MS08 said:

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Bob Yancy said:

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agnerd said:

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Quote:

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would likely be an intermediate term solution that preserves the property for potential different uses or a complete mall redevelopment in the future.

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This is why I don't completely hate it. This is the equivalent of putting a driving range on a piece of property to pay the bills while you wait for the property value to increase. We are in a mess, and Bob seems to be trying to get us out of it with as little pain as possible.

I 100% support a master plan like what's being done for Northgate. Let's have a plan before we make any more moves. Then evaluate if there's a temporary solution to get us to the master plan finish line whatever that may be.

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Spot on analogy with the driving range.

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Driving range analogy only holds water and is solely contingent on your (cost) basis of the acquisition. Since ours was exorbitant and an overpay from the jump, it is not an appropriate analogy here.

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Hornbeck said:

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They have a history of bad decisions along those lines.

Chimney Hill
Walmart / S&W Hospital property
Macy's

Still up in the air: Northgate surface lot

The common denominator is city staff and a hand wringing council that thinks it's their job to control what businesses go where, which has the effect of either losing money on the property, or losing tax money from the land for perpetuity going forward.

I wish they'd listen, but we keep winding up here…

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hopeandrealchange said:

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Bob Yancy said:

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woodiewood said:

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Hornbeck said:

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They have a history of bad decisions along those lines.

Chimney Hill
Walmart / S&W Hospital property
Macy's

Still up in the air: Northgate surface lot

The common denominator is city staff and a hand wringing council that thinks it's their job to control what businesses go where, which has the effect of either losing money on the property, or losing tax money from the land for perpetuity going forward.

I wish they'd listen, but we keep winding up here…

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What would be really interesting to see the documents of the purchase in Sept 2022 and see what the City offered for the property. The news article said that the city apprised it at $6.5 and $11.5 million dollars.

What was the city's first offer on the property before they purchased it at 7.3 million knowing the buyer purchased it just 9 months earlier for 3.5 million? Was it 2.5 million? 3 million? 4 million? or was it the full 7.3 million w/o any negotiations?

Are the purchase contract offers available?

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I'm not sure. I suspect it probably came down to a last minute verbal negotiation and someone got played. Then council allowed itself to be as well. I'll admit I'm startled by the fact that more focus wasn't given to the immediate prior transaction price for the property.

I think a myopic form of groupthink probably took hold as many had had a singular focus on a Rec center / YMCA for so long. Perhaps they saw it as a way to "save" the mall area and get their rec center in one fell swoop. Then Texas A&M comes along looking for an esports arena and it was the perfect storm. At that point, in their eyes the former Macy's HAD to be acquired as a troika of interests were all aligned that depended on it.

The former Macy's is a cautionary tale for those that would seek to play entrepreneur without having been one, and doing so with other people's money.

Being a fiduciary is not easy. Your mindset has to completely change. Your wants and wishes must take a backseat to the best interests of those you serve. Not an easy thing to do, but crucial.

I think city councils could benefit from doing a whole lot more listening to their citizen bosses before deciding on policy, and city staff could benefit from staying out of the policymaking sandbox altogether. Voters could benefit by focusing on business acumen when casting a ballot. That's the best answer I can give you as to why Macy's happened.

My $.02

Respectfully

Yancy

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Thank you for you Service Mr. Yancy.

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Bob Yancy said:

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woodiewood said:

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Hornbeck said:

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They have a history of bad decisions along those lines.

Chimney Hill
Walmart / S&W Hospital property
Macy's

Still up in the air: Northgate surface lot

The common denominator is city staff and a hand wringing council that thinks it's their job to control what businesses go where, which has the effect of either losing money on the property, or losing tax money from the land for perpetuity going forward.

I wish they'd listen, but we keep winding up here…

---

What would be really interesting to see the documents of the purchase in Sept 2022 and see what the City offered for the property. The news article said that the city apprised it at $6.5 and $11.5 million dollars.

What was the city's first offer on the property before they purchased it at 7.3 million knowing the buyer purchased it just 9 months earlier for 3.5 million? Was it 2.5 million? 3 million? 4 million? or was it the full 7.3 million w/o any negotiations?

Are the purchase contract offers available?

---

I'm not sure. I suspect it probably came down to a last minute verbal negotiation and someone got played. Then council allowed itself to be as well. I'll admit I'm startled by the fact that more focus wasn't given to the immediate prior transaction price for the property.

I think a myopic form of groupthink probably took hold as many had had a singular focus on a Rec center / YMCA for so long. Perhaps they saw it as a way to "save" the mall area and get their rec center in one fell swoop. Then Texas A&M comes along looking for an esports arena and it was the perfect storm. At that point, in their eyes the former Macy's HAD to be acquired as a troika of interests were all aligned that depended on it.

The former Macy's is a cautionary tale for those that would seek to play entrepreneur without having been one, and doing so with other people's money.

Being a fiduciary is not easy. Your mindset has to completely change. Your wants and wishes must take a backseat to the best interests of those you serve. Not an easy thing to do, but crucial.

I think city councils could benefit from doing a whole lot more listening to their citizen bosses before deciding on policy, and city staff could benefit from staying out of the policymaking sandbox altogether. Voters could benefit by focusing on business acumen when casting a ballot. That's the best answer I can give you as to why Macy's happened.

My $.02

Respectfully

Yancy

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MsDoubleD81 said:

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Can what is said in Executive Session be requested through a records request with the city? Also, do council members/city manager have to sign conflict of interest disclosurers each year? Like I had to do with the company i retired from?

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woodiewood said:

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Bob Yancy said:

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woodiewood said:

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Hornbeck said:

---

They have a history of bad decisions along those lines.

Chimney Hill
Walmart / S&W Hospital property
Macy's

Still up in the air: Northgate surface lot

The common denominator is city staff and a hand wringing council that thinks it's their job to control what businesses go where, which has the effect of either losing money on the property, or losing tax money from the land for perpetuity going forward.

I wish they'd listen, but we keep winding up here…

---

What would be really interesting to see the documents of the purchase in Sept 2022 and see what the City offered for the property. The news article said that the city apprised it at $6.5 and $11.5 million dollars.

What was the city's first offer on the property before they purchased it at 7.3 million knowing the buyer purchased it just 9 months earlier for 3.5 million? Was it 2.5 million? 3 million? 4 million? or was it the full 7.3 million w/o any negotiations?

Are the purchase contract offers available?

---

I'm not sure. I suspect it probably came down to a last minute verbal negotiation and someone got played. Then council allowed itself to be as well. I'll admit I'm startled by the fact that more focus wasn't given to the immediate prior transaction price for the property.

I think a myopic form of groupthink probably took hold as many had had a singular focus on a Rec center / YMCA for so long. Perhaps they saw it as a way to "save" the mall area and get their rec center in one fell swoop. Then Texas A&M comes along looking for an esports arena and it was the perfect storm. At that point, in their eyes the former Macy's HAD to be acquired as a troika of interests were all aligned that depended on it.

The former Macy's is a cautionary tale for those that would seek to play entrepreneur without having been one, and doing so with other people's money.

Being a fiduciary is not easy. Your mindset has to completely change. Your wants and wishes must take a backseat to the best interests of those you serve. Not an easy thing to do, but crucial.

I think city councils could benefit from doing a whole lot more listening to their citizen bosses before deciding on policy, and city staff could benefit from staying out of the policymaking sandbox altogether. Voters could benefit by focusing on business acumen when casting a ballot. That's the best answer I can give you as to why Macy's happened.

My $.02

Respectfully

Yancy

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Being a fiduciary is not easy, but can be done. I have been one for 45 years. The first questions you ask are, one, if it was my personal money and I had the resources, would I consider buying it, two, is it needed, three, are there better options available, and four, have I done my due diligence before my decision is made?

I just can't fathom that the city council took the recommendations of the city manager and another employee for overpaying by possible 2X for a unneeded parcel of property without consulting a seasoned commercial broker. Did either have any brokerage experience at all? Unbelievable.

I assume that they wanted to control its future use and that there was a certain demand for the property?

Just doesn't pass the smell test.

If that was done in a private corportation and the sunk cost to the corporation was 4 to 5 and millions, the employees would have been lead out the door at 5pm the next Friday.

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Hornbeck said:

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I think a place like that would be great, and would definitely bring in more tax dollars than what it is the past few years.

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Stupe said:

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Hornbeck said:

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I think a place like that would be great, and would definitely bring in more tax dollars than what it is the past few years.

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I agree. The demographics have changed enough that a place like that with a roller rink and go-karts would do great.

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skeetboy3 said:

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woodiewood said:

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Bob Yancy said:

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woodiewood said:

---

Hornbeck said:

---

They have a history of bad decisions along those lines.

Chimney Hill
Walmart / S&W Hospital property
Macy's

Still up in the air: Northgate surface lot

The common denominator is city staff and a hand wringing council that thinks it's their job to control what businesses go where, which has the effect of either losing money on the property, or losing tax money from the land for perpetuity going forward.

I wish they'd listen, but we keep winding up here…

---

What would be really interesting to see the documents of the purchase in Sept 2022 and see what the City offered for the property. The news article said that the city apprised it at $6.5 and $11.5 million dollars.

What was the city's first offer on the property before they purchased it at 7.3 million knowing the buyer purchased it just 9 months earlier for 3.5 million? Was it 2.5 million? 3 million? 4 million? or was it the full 7.3 million w/o any negotiations?

Are the purchase contract offers available?

---

I'm not sure. I suspect it probably came down to a last minute verbal negotiation and someone got played. Then council allowed itself to be as well. I'll admit I'm startled by the fact that more focus wasn't given to the immediate prior transaction price for the property.

I think a myopic form of groupthink probably took hold as many had had a singular focus on a Rec center / YMCA for so long. Perhaps they saw it as a way to "save" the mall area and get their rec center in one fell swoop. Then Texas A&M comes along looking for an esports arena and it was the perfect storm. At that point, in their eyes the former Macy's HAD to be acquired as a troika of interests were all aligned that depended on it.

The former Macy's is a cautionary tale for those that would seek to play entrepreneur without having been one, and doing so with other people's money.

Being a fiduciary is not easy. Your mindset has to completely change. Your wants and wishes must take a backseat to the best interests of those you serve. Not an easy thing to do, but crucial.

I think city councils could benefit from doing a whole lot more listening to their citizen bosses before deciding on policy, and city staff could benefit from staying out of the policymaking sandbox altogether. Voters could benefit by focusing on business acumen when casting a ballot. That's the best answer I can give you as to why Macy's happened.

My $.02

Respectfully

Yancy

---

Being a fiduciary is not easy, but can be done. I have been one for 45 years. The first questions you ask are, one, if it was my personal money and I had the resources, would I consider buying it, two, is it needed, three, are there better options available, and four, have I done my due diligence before my decision is made?

I just can't fathom that the city council took the recommendations of the city manager and another employee for overpaying by possible 2X for a unneeded parcel of property without consulting a seasoned commercial broker. Did either have any brokerage experience at all? Unbelievable.

I assume that they wanted to control its future use and that there was a certain demand for the property?

Just doesn't pass the smell test.

If that was done in a private corportation and the sunk cost to the corporation was 4 to 5 and millions, the employees would have been lead out the door at 5pm the next Friday.

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While I agree with you, Mr. Yancy was not saying this to excuse the council; instead, he is saying one must be thoughtful (as you describe). Recall, he was not on the council when this happened. I hate we have the albatross, but we are here and I am glad someone is trying to get rid of it.

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Tookieclothespin said:

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I've never played pickleball in my life and I don't plan to, neither do my senior parents, but if there was a safe indoor playground, indoor walk path/track I'd be happy. Bonus points for if you figure out how to do a train (like at zilker) or tunnels (alliance in austin) I would pay big $ to come with my kids when it's a gazillion degrees out.

I know the ideas towards this place are geared towards seniors, but parents/kids want to be inside too and a lot of the parks/playgrounds are boring or sketchy when compared to other cities.

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Tookieclothespin said:

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I've never played pickleball in my life and I don't plan to, neither do my senior parents, but if there was a safe indoor playground, indoor walk path/track I'd be happy. Bonus points for if you figure out how to do a train (like at zilker) or tunnels (alliance in austin) I would pay big $ to come with my kids when it's a gazillion degrees out.

I know the ideas towards this place are geared towards seniors, but parents/kids want to be inside too and a lot of the parks/playgrounds are boring or sketchy when compared to other cities.

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