As an attorney and expert in Commercial Real Estate:
I have observed that the Menlo Park Council is NOT seeing the numerous errors, that are so obvious to experts, regarding the Downtown Parking Lot Apartments project.
The only way to stop erroneous, costly, irreversible decisions is to intervene. .
THAT is what "YES on P" does.
Here is a short explanation of WHY "YES on P" is REQUIRED!
When a city council with no commercial real estate, development, or construction experience among its members plans to negotiate and approve a multi-hundred-unit apartment project, and they accept the developers self-prepared pro forma AND ignore their own independent negative financial review, while going forward with granting millions $$$$ in funding and large fee waivers and density bonuses without locking in corresponding public benefits, failing to require adequate performance bonds or completion guarantees, and plans to sign a development agreement that leaves the city with open-ended risk if costs rise or the project stalls, or fails ... even though the city is in a continuing fiscal deficit . . . .
THEN:
The taxpaying voters must intervene, as would any experienced real estate attorney, seasoned Economist, or independent private developer reviewing the deal would immediately do; ...
BECAUSE they recognize the "missing basic protections" :...As an Obvious, Avoidable Failure of "Due Diligence", on the part of the city council.
For example: (missing protection items)
(independent underwriting, clear risk allocation, putative partnership implications, insurance liability coverages, environmental impact, labor union issues, enforceable performance security, safety and traffic studies, and market-tested standards)
In this instance, the Menlo Park Councils Downtown Development flawed plans are in need of " INTERVENTION!"
That is why "YES on P" is so important.
It provides an essential "Second Opinion".
Michael DeMoss, Menlo Park Resident
Sent from my iPhone
