Wednesday, January 31, 2018

Redfish Harbor Debt to the Numbers

Mayor Hayward is partners with two individuals, one is a large city contractor, in a real estate development named Redfish Harbor.

On March 17, 2006 AMFI Insurance acquired the Mortgage for $3,775,000 from the OLD Bank of Pensacola.  The same day the mortgage was given an additional advance of $383,000 by AMFI bringing the total mortgage to $4,158,000

On January 10, 2011, Mayor Hayward takes office.  As part of his new role, he agrees to have no outside business activities (including working as a developer) and is compensated with a salary of $100,000 per year.

On 11/13/2015, while Mayor, Redfish Harbor is advanced another $600,000 bringing the total mortgage to $ $4,758,000.

From a reader below:

  • Assume this speculative real estate development loan had an interest rate of only 5%.
  • Assume the Mayor has just a minority interest like he claimed in the PNJ article.
  • Assume that percentage is 15%.

  • Has the Mayor paid between $34,000 and $38,000 per year into Redfish Harbor for interest and taxes since he took office?
  • Has the millionaire City contractor paid these costs on the Mayor's behalf allowing the Mayor to pay all his back interest and taxes in the future?
  • What is the value of the City contracts the partner's other business has received since 2011?
  • Has the Mayor made any "out of the ordinary" decisions regarding the City's expenditures in the area of service served by the City contractor while Mayor?
  • Has AMFI (a financial supporter of the Mayor's campaign) received all interest payments due on the mortgage or are they allowing the interest to just accumulate?
  • Has AMFI treated other mortgagee's the same in other real estate deals?
A transparent Mayor! wink, wink.

1 comment:

Anonymous said...

Just business as usual, the Pensacola Way. I remember when Henry Homes gave the Escambia County Chief Building Official, Shorty Watson, a whole set of kitchen and bath cabinets for his new home. Someone had a bone to pick with Henry Homes and turned it in to the News Journal. Lo and behold, Shorty finally paid $15,000 for the cabinets albeit three years late. He claimed it had just "slipped his mind." And Henry Homes never seemed to send Shorty a bill for the cabinets.

Welcome to Mexico North, where bribery of public officials is a way of life.