Quote:
Originally Posted by Halovet
Now why the hell did this take 3 years. GEEZOPETES!
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The explanation was in the part I deleted.
But three years is awfully long, I'm surprised they didn't walk
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Because of the shift from a single-user to a multi-tenant scenario and because of state and federal restrictions tied into the youth hostel's original financing package and utility packages, a special lease-sale arrangement has been crafted.
Under the terms to be presented to the BURA directors during a Sept. 7 meeting, JM LLC will lease the Glenny Building space, paying $9,780 annually and at the end of the 10-year deal, buy the square footage for $1.
The BURA directors are expected to approve the deal.
JM LLC is also seeking a $500,000 loan from the Buffalo Economic Renaissance Corp. to finance the deal. The BERC officials are also expected to approve that deal later this month.