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Give it a break why don’t ya. A couple of you people always piss and moan about someone, even though you don’t have tangible proof. How about leaving him alone and then he won’t have to hand you your asses every time you taunt him.
And if you have such a hatred for Matt, why not meet him face to face and tell him what you think, instead of posting your chicken shit, behind the scenes crap like you do. Come on tough guy, you up for it?
“Taking the 5th” has existed since time immemorial; our founding fathers thought it important enough that in be included in the Bill of Rights rather than the Constitution as originally written. Republicans have “taken the 5th” as often as Democrats. HRC has never taken the 5th and voluntarily testified before Congress. Dippity Donald has take the 5th before and constantly lies; he should take advise from his wife #bebest.
You asked the question, does City of MC secure any or all of the investment cost of the hotel?
Answer: YES. How? By loaning G8 $3.7M from proceeds of voter approved General Obligation bond proceeds issued by the City of MC. Read all the documents. SEE if the City’s loan has any third party security in the event G8 fails to make the payments on this $3.7M loan and interest cost the city has on this bond money. SEE if this city loan money Is in a second position to the millions loaned/invested by the new private parties. So in the event of a foreclosure by these private investors against G8 will the city loan be the first to suffer any and possibly total loss of outstanding principle and remaining interest on it? Check this very important term out and tell the citizens what you find. After all, these GO bonds are backed by the full faith and credit of the City of MC. Which means the City SHALL levy a debt service property tax if necessary to fund the annual debt service till paid in FULL.
Then the US Dept. of Agriculture will suck up any and all loss on the private investment/loan in such foreclosure. So that sure appears to be a 100% government backed loan package. Correct? If not for such massive government risk protection would there be any private lender willing to finance this hotel for G8 in this location without such public protection? NO.
The rest of the Renascence stuff is all via city GO bond proceeds. Even the claimed to be $2.0M of potential paid pledges from MCYH. No mention of the pledge status performance to date. Who picks up any shortfall if paid pledges never reach $2.0M?
Answer. City of MC taxpayers and user fees from ?????
Hey big nuts, I’d say you are probably the douche bag. If you hate NIT so bad why do you spend any time on the site? Why not grow a pair and go confront Matt to his face, not like the chicken shit you are by hiding and calling him names? And when Matt hands you your ass, maybe then you will learn a little respect.
Whiny Little Bitch is still gone.
If this Chodur/G8 hotel fails to financially perform in a sufficiently strong manner and he fails to make the monthly payments to the private lender/investors and the City of MC on these two loans who takes the first hit? Most likely the City loan.
Why? Because the private lender loan will no doubt have the lender with the right to Foreclose on the loan if he defaults. Then the lender will turn to the USDA for any shortfall between what they are owed , P & I , less what a Sheriff sale Brings toward debt satisfaction. USDA on the hook if sale amount falls short.
Under this scenario private lender takes the full amount from a Sheriff foreclosure Sale plus any necessary USDA awcurity. City gets nothing most likely toward it’s Outstanding loan balance. Loan dismissed and no other third party such as the USDA Involved that would cover the City loan pay off.
City being in second place, no doubt with it’s loan, would stand to lose it’s total Loan P & I outstanding at the time of a foreclosure. If Chodur can’t pay the prime lender he would not be making any City payments.
SO THE CITY LOAN IS AT THE HIGHEST RISK.
These GO city bonds that funded the $3.7M City loan will be paid on time by the City every six months, even if Chodur defaults. Failure to pay the semi annual P & I to the bond holders would wreck the City’s fine bond credit rating. Thus the City shall Levy a property tax debt service amount . Refer to the OPINION letter from the City Bond Counsel at the Ahlers Law firm on this authority to tax and perform timely debt service under Iowa law on GO bonds.
Not much explained on this detail in the recent update.
Question.
Does the USDA get any fee from Chodur/G8 for taking on this risk?
If so, what is it? $$$
Bwaahhaaa…Donald Trump with Rudy Giuliani in drag.
What a couple of freakin’ bozos!!
https://www.youtube.com/watch?v=Guve7Y856kY
It’s called, Cyber bullying!
Thinking of going to Mayo?? Did you know that if your not a Minnesota resident that they add a 15% surcharge to the bill?? and your medicare or insurance wont pay for the 15%, could be a substancial amount if you had surgery
How about bull dozing the mall and plant grass. That’ll finish the BS of that continuing failed “project”
Heard this afternoon that New City Buffet is closing at the end of June. Another brick in the wall.
I see spelling is not your forte. But you do excel in ad hominem attacks, the last resort of the uneducated.
Can’t wait for the sleazy and disgusting cab services in town are shut down from losing all their business to Lyft. Via la Capitalism!
I just overheard a couple county employees discussing a new building for the health department. it was stated that it is being kept quiet because they don’t want it to become a community argument like the downtown project. After reviewing board of health meetings documents online you can see something is in the works. What is with all the secrets and shadiness???
one thing about the highway construction on 122, you can take it and get somewhere fast cause anyone that’s been on it wont do it again. wont be long before there is some headon crashs, saw a lady the other day driving east in the west bound lanes, bet she doesn’t use it again. millions and millions dollars spent to make the curve and little more straight.
STEVE KING MUST GO.Trump doing a 9 out of 10 on his scale,he nuts!
NIT, is it true the Music Man Square foundation tried to make the City pay $10,000 of their legal bills?
What is the building going up on the south side of the NIACC campus? Just curious.
city didn’t pick of waste cause it doesn’t start to Monday april 30th.
avoid highway 122 from shopko to Carolina ave. state has it all fu**ed up. back up yesterday from federal to Carolina and its gunna get worse when vacation time comes. I drive a route in the mess and let me tell you there sure wasn’t any planning going on, just tear the hell out of things and let the people fend for themselves. north half of town is cut off from the south end and they say its gunna last three years. hard to believe that tearing out the old and putting in new will take that long,. they must be getting paid by the hour., and that company they had doing it, Michels has no safety at all in mind. they park trucks and machinery right on the corner and you cant see oncoming traffic. at 6th and so Georgia you had to move out into the lane of traffic to see if anyone was coming. fed up with it already
Why didn’t the city pick up yard waste this week?