Quote:
Originally Posted by POGO
I agree 100% with Urban up until he implies that CalPers has some diabolical plot up their sleeve to ruin this project. I don't think the problem with the project is CalPers, it is Saca. CalPers has the money, its up to Saca to meet his contract obligations and committments before they release any more money. He needs to sell the units he said he could sell, and demonstrate that he has the staff, the experience, and the knowhow to bring this project to fruition within budget. Therein lies the problem.
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I'm not suggesting a plot by CalPers, but instead a pretty forceful bargaining chip.
As a former Cal Pers member, I can certainly understand why CalPers would want accountability on a project where construction costs have risen so dramatically, (50%). This project is far from certain to even pencil out and I suspect that's why Cal Pers is so hesitant about going forward with John Saca at the helm.
Let's hope a new equity partner with deep pockets and a vison for Sacramento is somewhere out there.
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