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untanglingwebs
El Supremo
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Section 108 Loans
Loan Recipient Loan Amount Annual Annual Loan Balance Maturity
Principal Principal Date -
Payment Payments August
Made
1 500 Block LLC $ 3,840,000 $ 295,000 $ 295,000 $ 3,545,000 2025
2 500 Block LLC $ 3,300,000 varies Begins 2016 $ 3,300,000 2027
3 ****Riviera Grand Properties $ 1,875,000 $ 98,000 $ 292,000 $ 1,583,000.00 2028
Defaulted Section 108 Loans
4 **Manhaftan Place $ 1,804,000 $ 150,000 $ 1,350,000 $ 454,000 2016
5 *OK Industries $ 820,000 $ 21,000 $ 756,000 $ 64,000 2016
6 ***Ml Timber & Truss $ 1,500,000 $ 75,000 $ 225,000 $ 1,275,000 2027
~Developer defaulted on loan agreement. City is repaying loan with CDBG funds.
*Developer defaulted on loan agreement. City is repaying loan with an Economic Development Initiative (EDI) grant
City foreclosed on OK and Manhattan loans through the court process.
***Ml Truss Filed for Chapter 11 Bankruptcy protection FaIl 2011 - Law Dept working to receive payments under MI Truss reorganization
****RGP has a variable interest rate and therefore makes semi-annual principal payments
Last edited by untanglingwebs on Thu Mar 20, 2014 5:29 pm; edited 1 time in total |
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Thu Mar 20, 2014 4:38 pm |
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untanglingwebs
El Supremo
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| Thanks AC Dumas for this information through a FOIA request! |
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Thu Mar 20, 2014 4:40 pm |
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untanglingwebs
El Supremo
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Searched for: 500 BLOCK, LLC
ID Num: B1436V
Name:500 BLOCK, LLC
Type: Domestic Limited Liability Company
Resident Agent: TROY FARAH
Registered Office Address: 503 S SAGINAW STE 1500 FLINT MI 48502
Mailing/Office Address:
Formation/Qualification Date:3-14-2005
Jurisdiction of Origin:MICHIGAN
Managed by: Managers
Status: ACTIVE Date: Present |
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Thu Mar 20, 2014 4:43 pm |
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untanglingwebs
El Supremo
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AC is n Facebook and on the radio very Saturday morning WFLT 1420 9:30 to 10 am
A.c. Dumas shared a link.
FYI : Important message about Property Tax Foreclosures in Genesee County, Michigan. Genesee County Treasurer Deb Cherry (D) will be our guest on the "Truth shall make you free" broadcast with your host AC Dumas on Saturday, March 22, 2014. Our broadcast aires "live" on Flint's gospel radio station WFLT 1420 am from 9:30-10am. This is a call in broadcast 810-239-5733 and your calls are certainly welcome! Important information regarding your 2011 delinquent Property Taxes will be addressed by Treasurer Cherry. "How do I avoid losing my property and is it to late?" Your questions will be answered by Ms. Cherry during the broadcast or contact information will be given. Please check the link below or contact the Genesee County Treasurer's Office for further information. If you know someone having property tax problems, invite them to listen to the "Truth shall make you free" broadcast with your host AC Dumas!
GENESEE COUNTY
www.gc4me.com
On July 22, 1999, the Governor of Michigan signed Public Act 123 of 1999, which shortens the time property owners have to pay their delinquent taxes before losing their property under the process...
Post Thu Mar 13, 2014 4:35 pm
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Thu Mar 20, 2014 4:47 pm |
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untanglingwebs
El Supremo
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500 BLOCK - FLINT
PART A. PRIMARY CONTACT PERSON:
Name: Scott Whipple Title: Project Manager
Organization: Uptown Developments, LLC
Street Address: 503 S. Saginaw Street
City: Flint State: MI Zip: 48502
Telephone #: (810) 238-5555; Fax #: (810) 232-5277
E-Mail Address: scott@uptowndevelopments.com
PART B. PROJECT LOCATION
Project Name: 500 Block
Street Address: 532, 538 and 542 S. Saqinaw Street
City: Flint; County: Genesee; State: MI ; Zip : 48502
PART C. PROJECT DESCRIPTION
An 80,000 square foot mixed-use building will be the new corporate headquarters
for Rowe Incorporated and a new 30,000 square foot restaurant and entertainment
complex. Eight loft apartments will be built on the top floor of the project, ranging
in size from 1,500 S.F. to 3,000 S.F. The project will relocate over 100
technology-based lobs to Flint, as well as create over 100 new jobs. The total
project cost is over $11 million dollars, but will also include the construction of a
separately financed 450 space parking structure.
PART D: TYPE OF CONSTRUCTION (Check applicable category)
New construction Acquisition and rehabilitation (both)
PART E: PROJECTED JOB CREATION
# Temporary Jobs: 50; # New Permanent Jobs: 100; # Retained Jobs: 100
PART F: TOTAL INVESTMENT
$12,275,102
PART G: MMF NEW MARKET TAX CREDIT INVESTMENT ALLOCATION
$5,900,000
PART H: INVESTOR
Citizens Bank
MMF NMTC Contact: Albert A. Bogdan @ 313 445-1843 or bogdanaa@aabds.com |
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Thu Mar 20, 2014 4:50 pm |
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untanglingwebs
El Supremo
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GOVERNMENTAL OPERATIONS February 18, 2009
COMMITTEE
Meeting Agenda Final
090138
RESOLUTIONS
Approval/Brownfield Redevelopment Plan/Riverfront Residence Hall (formerly
Character Inn)/Mixed Use Project
Resolution approving a Brownfield Redevelopment Plan for the Riverfront
Residence Hall (formerly Character Inn), located at 1 West Riverfront Center,
(mixed use project) legally described as: Parcel 4107358023,
described as:
VILLAGE OF FLINT. ALL OF LOTS 1, 2, 3, 4, 6 AND PART OF LOTS 5, 7 AND 8
DESC AS: BEG AT THE INTERSEC OF SLY LINE OF WATER ST WITH THE
WLY LINE OF SAGINAW ST; TH S 31 DEG 49 MIN 49 SEC E, ALG SD WLY
LINE, 168.67 FT; TH S 58 DEG 14 MIN 09 SEC W, 40.88 FT; TH ALG A TANG
CURVE TO THE LEFT, HAVING A RADIUS OF 25 FT, A LONG CHORD
BEARING & DIST OF S 35 DEG 44 MIN 09 SEC W, 19.14 FT TO P.T.; TH S 13
DEG 14 MIN 09 SEC W, 76.32 FT; TH S 58 DEG 14 MIN 09 SEC W, 277.58 FT
TO THE ELY LINE OF BEACH ST. AS NOW ESTABLISHED; TH N 31 DEG 54
MIN 06 SEC W, 55.36 FT; TH ALG A TANG CURVE TO THE RT HAVING A
RADIUS OF 1523.08 FT, A LONG CHORD BEARING & DIST OF N 21 DEG 58
MIN 34 SEC W, 176.92 FT TO THE SLY LINE OF WATER ST; TH N 58 DEG 12
MIN 12 SEC E ALG THE SLY LINE OF WATER ST, 359.96 FT TO BEG. BLK 1.
090086.1
Public Hearing Date/Restructuring of Existing Section 108 Loan/500 Block Project
Resolution to set a public hearing date for March 9, 2009, in accordance with
Section 570.704(a)(2) to fulfill its' Citizens' Participation requirements on a
proposed new HUD Section 108 Loan application for the 500 Block Project in the
amount of $3.3 million and restructuring the existing Section 108 Loan financing for
the 500 Block Project. (Per Resolution Staff Review Form: A subsequent
resolution will be brought before Council to authorize submission of the Section
108 loan for the 500 Block Project.)
090137
City of Flint, Michigan Page 2 Printed on 2/13/2009 |
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Thu Mar 20, 2014 4:55 pm |
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untanglingwebs
El Supremo
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SPECIAL AFFAIRS COMMITTEE Meeting Agenda Final
August 11, 2008
081060
RESOLUTIONS
Extension/Renaissance Zone Time Duration/Community 1st, LLC/City of Flint Downtown
Office Retail Subzone
Resolution granting the City of Flint permission to extend Renaissance Zone Time
Duration for Community 1st, LLC for an additional fifteen (15) years for .5 acres of
property that Community 1st, LLC intends to purchase/lease in Downtonw Office
Retail Subzone. The property are legally described as: Parcel No. 4118113002,
500 S. Saginaw Street, VILLAGE OF FLINT NLY 20 FT OF SLY 44 FT OF LOT 1,
BLK 5. Split on 2/9/08 4118113001
with 4118113001
into 41181113015;
Parcel No. 4118113001,
500 S. Saginaw Street, legally described as VILLAG OF
FLINT LOT 1 EXC SLY 44 FT. BLK 5. Split on 2/9/08 with 4118113002
into 4118113015;
Parcel No. 4118113015,
500 S. Saginaw Street, legally described
as VILLAGE OF FLINT LOT 1 EXC SLY 24 FT, BLLK 5. Comb. on 2/9/08 from 4118113001,
4118113002.
That the land described by the legal description
included here shall be granted a Renaissance Zone time extension with various
state, local and county taxes being waived on the property for a period of 15 years
beginning January 1, 2009 through December 31, 2023.
081086
Extension/Renaissance Zone Time Duration/500 Block, LLC & Rowe, Inc./540 S.
Saginaw Street
Resolution granting the City of Flint permission to extend Renaissance Zone Time
Duration for 500 Block, LLC & Rowe, Inc., City of Flint Downtown
Office Retail
Subzone for fifteen (15) years with a new expiration date of December 31, 2023.
The 500 Block, LLC intends to purchase/lease in Downtown Office Retail Subzone.
The property is legally described as follows: 540 S. Saginaw St., Parcel No. 4118113014,
VILLAGE OF LINT SLY 55 FT OF LOT 5 AND NLY 53 FT OF LOT 7,
BLK 5, Split on 1/30/06 FROM 4118113011,
4118113010,
4118113009.
081087
City of Flint, Michigan Page 2 Printed on 8/11/2008
SPECIAL AFFAIRS COMMITTEE Meeting Agenda Final
August 11, 2008
Extension/Renaissance Zone Time Duration/River City Developments/Historic
District
Resolution granting the City of Flint permission to extend Renaissance Zone time
duration for River City Developments, LLC in the Historic District for a fifteen (15)
year time extension for 5.3 acres of property that River City Developments, LLC
intend to purchase/lease in Historic Subzone. The property is legally described as:
Parcel No. 4013276013,
501 W. Kearsley Street. The land described by the legal
description included herein shall be granted a Renaissance Zone time extension
with various state, local and county taxes being waived on the property for a period
of 15 years beginning January 1, 2009 through December 31, 2023.
081088
Extension/Renaissance Zone Time Duration/Wade Trim/Mott Block/Baker Uptown,
LLC
Resolution granting the City of Flint permission to extend Renaissance Zone Time
Duration for Wade Trim/Mott Block & Baker Uptown, LLC, for one (1) acre of
property, fifteen (15) year time extension beginning January 1, 2009 through
December 31, 2023. Baker Uptown, LLC intends to purchase/lease in Downtown
Office Retail Subzone as legally described |
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Thu Mar 20, 2014 5:03 pm |
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untanglingwebs
El Supremo
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Thu Mar 20, 2014 5:11 pm |
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untanglingwebs
El Supremo
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State Court of Appeals gives prosecutors partial victory in case involving loans for a factory
Julie Morrison | Flint Journal By Julie Morrison | Flint Journal
Follow on Twitter
on September 20, 2007 at 1:34 PM, updated September 20, 2007 at 8:56 PM
FLINT -- Prosecutors scored a partial victory in a case against two businessmen charged with pocketing $1.2 million in loans for a factory that never was built.
But it's still unclear when, or if, the 2-year-old case will reach trial.
In a ruling released Wednesday, a state Court of Appeals panel reinstated a larceny by conversion charge against Joseph P. Giacalone and Daniel Robin regarding a loan from the city of Flint to build a vinyl manufacturing plant.
The panel upheld a judge's dismissal of a second count regarding a loan from the Flint Area Investment Fund.
The Genesee County Prosecutor's Office is reviewing the opinion and hasn't decided whether to appeal to the state Supreme Court, said Dale A. DeGarmo, an assistant prosecutor assigned to the appeals unit.
Attorneys for Giacalone and Robin were unavailable for comment Wednesday, their offices said.
Authorities allege that Giacalone, 68, of Flushing, and Robin, 57, of Flint, diverted the $1.2 million to their private use.
The money was supposed to be used by Giacalone's Lennon-based company, OK Industries, to build a plant at a site he owned on N. Saginaw Street. Giacalone in 2001 said the plant would employ 100 people, most of them low- to moderate-income people.
No work was done and none of the money was repaid, police said.
Alexander J. Thomas Jr., the city's former grants manager, was charged with misconduct in office for allegedly failing to monitor the project. Thomas' case also is on hold pending the appellate action.
Through their attorneys, Giacalone and Robin have denied any wrongdoing. And an attorney for Thomas said his client was gone from the city when most of the loan money was paid out.
The case was put on hold after Genesee Circuit Judge Judith A. Fullerton threw out the larceny by conversion charges, and the prosecutor's office appealed.
Fullerton said the larceny charges weren't appropriate and granted the prosecutor's motion to amend the charges to embezzlement.
If the appeals court ruling stands, Giacalone and Robin would face one count each of larceny by conversion over $20,000 and embezzlement over $20,000, both maximum 10-year felonies, DeGarmo said.
"We may take the approach that they both should be larceny by conversion," he said. "It's just a matter of how the proofs will go in." |
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Wed Mar 26, 2014 11:54 am |
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untanglingwebs
El Supremo
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500 Block Project
Flint, MI
Section 108 Guaranteed Loan- $3,840,000
The City of Flint will provide financial assistance to the Developer, 500 Block Investors, Limited Liability Corporation (LLC), for the renovation and remediation of three buildings on the west side of the 500 block of South Saginaw. The site is located in a HUD approved Neighborhood Revitalization Strategy Area (NRSA) and a Federally- designated Enterprise Community. The Developer will redevelop the buildings into a four-story 80,000 square foot building including approximately 30,000 square feet of office space, 20,000 square feet of restaurant/entertainment space, and 30,000 square feet for eight loft-type residential units. The State of Michigan�s Economic Development Corporation (MEDC) will provide a lead role in oversight for the investment of the public funds in this project.
The City will re-lend the guaranteed loan funds to the Developer for the construction costs of only the commercial portion of this development: office/restaurant/entertainment space. In conjunction with the Section 108 Guaranteed Loan, the City will also use a $1,000,000 Brownfields Economic Development Initiative (BEDI) grant for the rehabilitation and remediation that will include removal of lead-based paint and asbestos in the existing structure. The total cost of the project is $10,322,695.
The Community Development Block Grant (CDBG) national objective for the City�s use of the guaranteed loan proceeds is to benefit low-moderate income persons through job creation. The project will create an estimated 110 new full-time jobs.
The City will repay its Section 108 Guaranteed Loan over a two-year period, paying interest only for the first year. The Developer will pay off the City�s construction loan with permanent financing upon completion of the project to repay the guaranteed loan. To secure repayment of the guaranteed loan, 500 Block Investors, LLC will provide an irrevocable Letter of Credit for $3,899,100. The City also pledges its CDBG funds for repayment of its guaranteed loan.
May 19, 2011 |
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Sat Apr 08, 2017 9:49 am |
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