Wednesday, June 29, 2011
10% or less
In Captain U. Cupcakes continuing adventures (To make his campaign contributors richer), we have a new chapter.
86-88 Carlisle Street. Now I'm just a dinged up firefighter/ GAR Graduate but I can do some basic math. So lets take a look.
The city (Didn't Leighton scold 'then mayor' McGroarty that the city shouldn't be in the real estate business?) bought the double block for $8500 and $1,500 to close out federal mortgages, So $10 grand. Since it was appraised for $74,500 I guess that would be a good buy.
Then sells the property to Leo A. Glodzik III for $7500. Wait.... What!?
The city paid $10,000 but then turned around and sold it for $7500!! What kind of 'FISCAL RESPONSIBILITY' is that? How is that good for the city? When I went to school (Back when dinosaurs roamed Pangea) $7500 was LESS than $10,000. Did math change and no one tell me?
“When we pick up these properties, the goal is never that this is going to be a money-making thing for the city. The goal is to address blight in specific neighborhoods … ,” City Attorney Timothy J. Henry said.
Shouldn't the citys 'goal' also be to AT LEAST break even Tim?
It needed work. It couldn't have been that bad, it was inhabited when it was appraised. And a friend of mine, who has looking at Captain Cupcakes deals said the house was worth WAY more than $7500.
I wonder if Glodzik got the needed permits to 'gut' the property? I'm sure he did.
How do I get in on these kind of deals??!!! Oh I can't. Leighton hates me and I'm not a $10,400 campaign contributor. Oh well.
Dan Emplit WBFD
AKA Don Quixote