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Al L'Agheny

I'll bet you that involved a few attorney's fees to navigate all that, though. Thats good for the economy, no?

presqueisle

>Is this really the most efficient way to transfer a property?<
Actually, yes. 1) The site is polluted with 100 plus years of paper making chemicals. 2) The The property is over 200 acres which is enough roon for one or two dozen companies 3) The Greater Erie Industrial Development Corporation (GEIDC) as a financially stable quasi government agency has access to low cost money.
MTR would have used the site for the Erie race tack and slots casino IF the Erie Convention Center Authority would have placed the convention center on the site AND if they would have received a $35-50 million reinbursement for site work from the City of Erie. MTR also used the site as leverage. MTR made three municipalities negotiate against each other for the track and casino which was a great move by MTR. Made the local politicians look like complete fools.

Sam MacDonald

presqueile isle writes:

"Is this really the most efficient way to transfer a property?<
Actually, yes. 1) The site is polluted with 100 plus years of paper making chemicals. 2) The The property is over 200 acres which is enough roon for one or two dozen companies 3) The Greater Erie Industrial Development Corporation (GEIDC) as a financially stable quasi government agency has access to low cost money."

Well, actually, no.

Given the current political climate this might be the only way to transfer the property. But that does not make it "efficient." And when a given climate forces people to behave in ways that are incredibly inefficient, it might be time to consider rethinking the way we do things. I realize that goivernments often force some inefficiencies on us, but this seems like a problem.

Look, I am not anti-corporate activists. I like industry. A lot. But just who should be rspionsible for cleaning up the IP site. I bet the CEO lives in a nice house. And that major shareholders are doing OK. They made the mess. They should either clean it up, or lower the price of the property low enough to induce people to buy it and clean it up on their own. And if the cost of the clean-up is more than what the property is worth? Then condemn it, clean it up and send IP the bill. The whole bill.

Listen, I can't drive a junky old car down the reaod until it breaks down onthe highway and simply walk away from it. The city will tow it and send me the bill. Why is IP different?

OK. Lots of reasons. But whatever the case may be, I think you are hard pressed to argue that selling the property to a casino company, which in turn sells it to a redevelopment agency, which in turn sells it to a management company, which in turn leases it out to companies, is an EFFICIENT way to do things. Someone is making money at every stage of that process. Which is... inefficient.

I think we might want to consider another way.

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