Ned Flaherty
Active Member
- Joined
- Aug 25, 2007
- Messages
- 486
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Re: Columbus Center
Bankers assess risk and profit independently, because risk determine the chance of repayment, but whether post-construction profit is low, medium, or high affects them little.
I did not predict CalPERS would ?pull support? based on CARB?s efforts to protect its public from UFP-related health damage, nor did I argue for it. What I said was that CalPERS couldn?t build this project in California without violating California EPA recommendations.
Private business is different from government business. For-profit companies that want to do business with government often must provide full financial disclosure so that the government can make appropriate cost/benefit decisions. And for-profit companies that share costs, revenues, profits, and subsisides with the government ? as California?s Columbus Center does ? expect full financial disclosure. Finally, the 99-year lease for this project requires such disclosure. The data is collected only post-construction, when it should be collected pre-construction, as well.
Headline: ?California?s Columbus Center halted after 13 years because Ned Flaherty didn?t perfect its streetscape details.? Thanks for the hearty laugh!
. . . The discussion of "it's high profit" but "it just happens to be high risk" is frankly as ridiculous as the claim that "it doesn't cost more to build over a highway" or the claim that "we need a study"to determine that . . .
Bankers assess risk and profit independently, because risk determine the chance of repayment, but whether post-construction profit is low, medium, or high affects them little.
. . . As for what appears to be an attempt to create some nexus that California=CalPERS and therfore that CalPERS must pull support because CARB (the California State Air Resources Board) is leading the charge against UFPs, I say, knock yourself out . . .
I did not predict CalPERS would ?pull support? based on CARB?s efforts to protect its public from UFP-related health damage, nor did I argue for it. What I said was that CalPERS couldn?t build this project in California without violating California EPA recommendations.
. . . A combination of stridency and naivete - for example, the demands for "full financial disclosure," which no for-profit developer could sign on for . . .
Private business is different from government business. For-profit companies that want to do business with government often must provide full financial disclosure so that the government can make appropriate cost/benefit decisions. And for-profit companies that share costs, revenues, profits, and subsisides with the government ? as California?s Columbus Center does ? expect full financial disclosure. Finally, the 99-year lease for this project requires such disclosure. The data is collected only post-construction, when it should be collected pre-construction, as well.
. . . If all this energy had been spent focusing on perfecting the streetscape and sweating the details, we'd have a helluva project, nearing completion.
Headline: ?California?s Columbus Center halted after 13 years because Ned Flaherty didn?t perfect its streetscape details.? Thanks for the hearty laugh!