Quote:
Originally Posted by NorthStarsProject
They want the money after the city's required deadline. The city made it clear
now they need to finish the project by the certain date or it will be in installments.
Money transferred will benefit Fortress as its a guaranteed loan and used as such with future business.
The reason why this was done was to protect the city from Fortress playing games and protect the city's valuation of land. Fortress will never get the project up and running by the expected date.
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NorthStars,
anyone with common sense (and recall I'm one of the bigger Fortress skeptics) knows that completing a project of this size is not achievable within the city's time frame if they started TODAY, hence why it was mentioned earlier that exceptions are part of the game here.
Of course the money would be used towards future projects, they're a condo developer. Condo guys don't hold onto their assets, they get their money and repeat the process.
It is, however, reasonable of the city to get some project delivery security. But just because the project is big doesn't mean one can assume that Fortress or any other condo developer can wait for their money.