Dear Mayor Nash and Council Members,
I have been in many negotiations with developers
and this article reminds me of the comments made by a developer(s) who is thinking of withdrawing.
I personally recall numerous negotiation that I spent months on . . . And within day of closing, the developer / builder (buyer) backed out; similar to the Failed Meta deal that cancelled recently with Menlo Park.
The current developers are using words like:
"Worried"
"Derail"
"Rising price tag"
"Significant risk"
"Less feasible"
"Slow the project"
"Uncertainty concerns her"
"Require a lot of funding sources"
Another Negative item:
The Developers admit that they need Menlo Park taxpayers to contribute as follows:
Presidio $15 million
Alliant $30 mllion
Related CA $27 million
My experience with "initial requests" for financial concessions: Add 30+% to their request for money.
And finally:
Drew Combs, on the council, says what every other council member should know: "it would be great to know where the city will get the money . . ."
My comment: The voters will not agree to financially subsidize this project.
How many times ( and ways ) must the council hear that: "it will not work!"
Please Start looking at better locations.
Respectfully,
Michael C. DeMoss, unbiased resident
Commercial Real Estate Attorney
Former member of the Menlo Park Finance and Audit Commission.
Please Read This article:
Published Comments after the June 2nd meeting with Developers:
Sent from my iPhone
