After being postponed three times, the sale had been scheduled for Wednesday, but this afternoon an official with Minnwest Bank, which holds the $35 million mortgage, said it wasn't going to happen.
The development was envisioned as a $1.3 billion housing and retail utopia, but it's been beset by delays, questionable financial dealings, bankruptcy and the death of its developer, Bruce Nedegaard. Since then, banks have been trying to get out of obligations described in his vision, while city of Ramsey officials have insisted they stick with it.
Earlier this month, city council members agreed to change their tack, but no accord has been reached. The sale will now be held in lat[e] November or early December.
Possibly there may be some tax write-off benefit by the bank finally ending its foolishness and doing something before year's end, if their fiscal year or quarterly tax situation would favor that. I have a Google alert set for "john feges" that recently provided a link to some PACT school records. It seems years ago that John Cairns was putting funny financing in place where the City of Ramsey arguably stepped across a bonding-related boundary it should not have, in assisting and enabling the PACT school promotion to advance.
Is that a part of "questionable financial dealings," to use the term Orrick wrote? I still have questions where it seemed smoke and mirrors were involved and there was a passing contention at the time that Town Center then stood as the equivalent of "blighted land." I recall at least one councilmember was offended enough by that characterization that it got dropped from transaction papers.
That's all a separate story, if posted here at all.
Just this: Perhaps Cairns and his law firm may have a role in fixing things they had a role in creating; Master Devleopment Agreement, document recording sequences, and all. Time is like an endless river that favors those willing to wait. I recall a fortune cookie that said, "An ounce of patience is worth a bushelful of brains." Let's hope the council has patience and brains, this time.
Irrational exuberance was the pre-groundbreaking theme.
Let's leave irrational exuberance, the dreams, and the rose-colored glasses in the pre-groundbreaking past.
Caution and patience should be the watchwords in current bargaining and planning.