Several years ago, the Municipality embarked on a second journey to develop the property on Washington Road, across from where I attended first and second grade. We began our trip with an RFQ (Request for Qualifications). The thought was that by seeking out an established developer with the demonstrated credentials to build on this site, we would avoid the delays and ultimate failure experienced with the site's predecessor project. It was a good plan and we in fact received a response and proposal from one such firm.
Then we picked the other one.
Zamagias Properties showed no experience developing residential condominiums when the firm was first selected to develop this property and handed more than $1,000,000 in TIF loan proceeds. Following a review of their website this morning, it appears not much has changed. Please see the attached letter I sent to the Commission regarding this project, more than six years ago. My letter includes the firm's original submission to demonstrate their competencies.
The Municipality's web site indicates there will be a "Zamagias update" on October 22. It is time for the Commission to move on with a developer who maintains a successful track record for developing first class projects appropriate for this site. If the Commission elects to continue its partnership with this developer, it must also insist on the developer making good on the TIF loan.
Bill
Update September 23, 2012 11:00 AM In response to today's 7:25 AM comment, Bill Matthews felt it was easier to post the documents rather than try to describe the repurchase agreement and extension.
Zamagias - MLPA Sales Agreement The repurchase section is on page 15 of the agreement.
Zamagias Agreement 6th amendment Note: The seventh amendment was in January 2012.
Update September 24, 2012 11:59 AM Here is supporting evidence of the conflict of interest mentioned in Bill Lewis' item number three of his 6:05 PM comment. Ballon Conflict of interest Ballon was the vice chairman of the Parking Authority and remained so until dismissed in July 2011.
Update September 23, 2012 11:00 AM In response to today's 7:25 AM comment, Bill Matthews felt it was easier to post the documents rather than try to describe the repurchase agreement and extension.
Zamagias - MLPA Sales Agreement The repurchase section is on page 15 of the agreement.
Zamagias Agreement 6th amendment Note: The seventh amendment was in January 2012.
Update September 24, 2012 11:59 AM Here is supporting evidence of the conflict of interest mentioned in Bill Lewis' item number three of his 6:05 PM comment. Ballon Conflict of interest Ballon was the vice chairman of the Parking Authority and remained so until dismissed in July 2011.
