Re: Vision 2025 monies

[Conan71]

We have the best endowed, most selective, and highest rated University in the State sharing our cities name.   

But per public institutions, yes.  I wholeheartedly agree.  Too bad we have 5 different ones (RSU, NSU, Langston, OSU Tulsa, OU Tulsa) instead of Eastern Oklahoma University (or whatever) being a third major State University. 

Huh, huh, uh, he said: "Best endowed" huh, uh, huh, heh

[Vision 2025]

Vision2025, thank you for the great information. 

But could you please explain why in the case of Sager's First Street Lofts he is nowhere near completion?  The new Oneok Field is moving faster and is further along that the lofts project and it started just this year.  Was a construction timeline provided for any of the residential developments in the proposals that received Vision 2025 funding? 

Sager's project is self managed.  The ball field and both the Mayo projects (hotel and building) have significant professional management in place and in my observation are racing each other to completion.  Additionally, those other housing projects have SIGNIFICANT out of town financial interests which are obviously driving the bus. 

Presently, Sager has utilized all of the Vision funding in the original allotment and is now on private financing which I'm sure may have tightened up a bit with the credit crisis and could be impacting progress.  Additionally, I understand he has changed Architects for the interior portion of the project and has submitted those plans for permitting.

How was the Vision2025 committee assured that those proposing residential redevelopment had the necessary funding in place to complete the job as required?  What criteria was used to determine viability of projects?  (Not only completion but long term, sustained viability through the rental period and subsequent repayment) 

It is my understanding that all off the DT housing proposals were required to include funding confirmations for their non Vision funds.

I have seen the proposal submitted by Michael Sager...to say it was lacking is an understatement.  A 5-6 page, bound in plastic cover presentation that contained pictures of the building (loved the one of the 'Sager' name stone btw), a one page very general synopsis of the project scope, no financials (either personal or company), a letter from Jamie Jameson of the Village at Central Park supporting the development and no 5 or 10 year perspective business plan proving sustained economic viability of the project.

I believe the respondents were allowed to retrieve their project financial documents following selection or contracting so that private financial documentation did not become public... not for sure but I remember something about this from multiple respondents.

Now I'm hoping Michael Sager can complete the project, would be a waste if he couldn't.  But today, what proof does the Vision2025 downtown housing committee have that the project will be completed?

I believe Sager's project will be completed, although it may take some time as we are in uncharted credit territority.  I also don't believe that it is in direct competition with the other two projects which as a nearby downtown office dweller it appears they will be going head to head for awhile. Overall, that is a question for the City of Tulsa (they are the sponsor of this project...) however as I recall it is a safe assumption that with the mortgage protection included in all of the loan agreements that in the event of failure(either  to complete the project or make the required payments) that those are trigger events for foreclosure proceedings and that any of the current DT housing  projects could be successfully remarketed in time.   [/color]

I only ask because I find myself chuckling to read in the Journal Record that the reason for the delay is because they took out every brick (brick by brick) from the exterior, cleaned it, sealed it, replaced it and mortared it back in - NEVER happened.  Mayor Hotel is moving right along and has units completed, the Mayo Building also is closer to completion...and these all started after and have far more units than the 19 in First Street Lofts.

I missed that article, need to look for it, I believe your final statements are addressed above, hope that helped.
Just curious...

Hopefully that worked my comments are in red

[Conan71]

RM, I think you are correct, good sleuthing.

[TheTed]

Saw Sager on this Channel 2 story about downtown development and the ballpark.
http://www.kjrh.com/news/local/story/Drillers-stadium-prompting-downtown-development/4X1-MiQSN0WAahf6JnTvSQ.cspx

It's not in the text version of the story, but Sager said he's "considering doing geothermal."

This place is gonna be the best building the history of the world when it opens in 2054. I better hurry up and get a lease signed.

But seriously, anybody got any idea when it will open?

[sgrizzle]

This place is gonna be the best building the history of the world when it opens in 2054. I better hurry up and get a lease signed.

Quote of the week.

[Renaissance]

From Urban Tulsa: here's the latest on Sager's Spruce Goose... I mean First Street Lofts.  Now it includes "enormous glass portals," yes geothermal wells, and "a fully finished, 49-person deck with a lighthouse-type stairwell capping the five-story structure."

Opening Spring 2011?

http://www.urbantulsa.com/gyrobase/Content?oid=oid%3A31241

[Conan71]

$250K for the geothermal.  That's going to be one long pay-back unless he's getting big tax credits for it.

[patric]

Well, the dozens of top level concerts that have played the BOK in the past year seem like a pretty big benefit to me - not the mention the impressive lineup scheduled for the next 2 1/2 months.  Prior to the BOK, few if any of those acts would have played in Tulsa.
The Mayo Hotel/Lofts and the Mayo Building are coming back to life after being shuttered for decades.  That seems like a pretty big benefit that I don't believe would have happened but for V2025.
The Atlas Life Building is finding new life as a hotel - would not have happened but for V2025.
The former Holiday Inn, etc. at 7th & Boulder may finally be made viable and attractive (relatively speaking) - would not have happened but for V2025.
While ONG Field is controversial to some, I doubt it would have happened downtown but for V2025."

V2025 got a lot of money flowing that wouldn't have otherwise, and it accomplished a lot of good things.  On the other hand, it increased spending in areas where it wasnt really beneficial, like the purchase of a lot of very inefficient streetlights that come with a hefty utility bill every month.  In that respect, it was like a drug cartel giving out free samples of heroin and then waiting with palms open for the new revenue stream to follow through.

As for the Arena and Ballpark, my crystal ball doesnt see far enough ahead to be able to declare "mission accomplished" but at least for the time being Tulsa is getting on the map for something positive (for a change). 

[sgrizzle]

From Urban Tulsa: here's the latest on Sager's Spruce Goose... I mean First Street Lofts.  Now it includes "enormous glass portals," yes geothermal wells, and "a fully finished, 49-person deck with a lighthouse-type stairwell capping the five-story structure."

Opening Spring 2011?

http://www.urbantulsa.com/gyrobase/Content?oid=oid%3A31241

that's the "enormous glass portals"

essentially it's a sliding glass window, with a glass half-wall outside of it to keep you from falling out.

[RecycleMichael]

Wow. What a view!

[Townsend]

Wow. What a view!

You mean how the tree line sweeps along the mountains just below the snow caps and the picturesque lake?

Yeah, my breath is taken.