[We are going to keep this thread on topic about Macy's. -Staff]
OK, I had some time to read the emails that @Brian Alg got from the ORR. It's here - https://drive.google.com/file/d/1uZ_dEYQ7ZXkRi903luiuwSCTDJb5wGc9/view?usp=drive_link
I don't want to continue to derail Mr. Yancy's thread about what to do to fix this very expensive problem. So, here's a thread about- 1) What went wrong and 2) who's responsible and should be held accountable.
To that end, here's what I pieced together:
Local businessman had plans to buy and turn Macy's into an entertainment center. 100,000 square feet of fun. Arcade, Bowling, roller rink, *ESPORTS ARENA*, etc. Wanted to buy it and *gasp* pay taxes. He presented his idea to CoCS economic development folks - NR and BP. Surely the city wants a destination like this! TAX MONEY! Bring folks from out of town.
You'd be dead wrong. Instead, the city decided they wanted the building. They let the seller know they wanted it, and the seller gave him the cold shoulder, effectively killing his deal, and despite him calling the city out on stealing his idea, they gave him the cold shoulder and didn't make it right.
See, CoCS wanted Macy's and Beal's, and connecting small stores in the mall, paying a proposed $7.3M for Macy's, and an additional $4M for Beall's. Party A was selling Macy's, CBL was selling Beall's. Their vision was a combo eSports arena *AND* wait for it … Rec Center (my money is on YMCA type place.)
CoCS was simultaneously dealing with TAMU esports - their proposal was $12/sq ft., plus NNN. They wanted 50,000 square feet, at a clip of $600k+ per year. The catch is, TAMU were interested in 50,000 sq ft of the whole enchilada, not just Macy's. The city bought Macy's greatly overpaying for it, and negotiations with the mall over Beall's fell through, as they didn't want to throw in the connecting space (the "spite strip" as NR called it.) This broke down, and TAMU pulled out, leaving the taxpayers holding the bag. Oh, yeah, to fix the Macy's? Over $1M (see email attached). NR "retired" from the City (BP's words) shortly after it all crashed, and rolled down the hill on fire.
Now, I get the feeling reading these emails that it's all just Monopoly money for BW, NR, and BP.
There has to be some kind of accountability for this *very expensive* boondoggle. I don't know about legality of all this, but it sure looked like Enron / investment bank types of deals to me.
The blame for this should be widespread IMHO, to NR, BP, and BW, as I kept seeing their signatures on the MOUs, LOIs, etc. these people need to be held accountable for this huge gamble that went south so freaking badly it's not even funny.
Oh, the City needs to be accountable for "making it right" with JL. Whether that's a public apology, or what I don't know, but I expect my elected officials and city staff to deal on the up and up with local business owners who want to invest millions into the city. Mr. Yancy, the pickleball is in your court.
Now, it's late, and maybe I read something wrong. Feel free to correct me. This is my opinion looking through a pile of emails.
TL;DR - city officials sniped a local guy who wanted a Dave and Buster's type place in the Macy's. They bought it to cobble together with Beall's and and get a rec center and eSports place they'd rent for $600k+. The deal for Beall's went sideways and the Development person "retired", but there's no evidence showing this debacle was the cause.
OK, I had some time to read the emails that @Brian Alg got from the ORR. It's here - https://drive.google.com/file/d/1uZ_dEYQ7ZXkRi903luiuwSCTDJb5wGc9/view?usp=drive_link
I don't want to continue to derail Mr. Yancy's thread about what to do to fix this very expensive problem. So, here's a thread about- 1) What went wrong and 2) who's responsible and should be held accountable.
To that end, here's what I pieced together:
Local businessman had plans to buy and turn Macy's into an entertainment center. 100,000 square feet of fun. Arcade, Bowling, roller rink, *ESPORTS ARENA*, etc. Wanted to buy it and *gasp* pay taxes. He presented his idea to CoCS economic development folks - NR and BP. Surely the city wants a destination like this! TAX MONEY! Bring folks from out of town.
You'd be dead wrong. Instead, the city decided they wanted the building. They let the seller know they wanted it, and the seller gave him the cold shoulder, effectively killing his deal, and despite him calling the city out on stealing his idea, they gave him the cold shoulder and didn't make it right.
See, CoCS wanted Macy's and Beal's, and connecting small stores in the mall, paying a proposed $7.3M for Macy's, and an additional $4M for Beall's. Party A was selling Macy's, CBL was selling Beall's. Their vision was a combo eSports arena *AND* wait for it … Rec Center (my money is on YMCA type place.)
CoCS was simultaneously dealing with TAMU esports - their proposal was $12/sq ft., plus NNN. They wanted 50,000 square feet, at a clip of $600k+ per year. The catch is, TAMU were interested in 50,000 sq ft of the whole enchilada, not just Macy's. The city bought Macy's greatly overpaying for it, and negotiations with the mall over Beall's fell through, as they didn't want to throw in the connecting space (the "spite strip" as NR called it.) This broke down, and TAMU pulled out, leaving the taxpayers holding the bag. Oh, yeah, to fix the Macy's? Over $1M (see email attached). NR "retired" from the City (BP's words) shortly after it all crashed, and rolled down the hill on fire.
Now, I get the feeling reading these emails that it's all just Monopoly money for BW, NR, and BP.
There has to be some kind of accountability for this *very expensive* boondoggle. I don't know about legality of all this, but it sure looked like Enron / investment bank types of deals to me.
The blame for this should be widespread IMHO, to NR, BP, and BW, as I kept seeing their signatures on the MOUs, LOIs, etc. these people need to be held accountable for this huge gamble that went south so freaking badly it's not even funny.
Oh, the City needs to be accountable for "making it right" with JL. Whether that's a public apology, or what I don't know, but I expect my elected officials and city staff to deal on the up and up with local business owners who want to invest millions into the city. Mr. Yancy, the pickleball is in your court.
Now, it's late, and maybe I read something wrong. Feel free to correct me. This is my opinion looking through a pile of emails.
TL;DR - city officials sniped a local guy who wanted a Dave and Buster's type place in the Macy's. They bought it to cobble together with Beall's and and get a rec center and eSports place they'd rent for $600k+. The deal for Beall's went sideways and the Development person "retired", but there's no evidence showing this debacle was the cause.
