Have you seen your entity, baby, standin' in the shadows?
An alert reader writes:
I took a look at the draft copy of the ordinance that the [Portland] City Council will consider this week, which contains the predevelopment agreement [relating to the new Paulson soccer and baseball stadiums] and approves the no-bid award of the operating agreement to Peregrine [an entity connected to the Paulsons].I hope somebody does. From Cordish's recent record in Kansas City, I'd say it's got "urban renewal trouble" written all over it.On the first page of the draft ordinance, there is a finding which states in part that the Triple-A baseball stadium "will be developed by Peregrine Sports LLC and operated by an entity under common management with Peregrine Sports, LLC."
I'm wondering whether the "entity" will be a joint venture between Cordish Company and Peregrine. Cordish is developing the entertainment district in the Rose Quarter. I don't understand how the city can pass an ordinance containing a reference to "an entity" although it could be amended at the last minute.
Cordish Company is in a joint venture with the Kansas Speedway which is trying to develop a casino at the Kansas Speedway:
http://www.bizjournals.com/louisville/stories/2009/03/30/daily20.html
Cordish is also borrowing $950,000 in city tax dollars from Louisville in a deal which has locals there hopping mad:
http://www.courier-journal.com/article/20090326/NEWS01/903260410/1008
Cordish apparently likes to build lavish Las Vegas-style entertainment centers, which will of course be totally out of place in Portland. It is also big on gambling establishments:
http://www.wjla.com/news/stories/0409/609931.html
I have been wondering who the persistent trolls who keep showing up on your blog are (not the Timbers). I'll bet they are Cordish people.
I wonder if Merritt, who seems to be kind of a [derogatory phrase for person of low intelligence], knows what he's getting into.
There are many other puzzling aspects to the documents before the City Council this week -- so much so that they warrant another post of their own. For now, however, suffice it to say that it might be a good idea for Portlanders to start taking a look at whom they are dealing with besides the Paulsons, the local construction companies, and the unions.
| Posted at 10:41 AM | Permalink |
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Comments (6)
I wonder how "Swing Vote" Dan Saltzman in particular is starting to feel about this.
Posted by Snards | April 13, 2009 1:31 PM
"Goldman Sachs confirmed on Monday that it would raise $5 billion through a stock offering to help pay back government rescue funds, as it posted a $1.8 billion profit for its first quarter."
Good news from the NYT, Daddy "Warbucks" Paulson has kept his stock price up.
You need to give Paulson more credit (at least the father.) They won't throw their money at something like this without an out (and we are it.)
At least look at it this way if the battle of brains is the tag teams of:
Leonard/Adams vs. Paulson/Paulson
Who is your money on?
"how "Swing Vote" Dan Saltzman in particular is starting to feel about this"
Puh-leeze, Saltzman thinks we really, really need Sam.
Posted by Steve | April 13, 2009 1:56 PM
Does anyone know if Paulson has local investors taking part in his Peregrine Sports, LLC? If so, who are they?
It looks like this potential stadium deal is mixing up into a fine kettle of fish!
Posted by Portland Puddles | April 13, 2009 2:57 PM
"a fine kettel of fish"....and it stinks like 3 day old fish guts too!
Our collective goose (aka kettle of fish) is rotten AND cooked!
I would sure like to know where those off shore accounts are.
Posted by portland Native | April 13, 2009 3:02 PM
Can we undo the damage these guys are doing if we are sucessful in a recall?
Posted by pdxmick | April 13, 2009 3:07 PM
Does the proposed ordinance say "entity" because the city doesn't want to disclose who will be co-managing the operation of the new baseball stadium yet, because it doesn't know the identity of the entity yet or because some agreement has not been finalized yet? Or is this another "scriber's error" as Sam called it?
I hope Salem is paying attention.
Posted by A Hopeful | April 13, 2009 3:26 PM