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  #1081  
Old Posted Oct 27, 2006, 5:21 PM
POGO POGO is offline
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Capitol Mall Is Blighted

The following is what redevelopment funds were intended for:

From the California Redevelopment Association website

"What is blight?
Redevelopment can only be used in areas that suffer from adverse physical and economic conditions, defined in the law as “blight.”
The following types of adverse physical and economic conditions have been observed in redevelopment areas to be examples of blight.
Adverse Physical Conditions
• Unsafe building conditions;
• Aging, deteriorating, and poorly-maintained buildings, sometimes interspersed with well-maintained buildings;
• Incompatible adjacent or nearby uses of land parcels that hinder economic activity;
• Adverse physical factors, such as susceptibility to flooding and earthquakes, that demand significant improvements to buildings in order that they be safe for occupancy;
• Small and irregularly shaped lots under multiple ownership that are vacant or underutilized;
• Outdated and inefficient building configuration and design that does not meet current business needs;
• Unsafe access into buildings or parking lots; and
• Inadequate and obsolete infrastructure, (i.e. utilities, storm drainage, sewers, street lighting, and confusing and inefficient street systems).
Adverse Economic Conditions
• High business vacancies, low commercial leases and high turnover rates;
• Vacant and underutilized land or buildings;
• Depreciated or stagnant property values and other evidence of disinvestment;
• Hazardous waste and other negative environmental conditions;
• High incidences of criminal activity, sometimes equated with an over-concentration of bars, liquor stores or adult stores;
• Lack of neighborhood businesses to serve residents, such as banks, pharmacies or grocery stores; and
• Residential overcrowding. "
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  #1082  
Old Posted Oct 27, 2006, 8:29 PM
mechanico mechanico is offline
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Quote:
Originally Posted by Los_Lobo
Yes, we DO know. As I stated before, the deadline allows the seller (Saca) to back out if he doesn't have financing by 12/31/06. For anyone with a copy of the purchasing agreement, it's on page 2, Section 6 (Construction Financing Contingency). After explaining in depth the terms (basically what I've already stated), it ends the paragraph with "The contingency set forth in this Section 6 is for the sole benefit of the Seller."

So Saca isn't under a 12/31/06 deadline for sales. I'm sure he'd LIKE to have 1/2 the sales completed and financing lined up by then but he doesn't HAVE to.
Yes, I read your comment before and believe the 12/31 deadline to be incorrect. However, I do not believe the Deutsche Bank agreement is open ended nor do I believe Saca can hold onto the deposits indefinitely.
So Los Lobo, you have a purchasing agreement, what conditions allow someone to get their deposit back? I'm sure Sacas Lawyers put something in there for the buyer.
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  #1083  
Old Posted Oct 27, 2006, 9:28 PM
brandon12 brandon12 is offline
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I get my money back if one of my horses wins the Kentucky Derby in any of the next 3 years, but that was a side deal I worked out personally. I don't think it applies to any other buyer.
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  #1084  
Old Posted Oct 27, 2006, 9:30 PM
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Quote:
Originally Posted by mechanico
what conditions allow someone to get their deposit back? I'm sure Sacas Lawyers put something in there for the buyer.
Read previous posts by Brandon12 and Los Lobos.
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  #1085  
Old Posted Oct 27, 2006, 9:46 PM
Dieler Dieler is offline
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Quote:
Originally Posted by brandon12
I get my money back if one of my horses wins the Kentucky Derby in any of the next 3 years, but that was a side deal I worked out personally. I don't think it applies to any other buyer.
Oh yes it does. This clause is in my contract too.
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  #1086  
Old Posted Oct 28, 2006, 1:29 AM
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Hmmmm I wonder what the real reason Turner is backing out???? Lack of payment?
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  #1087  
Old Posted Oct 28, 2006, 1:42 AM
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Sorry, I missed the part where Turner backed out??
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  #1088  
Old Posted Oct 28, 2006, 2:39 AM
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Sorry as reported in a previous post about a week ago.....they are in negotiations to bail out....
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  #1089  
Old Posted Oct 28, 2006, 2:42 AM
mechanico mechanico is offline
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Huge condo project sees sales slow down
Preselling of units in the Towers turns sluggish, along with housing market.
By Jon Ortiz - Bee Staff Writer

"Saca said this week he may soon announce that a new general contractor will take over for New York City-based Turner Construction Co., which has overseen the Towers' pile driving work. He characterized the possible change as a mutual decision."

I didn't want to bring it up. Thanks for doing so.
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  #1090  
Old Posted Oct 28, 2006, 3:59 AM
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Is it just me, or are there more than a few pessimists in Sacramento sounding as if they hope Saca's project fails, just so that they can gloat??


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  #1091  
Old Posted Oct 28, 2006, 8:52 AM
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TowerDistrict TowerDistrict is offline
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oh yeah... they're a dime a dozen here.

i can understand people objecting to some of these subsized projects, as they have personal preferences to how their tax money is spent - but i don't understand the those who wish the developer to fail on their own. it's silly and only wastes the breath of those who actually care to see people succeed in this town.
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Map of recent Sacramento developments
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  #1092  
Old Posted Oct 28, 2006, 9:37 AM
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TowerDistrict TowerDistrict is offline
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just a couple of my opinions on Pogo's outline of redevelopment funding requirements...

• Outdated and inefficient building configuration and design that does not meet current business needs;
- obviously. replacing a 2 story office building with two 54-story mixed-use buildings shows what was then versus now. the city has consistently shown that there is more than enough support available for additional hotels, as well.

• Vacant and underutilized land or buildings;
- well.... after 301, 621, aura, and 500 cap mall go up as planned, i guess it won't be that way, right?

• Lack of neighborhood businesses to serve residents, such as banks, pharmacies or grocery stores; and
- how about a lack of a neighborhood in general? i think it's worth noting that locals, and guests of locals will use this project frequently


all semantics aside - it's also noteworthy that major developers like DR Horton turned their backs on downtown without even asking for help. with this project we get an esteemed business willing to pour $95 million of their own money, into a downtown project that will make a positive and lasting impression on this city.
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  #1093  
Old Posted Oct 28, 2006, 4:35 PM
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One year ago... Then & Now


October 28, 2005


October 28, 2006 (today)



October 28, 2005


October 28, 2006 (today)



October 28, 2005


October 28, 2006 (today)
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  #1094  
Old Posted Oct 28, 2006, 4:40 PM
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Interesting, i just noticed that they hadn't excavated the entire site.
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  #1095  
Old Posted Oct 28, 2006, 4:45 PM
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Nice... looks like they are almost done with piledriving on the Tower 1 site.
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  #1096  
Old Posted Oct 28, 2006, 8:23 PM
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I love how you can get the exact same agles. Now you're gonna have to do it each year, Mike.
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  #1097  
Old Posted Oct 29, 2006, 12:21 AM
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Quote:
Originally Posted by urban_encounter
Interesting, i just noticed that they hadn't excavated the entire site.
I believe it's so they have more than one way to access the site. Those piles
that they are going in on the L street side where it has not been excavated
are being driven down an additional 5 to 8 feet below the surface. The other side
where the piles are sitting is a congested area... with piles being moved
into position for both drivers.
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  #1098  
Old Posted Oct 29, 2006, 1:52 AM
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It appears as if the third crane is still not operating...I wonder if it will ever have a change to beat down one of those suckers...
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  #1099  
Old Posted Oct 29, 2006, 2:10 AM
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urban_encounter urban_encounter is offline
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Are they driving piles on Saturday???
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  #1100  
Old Posted Oct 29, 2006, 2:10 AM
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Quote:
Originally Posted by SactoSpam
It appears as if the third crane is still not operating...I wonder if it will ever have a change to beat down one of those suckers...
The third crane is being used to remove the cut off tops
of the piles that did not go into the ground. As big a the
work site is, there is not enough room to bring another
pile driver onto the site.
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