by: Diane Benjamin
Part 1: http://blnnews.com/2014/03/14/burying-bailouts-in-quality-of-life/
How did CAAY pick the property currently rented by the Great Escape to relocate the YMCA? Once again, it helps to know who owns it now.
The McLean County Recorder’s Office shows:
Great Escape Property 1716 RT Dunn Dr Ste 4:
Main & Veterans LLC 405 N Hershery
Who is Main & Veterans LLC?
Who is Hundman Management LLC?
The Recorder’s Website also shows some loans:
State Farm Bank 9/07 for $2,665,000 signed by Larry Hundman Chairman of Hundman Group and a loan from Busey Bank for $243,173.50 in 2009 signed by Larry Hundman. It gets more interesting since the assessed value of the property has steadily dropped since the building was constructed:
Why would Busey loan money on an already heavily mortgaged building when the value was dropping?
One more note – the Recorder’s Office has a document showing all rent payments from the Great Escape are assigned to State Farm Bank. Payments to Busey and taxes are coming out of the Hundman’s pocket.
If’s pretty obvious that the purchase of this property would bailout State Farm Bank, Busey, and the Hundmans. I hear David Stark is a 20% owner as a result of a lawsuit. Since the purchase price of the property is not in the CAAY presentation, it is impossible to tell if the citizens are being asked to over-pay for the property to cover the loans.
Mayor Renner has stated he is not in favor of moving the YMCA out of downtown. We will see if that was spin or he meant it. Regardless, there are a lot more questions that must be answered. The supporters can’t imagine why both City Councils wouldn’t support their plan. The only things standing in their way is your aldermen. Make sure they know your thoughts. [email protected]
If Bloomington fails to pass it, Normal will have to fund the entire project (unlikely), fund just the soccer complex, or not even discuss it.
2 thoughts on “Burying Bailouts in “Quality of Life” PART 2”
Is this a trick question? Or could it be a poll? “Mayor Renner has stated he is not in favor of moving the YMCA out of downtown. We will see if that was spin or he meant it.”
I am putting my two cents on spin, spin, spin.