Government Hill subdivision tanks

January 27, 2009 at 5:15 am | Posted in politics, Uncategorized | Leave a comment
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I said I was going to stop reading the ADN LTE section — but a promise to yourself is pretty easy to break:

City shouldn’t make taxpayers pick up tab for its foolishness
The interaction between the City of Anchorage and developer Marc Marlow is a good example of how the finances of the nation got where they are today. It appears the city sold Marlow development property worth $3.5 million for a half-million down and a note for $3 million.
Then he used the already encumbered land as collateral to borrow another $4.2 million from a bank. He improved the property with streets and utilities.
Now that the bank has foreclosed, the property must sell for at least $7 million for both the city and the bank to recover their funds.
This type of “leveraging” has made millions for developers, but when things go sour, it is the taxpayers who bite the bullet. Now the city is considering paying nearly $7 million to buy back a property it sold for half that, before the streets and utilities were put in.
Doesn’t it sound a little foolish to spend $7 million to recover the $3 million you sold the property for?
And why didn’t the city arrange things so that it would be the primary repossessor in event of default? It seems no one learned much from previous mishaps, such as the saga of the old McKay building.
I do not believe the citizens of Anchorage should bail out the developer or the bank. The city is in line to recover whatever the sale brings over the amount owed the bank. A lawsuit may add to that amount, if needed. Any money lost has to be credited to lessons learned, and the city should be held more accountable to those of us who provided said money.
— Don Neal
Anchorage

OK, well, yeah — it is foolish to throw good money after bad, but it also sounds like the muni is damned if they do, and damned if they don’t.  This is kind of a big project to go south, and it makes one wonder if bank failures are around the corner?

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We have a billboard prohibition in Alaska…

January 24, 2009 at 5:29 am | Posted in politics | Leave a comment
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…but maybe someone will mount it on the side of a truck?
Limbaugh promotion courtesy of one of his advertisers.

Limbaugh promotion courtesy of one of his advertisers.

1-19-09

January 22, 2009 at 9:51 am | Posted in photo du jour | Leave a comment
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Casa de Carlos Apts., 8th Ave., Fairview neighborhood.

Casa de Carlos Apts., 8th Ave., Fairview neighborhood.

1-17-09

January 22, 2009 at 9:46 am | Posted in photo du jour | Leave a comment
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The Moon Knights at the second Captain Ahab show.

The Moon Knights at the second Captain Ahab show.

1-18-09

January 19, 2009 at 2:03 am | Posted in photo du jour | Leave a comment
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There have been some strange, swirling, overlapping clouds lately.

There have been some strange, swirling, overlapping clouds lately.

Just hours until the inauguration!

January 18, 2009 at 8:59 pm | Posted in politics | Leave a comment
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I haven’t felt this good about the national political climate since, say 1992 [or possibly ever!].

1-16-09

January 17, 2009 at 9:32 am | Posted in photo du jour, Uncategorized | Leave a comment
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Part of the audience, Captain Ahab show at MTS Gallery.

Part of the audience, Captain Ahab show at MTS Gallery.

1-15-09

January 16, 2009 at 10:17 am | Posted in photo du jour | Leave a comment
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Mid-winter meltdown on East 10th Ave., downtown Anchorage.

Mid-winter meltdown on West 10th Ave., downtown Anchorage.

For Ken B.

January 16, 2009 at 8:53 am | Posted in Uncategorized | 1 Comment
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1-14-09

January 15, 2009 at 7:49 am | Posted in photo du jour | Leave a comment
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Ice sculpture at Freeze.

Ice sculpture at Freeze.

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