SwiftBoat Bob Perry Getting a Sweet NO BID Land Deal in Sugar Land!

[elehhhhna]

160 PRIME acres for 7 million bucks?!!!When you're pals w/ DeLay, the state Lege., and bus. partners with Sugar Lands Mayor, there's no telling what manna might fall from heaven:


Sugar Land City Council last week received legal opinion from its counsel Jeanne McDonald that the Permanent School Fund (PSF) can directly sell 500 acres of its land known as Tract 3 to the city and the city must serve as a vehicle to sell the land to Cherokee Investments, the proposed developers of the Imperial Sugar property.

The sale from the city to Cherokee is allowed if the land is part of a Tax Increment Reinvestment Zone.
The city is working toward the acquisition of Tract 3 because the developers of the Imperial Sugar property say that the project will not be feasible without the inclusion of Tract 3 in the mix.
Sugar Land's Strategic Projects Director Karen Glynn told city council that the General Land Office is expected to furnish its latest appraisal of the land value next week.
If the appraised value is acceptable to Cherokee Investments, then the city will formally ask the Permanent School Fund to consider the sale of Tract 3 to the city.
Then PSF can agree to sell to the city directly without a bid...

Cherokee Sugar Land is a joint venture between W.C. Perry Land Development LP and Raleigh-based Cherokee Investments Partners LLC.




http://www.zwire.com/site/news.cfm?newsid=14616391&BRD=1574&PAG=461&dept_id=532245&rfi=6

...Perry Land Development on Feb. 23 published a full page notice of intention to introduce a bill in the Texas Legislature toward creating a special management district for the Imperial property.
The city was caught by surprise and had no idea why such a move was made without even informing the city.
City council, at a workshop presided by Wallace on March 1, discussed the notice and directed the city manager to oppose the bill, if necessary.


The Mayors Statement:
"At the request of our City Manager and my fellow City Council Members, I am offering this statement to the public regarding my non-involvement with the sale and future redevelopment of the Imperial Sugar Property.
Imperial Sugar announced on February 18 that a preliminary agreement had been reached with Cherokee Investments and W.C. Perry Land Development for the sale of the Sugar Mill property in Sugar Land.
As I previously stated, I have consummated a business transaction with W. C. Perry Realty Investment Fund, LP and W. C. Perry Properties, LP whereby I will serve as Chairman of the Investment Committee. This business involvement is not associated in any way with W.C. Perry Land Development, LP, or any other entity involved in the Imperial transaction. I have relocated my business office to Perry's office in Sugar Land in early January. I would like to reiterate that neither I, nor the W.C. Perry Realty Investment Fund, LP or W.C. Perry Properties, LP, will have any economic interest, either directly or indirectly, to either W.C. Perry Land Development, LP, Cher-okee Investment or Imperial Sugar, and I (including W.C. Perry Realty Investment Fund, LP & W.C. Perry Properties, LP) have not or will not benefit directly or indirectly, from any such transaction. " Wink, nudge.

[whistle]

1. SwiftBoat Bob Perry is guaranteed mucho swift bucks!

[formercia]

2. IRS take note.

there are more ways to launder money than there are words in the dictionary. This is one of them.

[Egalitariat]

3. Cherokee Partners rehabs brownfields. All of their projects include

environmentally contaminated land that nobody else will touch, and they can always buy it for next to nothing b/c whoever owns the land is a sitting duck when targeted in a lawsuit.

I tried to get a job with them when I finished grad school.

[elehhhhna]

4. Yes--they have a 5 million dollar cleanup policy in place.

But LOTS of that 160 acres is untouched. Old cow pasture.

[elehhhhna]

5. WOW! It gets sweeter! It's 860 acres of prime land! See this:

Pull up on them reins, Pilgrim... Sugar Land is all atwitter about Mayor Dave Wallace being in business with land developer Will Perry, son of legendary homebuilder and political benefactor, Bob Perry, because Perry Jr. has a contract to purchase the old Imperial Sugar industrial site. The city has always been willing to "sweeten" the pot to get that site remedied.

Since the deal is between Imperial and Will Perry/Cherokee, why is Wallace even being thrown into the mix? I'm glad you asked that question. You see, the only way the Imperial Sugar property is going to get redeveloped and not remain a blight on the landscape is if the city will help with its redevelopment, something Sugar Land has certainly done in the past with other deals. Remember, the Imperial site is not only full of 100 years of sugar making, but it is a relatively small plot. A developer would have to spread the cost of cleaning up the char house site onto only 160 acres.

The way the city can help is by aiding and abetting Perry/Cherokee in acquiring an additional 700 plus acres nearby at a good rate. That land is owned by the Texas General Land Office (GLO) and is former prison property. One taxing entity can sell property and equipment to another taxing entity without having to go out for bids. And the current taxable value of that 700 plus acres (called "Tract 3") is $9 million.

Well, Perry/Cherokee could afford to pay $9 million, but a recent sale in the neighborhood of prison land brought in $47 million for 2046 acres, or $23,000 per acre, a 40% increase over the land's minimum asking price. Extrapolating that $23,000 per acre, then "Tract 3" at 733 acres should go for about $16.8 million rather than the $9 million Perry/Cherokee is planning to pay for it.

http://www.fortbendstar.com/Archives/2005_1q/030905/burner030905.htm

[elehhhhna]

6. gratuitous self kick for SwiftLiars