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By me too (anonymous) | Posted None at
Turning property is a great way to make money, especially if the city foots the bill. Who cares if they have to complete the work before they get a cheap loan? If I were a developer I'd create a holding company, get the loan and then hire my brother-in-law to do all the work. Somebody will make money whether the development is a future success or not. I especially like the part of the document that states that they will ensure that "Cost over runs are being funded by borrower equity and/or primary lender loan increases". Good thing these kinds of projects never go over budget ;)
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