Tuesday, March 18, 2008

Decision to be made tomorrow regarding float loan extension

The float loan that was given to Frangis(owner of the realty, stambaugh, wick buildings along with many more) two years ago for 4 mill is going to be reevaluated tomorrow at the city council finance meeting.
The extension is for 2 mill only and not the original 4 million.
The question that is one everyones mind is what has he done in the last two years and does he have a real plan for the future or is he just using the city to purchase more buildings for more leverage?
Just an FYI, his company owns USA Parking..
As you know, Frangis spoke about building apartments, condos in several buildings downtown. As you also know, nothing has been done with this in the last two years.
Is this company really going to build anything downtown or do they just want extensions.
This councilman wants to see a "real" plan and a realistic timeframe before a decision is made.

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