I am an Ultra-Conservative, Alpha-Male, True Authentic Leader, Type "C" Personality, who is very active in my community; whether it is donating time, clothes or money for Project Concern or going to Common Council meetings and voicing my opinions. As a blogger, I intend to provide a different viewpoint "The way I see it!" on various world, national and local issues with a few helpful tips & tidbits sprinkled in.
West Allis condo project defaults on loan
Two Franklin condo developments face foreclosure suits
St. Francis Unfinished condos might face city action, foreclosure
Cudahy Library Square foreclosure could risk taxpayer money
Only one of 32 condos has been sold in two years
I hope all of those people who have been singing the tune of “Condos! Condos! Condos!” have taken note. If you go back the last eighteen months, I was telling people that condos, and the sale of them, are not the answer. They play part of the equation, but they are not the answer!!!!
I was at a meeting at city hall where a house flipper told me that if Cudahy would just invest in building $300,000 - $500,000 condos that that would be the answer. Even talking to Mayor McCue last year, he was very high on the condos.
Now look at the market and people’s net worth!
So let us be fair. Library Square.
This project did happen during Mayor John Hohenfeldt’s administration. And some blame needs to be placed there.
Before Mr. Hohenfeldt is drop kicked through the mud like a soccer ball in the rain, let us understand a few things.
As Mayor Mr. Hohenfeldt probably thought what he was doing, was best for the city and tried to protect the city in a best way he could think of. Only time would tell us if that was true. We all make mistakes and have a learning curve. Hindsight is 20/20.
Again, let us understand a few things.
1. Had the developer sign a personal guarantee.
2. Put some of their own money in
3. There were already two failed attempts at development on the site (seems Cudahy is prone to that)
4. Sent out over 70 RFP's (Request For Proposal) and only received four responses
5. The city was only putting 10 % into the project (a 1 to 10 of dollars), versus the 3 in 10 ratio of the past, like Mayor Glowacki did with the Iceport.
At the time, could someone foresee the bottom falling out of the housing market, thus the lack of sales on the project? Maybe. But most likely “NO”.
There was no exit clause and as CDA Chairwoman Sara Eberhardy said the CDA is putting in place procedures and a limit on how much money the city would distribute for a new development. She said in the past, there was no limit on how much funding the CDA would offer new developments.
Mayor Ryan McCue said officials are investigating options with legal council on how they can recoup funds invested in the development. They are hoping to proceed with a recommendation in March, he said.
Now the “Mayor” should, as our leader, work to protect the cities interest at all times!
It will be interesting to see what action and direction Mayor McCue takes the city in this process.