[dandori]

I've got news from a private meeting Harry Stinson had with buyers from Beasley Park lofts, Gibson School lofts, and the Buffalo hotel project.

Basically, the 4th and 5th floors of Gibson School will not be built.

Apparently, this is because city officials are saying he will have to rebuild the foundation of the entire building to accommodate for the additional 2 floors on the building. This was not originally required in the review of the plans, but now they want it. So owners of the 4th/5th floor suites are basically fucked.

He also mentioned the city offered $4 million loans to anyone developing in the city of Hamilton (downtown), but the city never actually gave out these loans and it was all just word of mouth stuff that he was depending on.

So now, the owners of the 4th/5th floor suites will either have to take a refund or transfer their downpayment to another one of his developments with an 'equity credit' meaning that they will get some additional monies for the time their money has been sitting in the development trust.

Let me know if you guys have any questions.