Wednesday, December 9, 2015

If EDATE is Illegal; Mayor has a Million Dollars for Quint

Downtown is abuzz about whether City Council will vote for an EDATE for Quint Studer's apartment development.

Questions being asked:

  • Is the Mayor forcing Council to approve an illegal action?
  • Will Bondi reply to the question posed by Chris Jones in time?
  • What if Council approves an illegal act what are the implications?
  • Why won't the Bobblehead render an opinion ahead of the AG?
  • Is Bobblehead stating that even though Florida Statutes were not followed regarding the process, Council can proceed?
  • Will Quint actually pull the project without the incentive?

I have been briefed on the financials by Quint's team.  The projections do count on subsidies.

But if the EDATE is illegal, where does the City get the subsidy?

The Mayor has voiced his support for the project.  How much support Mr. Mayor?  The City of Pensacola has a $1 million dollar Economic Development Trust Fund readily available.

No strings.  Just Mayor request and Council approval and DONE!  

More can be appropriated in any year.

Mr. Mayor, as Bob Sugar stated "It's not show's show business!"

How important is a $50 million development in downtown Pensacola to your legacy?

Tricky Dick can always dig up a few Mason jars in the courtyard!

Rick Outzen once told me "Government finds money for what government wants to find money for."

What will the City do here?

Can you imagine how Kerrigan would react?  He may explode!


NotaGOB said...

Maren said...Rick Outzen once told me "Government finds money for what government wants to find money for."

I agree 100 percent with Rick on this one.

It is the old if you want my investment you need to provide incentives game. I'm sure Quint could have found a way to make the project fly without the subsidies. However, a smart businessman with connections will always use his influence to garner taxpayer financed subsidies that provide little in return for the general public. The citizens of Pensacola are already on the hook for another of Quints projects on the waterfront. EDATE is just government welfare for developers and in this case the recipients don't have to provide a urine sample to receive their check.

Anonymous said...

Give that million dollars to the paving of city streets! I have been here for 5 years now and only recently has it appeared that the streets are getting better. The City must have hired someone that knows what they are doing for the paving projects.

Studer can find his own money he is a business man. He is hip deep now in the process with removing the building so abandoning the project I don't believe will happen. Then again when I read about Pensacola before moving here, I also could not believe the City basically bought a Baseball Park and gave it away basically on prime property to Quint Studer.(surprised it is still around actually) I will not be here much longer, the pay is just not here and business is to hard to start thus I have looked at this as a stepping stone in my career/end goals.

The old way mentality and wanting to stay in the old way of doing things in this town is amazing. The if you don't already have money you will not get ahead because it takes the money away from the people that have it already is strong here in Pensacola. I have not seen a harder place to do business and try to move forward in financial stature then here and I have work in many cities from coast to coast.

Anonymous said...

Studer’s apartment complex is “economic development” in the same way that Studer’s baseball stadium was going to cure “urban blight” in our fair city. Quint Studer is a pretty stupid guy when it comes to real estate development. He became a millionaire in another business but is now dabbling in real estate as a hobby. There is absolutely no reason for the city’s taxpayer’s to bail out a stupid real estate developer who cannot profitably manage his projects. According to Studer’s own people, seven lenders refused to provide financing because the project didn’t make sense. That should have been the first hint for Quint. (The baseball stadium didn’t make any sense either, but that didn’t stop our dead-from-the-neck-up city council from financing it.)

“I have been briefed on the financials by Quint's team.” Please, by all means, share those financials with us! How many millions of dollars yearly will Quint make off of that apartment complex?

“More can be appropriated in any year.” Of course! Why not give Quint a million dollars each and every year? This well definitely be the best “economic development” that poor underprivileged Quint could ever ask for!