ADAM WASSERMAN BAILS (with 300$K HUSH? fund)

Submitted by Jeff Buster on Sat, 11/07/2009 - 00:23.

A friend brought this breaking news to my attention - knowing I am a conspiracy theorist.  I reluctantly link to the Dirty Dealer. 

Nice work, (IE severance) if you can get it.    I am of the opinion that Mr. Wasserman was faced with ethical dilemas - and did not want to go the way of the Port Authority Board.   I think Mr. Wasserman knew the proposed E55 st "New Port" was unsupportable BS, and the Board didn't want to hear it.

Funny that the Toledo Port Authority boss just left a few weeks ago. 

With flagrant corruption in North East Ohio, Cuyahoga County, and the City of Cleveland the norm, maybe there's a RICO action on the south shore of Lake Erie?

That's Cleveland + Plus Toledo, Lorain, Ashtabula and every other deep water port along Lake Erie which handles construction materials, etc.  Or maybe I am missing something....

Image 2.29.08 Philip Neri Church "New Port" dog and pony show, Cleveland, Ohio

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Ed Hauser would have been on top of this

In another stunning demonstration that "we ARE the freak city of the nation.....

"The board just thought it was time for new leadership," Board Chairman Steven Williams said after the vote. Williams and other board members refused to say what prompted the resignation, but documents show they will pay Wasserman $300,000 in severance.

The publicly-funded $300,000 parachuting, previously-much praised, just trans-globally relocated President of the publicly-funded $ millions/year, previously much-praised (in the PD, at least) Port Authority has been lost or fired - a month after the operations director was lost or fired - as the Port leadership become increasingly harmful to the region, yet begins rolling out the most foolish undertaking in our lifetimes, with the full support and blessing of all our leadership and mainstream media - and that is the explanation we are given by the totally inside Plain Dealer, and those who appoint the Port Board.

Announced on a no-readership Saturday, without "warning", after days of "leaks" the "authority" is meeting "behind closed doors"... and who made this announcement?

This wouldn't be a surprise if Ed Hauser had been alive this past year - he would have been at every port meeting and seen this coming - he would have video taped every moment - he would have warned the community... we could have prevented this wasteful, foolish mess.

Now, I want to hear from 4-More-Years Jackson, his newspaper, the Port Authority and their sponsors.

I'll attend the next meeting, for Ed.

I agree with the Chairman of the Port Authority... "time for new leadership" there.

Do you sense Jackson has been set up for a McFaul?

Disrupt IT

Shady Port Deal - $5 million for East CLE building

Crazy world  - why is there a loan origination fee-bond issuance cost of $1,134,937 listed as an asset? Wasserman connection w/AFM?

http://www.prweb.com/releases/ForestHillsParkApts/MatthewKing/prweb12989378.htm
http://ledahf.org/images/Fin_Statement_LEDAHF_9.30.15.pdf

174 Unit Forest Hills Park Apartments in East Cleveland, Ohio Sold for $3,750,000; Cuyahoga County Port Authority Issues over $5 Million in Bonds to Finance Sale
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174 Unit East Cleveland Ohio Apartment Building Closes Escrow, Sold for Full Asking Price, $3,750,000. Matthew S. King, CCIM of Green Bridge Real Estate represents the Seller in the Sale.
Forest Hills Park Apartments, East Cleveland, Ohio 44118

'The amount of Out of State and even International interest in the Northeast Ohio Apartment Market is staggering, a real testament to all of the Positive momentum which has recently happened in the area,' said Matthew King, CCIM

EAST CLEVELAND, OHIO (PRWEB) OCTOBER 10, 2015
Out of State Interest in the Northeast Ohio Apartment market continues to grow rapidly. “Of all of the Multi Family transactions I have had the pleasure to work on in the last 8-10 months, none have Sold to local buyers. The amount of Out of State and even International interest in the Northeast Ohio Apartment Market is staggering, a real testament to all of the Positive momentum which has recently happened in the area,” said Matthew King, CCIM.
The 174 Unit, 128,000+/- square feet Forest Hills Park Apartment Complex, located on 1.479 Acres at 13995 and 14015 Superior Road, East Cleveland, Ohio, has transferred ownership. The property was built in 1949 and consists of two eight story apartment buildings containing a total of 174 units divided as 31 one bedroom units, 115 two bedroom units and 28 three bedroom units with an attached 102 space Indoor Parking garage. Matthew King, CCIM of Green Bridge Real Estate, recently represented the seller, Marengo Heights, LLC, in the sale of the 93% Occupied, Multi-Family Asset for the full asking price of $3,750,000 or $21,551 per unit to LEDAHF- East Cleveland LLC, a Delaware company, which transferred on Friday, September 25th, 2015.
"From the initial marketing to the day we closed this sale," said Marengo Heights, LLC Partner Denis J. Hickey, "Matt King from Green Bridge Real Estate was an innovative, hard-working, consummate professional. He made this transaction turn out as smoothly as it did. His approach to marketing the property to out-of-state buyers was creative and effective. His use of video helped our building stand out and allowed prospective buyers to see the many features that make it an attractive long-term investment -- features that are not immediately apparent at first look."
"We considered using other realtors," Mr. Hickey continued, "but none of them came close to the level of enthusiasm and energy that Matt King brought to the table. My business partner and I are very satisfied with the work Mr. King did on behalf of Marengo Heights, LLC."
THE PURCHASER & TEAM 
LEDAHF – East Cleveland, LLC, a Delaware limited liability company, is a newly created single asset entity, of which Linked Economic Development & Affordable Housing Foundation Inc. (LEDAHF), a Virginia 501(c)3 designated non-profit organization, is the sole member.
LEDAHF’s mission is to: 
1. Promote the availability of affordable housing and to sponsor, acquire, develop, own, manage, and operate affordable rental housing for families, seniors, and disabled individuals; 
2. Promote local economic development; and 
3. To otherwise relieve the burdens of government. LEDAHF has helped local government finance and construct new county buildings, public schools, parks, senior centers, animal shelters, and other needed community facilities. LEDAHF can frequently deliver these facilities more efficiently, more quickly, and at lower costs than the government can.
Alliance Fund Management, LLC (AFM), a Georgia based intermediary for socially responsible funding, structured and facilitated the financing for the transaction.
The project will be managed by LEDIC Management Group, LLC, a Tennessee limited liability company that is headquartered in Memphis, Tennessee. LEDIC currently manages more than 40,000 multifamily units located across the United States.    
BOND FINANCING 
The acquisition and improvements to the property were financed utilizing rated tax-exempt multifamily housing revenue bonds. The Cleveland-Cuyahoga County Port Authority acted as issuer on the bonds. Standard & Poor's Ratings Services assigned an “A-“ rating to the senior bonds totaling $5,460,000. Subordinate bonds in the amount of $480,000 received a “BBB” rating. The total amount of Multifamily Housing Revenue Bonds Issued by the Cleveland-Cuyahoga County Port Authority was $5,940,000.
The Bonds were purchased by the underwriters, Raymond James & Associates, Inc. and CFG Capital Markets, LLC.
 
The new ownership will immediately takeover operation of the Apartments and are thrilled with their first purchase in Northeast Ohio and the opportunity the property and location presents.
The Forest Hills Park Apartments are minutes from the Cleveland Clinic’s Main Campus, Case Western Reserve University and is bordered to the North by the 2.2 square mile Forest Hills Park which formerly served as John D. Rockefeller’s summer home. The City of East Cleveland serves as a major public transportation center with approximately one-third of the Greater Cleveland Regional Transit Authority bus routes beginning or ending inside the city.
Matthew S. King, CCIM, a Licensed Ohio Real Estate Broker, is a Multi-Family Sales expert and has successfully assisted in the Sale of over 400 Multi-Family Units in Northeast Ohio over the last 36 months totaling close to Ten Million Dollars.
Green Bridge Real Estate, a Full Service Commercial Real Estate Broker, is located on West 140th St. & Brookpark Road in Brook Park and is owned and operated by Matthew King, CCIM and John Wagner.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
From my source:  Remember at the close of this deal the promoters for some.reason walked away with 2 millions.

No additional investments in the bldg apparently we're required... Odd if you are a prospective bondholders and.expect your underlying asset to be well maintained and productive. 93 % OCCUPANCY was also untrue... To lie down like that on a security is a federal financial crime. The port authority you might imagine would want those monies invested in Cleveland... Not absconded with as has already happened. Elevators frequently don't work and have no certificates of inspection... Tenants told me in the last 14 weeks of new ownership things have not changed....

What is there to do for the next 20+ years?

 

About twenty or so years ago, the St Lawrence river was deepened. It was deepened from the Atlantic ocean to the Port of Montréal.

Montreal is the largest container shipping port within Canada. It also runs two container lines that are based there. It receives shipments from all over the globe from other lines, but it also has it own lines. Within the local lines it has ships that are container ships that can navigate to Cleveland. In navigate it is meant that they are of the size ship that can traverse the water ways, they are under the size limits.

The local lines of Montréal also run containers to other smaller Canadian ports.

If Cleveland had a container port there are already container ships that could serve it. Those ships are not as large as the ocean going ships, they are a fraction of their size. Often less than a third the size.

The containers are modular they can be transferred from larger Ocean going ships to smaller lake ships.

Of the two container lines based in Montreal one of those also has a cruise ship line. The proposal is nothing more than to have operations and services of those two lines that are based out of Montréal having service to the port of Cleveland. Container services that link to the world and cruises that link to Quebec and also the Island Provinces.

Hopeful

I am hopeful, despite our political idiocracy, that the resources we have in NEO--fresh water, a port and transportation network, a history of entrepreneurship and technological know-how, a temperate climate, educational resources, a medical and manufacturing infrastructure, agricultural bounty and an appreciation for arts and culture--will allow us to transcend the current morass. 

It would help to have massive investment from Asia.  I think that it will happen.  If not, please let me just revel in the fantasy for awhile...

study the system in detail

 

 

 

 

 

 

Drawing in big players and that gets the word out, it shows the direction we are moving and the opportunities that it presents to investors.

Clustering on the rail, comprehensive review of the rail services high technology logistics and material handling. Then all around developing better esthetics, better spaces, better land use. Paying attention to the details.

There is real feasibility in creating an inland marina at the end of the west branch of the Cuyahoga. That would accelerate the filling in of the new port. Creating a better physical geography and leveraging that into developments.

 

While that is happening a comprehensive review should be done of all rail lines in the county. To identify locations for transfer stations and warehousing/manufacturing/distribution clusters.

Moving on water/rail/roadways a more synergistic model, a goal that could be defined by people at Alstom.

If they build that port it could bring new commerce, Montreal and Toronto are very tied to container shipping. But that is a rail link, I really have trouble convincing my self that those that drew the plan up for the port did not study the system in detail.

The time line for the port development will be slow, but could be accelerated.

Great lakes dredging

 

Global transport system analysis

I agree with you Oengus that we need a global transport systems analysis.

The only reason to consider putting a large container facility here is if it is the best location, from a global systems perspective - best economics and best location, including workforce, politics, etc. - and the best use of our scarce lakefront and other resources, including rights to pollute.

I not only need to see an analysis proving Cleveland is the best location on the Great Lakes for expanding container shipping, and that it is certain to expand, but also that it is the best thing for Cleveland and the region - I have not seen a shred of evidence any of that is the case, and those pitching this case are clearly doing so on incomplete data.

More important, it is complete bullshit we the public have not been provided complete disclosure an exactly what is going down with the port authority and two major resignations - we pay these salaries and are being deceived.

In a normal city, wouldn't their be a telvised press conference, with reporters and hard questions?!?!

Ed Hauser died November 14, last year, and the port has become this much more dysfunctional since.

Four more years?!

Nothing sustainable here, by 2019!!!

Disrupt IT

The Welland Canal is

The Welland Canal is scheduled to be rebuilt in 2030, nothing lasts for ever.

There is a reasonable good analysis with most all the caveats included on the ports web site.

Article about Oswego and the connecting of great lakes container shipping with Nova Scotia.

 

http://www.syracuse.com/news/index.ssf/2008/10/oswego_could_have_lake_ontario.html http://www.portofhalifax.ca/english/about-us/outreach/index.html

Consider that most transportation service on a twelve month contract, but it is a nine month season unless you have year round shipping channels kept clear with ice breakers. So for the other three month it switches to rail, so the contract is tiered. One contract is for year round transport the other is for transport access on rail for three winter months.

If the ports combines operations then it can become dynamic and if managed with a rail network and clustered developments its synergistic.

Most fear one logistical carrier dominating; as it becomes a monopoly, but certain routes are already being monopolized.

Logistics should be outside it, the shipping agents should see all options and they should negotiate the contracts with both sides and then seek options which are all services to get from A to B. Then they could negotiate rates on both sides for all forms of transport and secure the rates up front, contractual rates.

Your not going to see a complete analysis in the newspaper its a competitive market. Wasserman was and is an Urban Planner, he does not show a background in logistics or transportation, if they wanted that they needed to hire a person that is in alignment with Nova Scotia‘s port agenda. That or a former CEO of a logistical provider like Penske….not a “European Planner” He may have had a handle on it, maybe not? He was paid $300K for what not to say how limiting the board was? Maybe he did not feel like teaching logistics 101 every time they met?

Should all of the Ohio ports operate under one authority, should they work collectively? That’s done by changing the game and in a market economy asserting dominance and precedence, creativity and ingenuity. Sometimes it is about deal making but that has to be looked at and considered carefully, sometimes politician create bad guys out of heroes just to get a vote.

The interest in containers is coming out of Nova Scotia, I would have taken Scotia bank over PNC we came close to being a north American headquarters for a Canadian bank.  Some di not like that idea and would be very foolish considering the alternate result.

 

 

 

 

 

 

http://en.wikipedia.org/wiki/Halifax_Regional_Municipality

13995 Superior - update over 130K in unpaid taxes

Cleveland Heights - cautionary tale

The developers estimated that they'll need $35 million in public debt – bond debt that would be repaid using a slice of new property-tax revenues generated by the project – to make the deal work. "It is our intent to leave as much millage as possible for the school district while securing enough proceeds for public infrastructure," Liberty said in its submission to the city.

http://www.cleveland.com/business/index.ssf/2016/06/cleveland_heights_land_attract.html



http://fiscalofficer.cuyahogacounty.us/AuditorApps/real-property/REPI/taxbill.asp


General Information Transfer History Certified Values Land Record Residential Building Taxes Search Options
PRIMARY OWNER LEDAHF - ESAT CLEVELAND LLC  
PROPERTY ADDRESS 13995 Superior RD, East Cleveland, OH 44112
TAX MAILING ADDRESS C/O RENACER PARTNERS LEDAFS - ESAT CLEVELAND LLC, 525 BROADWAY STE 603, NEW YORK, NY 10012
LEGAL DESCRIPTION 6 WP 1490.02FT W OF CITY LINE 63166SQ FT
PROPERTY CLASS APARTMENTS 40 OR MORE UNITS (ELEVATOR)
2015 (pay in 2016) TAXBILL SUMMARY
PARCEL NUMBER 672-28-007 TAXSET    East Cleveland TAX YEAR   

 
2002 (pay in 2003)

 
2003 (pay in 2004)

 
2004 (pay in 2005)

 
2005 (pay in 2006)

 
2006 (pay in 2007)

 
2007 (pay in 2008)

 
2008 (pay in 2009)

 
2009 (pay in 2010)

 
2010 (pay in 2011)

 
2011 (pay in 2012)

 
2012 (pay in 2013)

 
2013 (pay in 2014)

 
2014 (pay in 2015)

 
2015 (pay in 2016)

 

           
ASSESSED VALUES MARKET VALUES   FLAGS  
LAND VALUE 64,960.00     LAND VALUE 185,600.00     OWNER OCCUPANCY CREDIT    N
BUILDING VALUE 836,190.00     BUILDING VALUE 2,389,100.00     HOMESTEAD    N
TOTAL VALUE 901,150.00     TOTAL VALUE 2,574,700.00     FORECLOSURE    N
HOMESTEAD VALUE 0         CERT. PEND.    N
        CERT. SOLD    N
HALF YEAR CHARGE AMOUNTS RATES   PAYMENT PLAN  N
GROSS TAX 61,156.54     FULL RATE 135.73    
LESS 920 RED 5,049.27     920 RED. RATE .082563    
SUB TOTAL 56,107.27     EFFECTIVE RATE 124.52371 ESCROW  
NON-BUSINESS CREDIT 0.00         ESCROW    N
OWNER OCCUPANCY CREDIT 0.00         PMT. AMOUNT 0.00
HOMESTEAD RED. AMOUNT 0.00         ACCOUNT  
TOTAL ASSESSMENTS 3,355.68            
HALF YEAR NET TAXES 59,462.95            
  CHARGES PAYMENTS BALANCE DUE  
TAX BALANCE SUMMARY: 131,115.85 0.00 131,115.85  
2015 (pay in 2016) CHARGE AND PAYMENT DETAIL Tax Information is up to the hour - tell me more.
TAXSET CHARGE TYPE CHARGES PAYMENTS BALANCE
East Cleveland 1st half penalty 5,610.73 0.00 5,610.73
  1st half tax 56,107.27 0.00 56,107.27
  1ST HALF BALANCE 61,718.00 0.00 61,718.00
  2nd half penalty 5,891.28 0.00 5,891.28
  2nd half tax 56,107.27 0.00 56,107.27
  2ND HALF BALANCE 61,998.55 0.00 61,998.55
M203254-Street Lites 1st half SPA fee 10.11 0.00 10.11
  1st half SPA fee penalty 1.01 0.00 1.01
  1st half tax 1,010.82 0.00 1,010.82
  1st half penalty 101.08 0.00 101.08
  1ST HALF BALANCE 1,123.02 0.00 1,123.02
  2nd half tax 1,010.82 0.00 1,010.82
  2nd half SPA fee 10.11 0.00 10.11
  2nd half penalty 106.14 0.00 106.14
  2nd half SPA fee penalty 1.07 0.00 1.07
  2ND HALF BALANCE 1,128.14 0.00 1,128.14
C100671S-SEWER MAINTENANCE 1st half penalty 9.34 0.00 9.34
  1st half tax 93.39 0.00 93.39
  1ST HALF BALANCE 102.73 0.00 102.73
  2nd half tax 93.39 0.00 93.39
  2nd half penalty 9.81 0.00 9.81
  2ND HALF BALANCE 103.20 0.00 103.20
C100671-SEWER MAINTENANCE 1st half penalty 224.14 0.00 224.14
  1st half tax 2,241.36 0.00 2,241.36
  1ST HALF BALANCE 2,465.50 0.00 2,465.50
  2nd half tax 2,241.36 0.00 2,241.36
  2nd half penalty 235.35 0.00 235.35
  2ND HALF BALANCE 2,476.71 0.00 2,476.71
TOTAL BALANCE   131,115.85 0.00 131,115.85
 
CUYAHOGA COUNTY ASSUMES NO LIABILITY FOR DAMAGES AS A RESULT OF ERRORS, OMISSIONS OR DISCREPANCIES CONTAINED IN THESE PAGES. PROSPECTIVE PURCHASERS SHOULD CONSULT A REAL ESTATE ATTORNEY AND PURCHASE A TITLE INSURANCE POLICY PRIOR TO THE SALE.