draw of 6 million people in your immediate area could be very enticing. May well mean mucho mas dinero$

The timing of these new news releases (with really no new news) can't be accidental.

The Jenks people are making very sure that the Drillers are reminded that there's another very viable option.

[inteller]

I think Lamson owes Jenks and the River District an exclusive negotiating period too.

[inteller]

quote:Originally posted by waterboy

The Drillers are walking along the precipice if that's the case. Masterful if they are, but I didn't see that kind of stuff in them.

After watching the River District video of a Benz cruising through what looked like a nuclear irradiated California corporate campus, I really doubt it would fit in there. Artist says its the teenager, soccer mom market demo. That ain't baseball boys. Big field of dreams, that's for sure.

the kind of family oriented atmosphere that the dillers say they need exists more out in Jenks that it does downtown.

[sgrizzle]

No, the river district is begging the driller's to reconsider because that development needs the ballpark more than the ballpark needs the development.

[waterboy]

Honestly. If its soccer moms forget it. Soccer folks don't do baseball. If its teenagers same thing. Last thing they want to do is be with the family at a Drillers game. They may all go to the River District to shop, graze and take in movies but the Drillers aren't a good fit for them. Seems Sgrizz is right. Lamson would be flirting with long term diminishing returns in a beautiful setting.

Have you seen their promo digital trailer? I didn't even see a stadium featured.

[inteller]

quote:Originally posted by waterboy

Honestly. If its soccer moms forget it. Soccer folks don't do baseball. If its teenagers same thing. Last thing they want to do is be with the family at a Drillers game. They may all go to the River District to shop, graze and take in movies but the Drillers aren't a good fit for them. Seems Sgrizz is right. Lamson would be flirting with long term diminishing returns in a beautiful setting.

Have you seen their promo digital trailer? I didn't even see a stadium featured.

it isn't soccer moms....I dunno where you get that stupid idea.  if this was going into the Union school district I might agree.