Re: Columbus Center
See? We're having a really interesting debate here and once again, Ned was the catalyst. . . THIS PROJECT IS APPROVED. . . With financing in place, cranes could start erecting steel tomorrow.
No, it?s not approved.
_ An early conceptual proposal was partly ? but never fully ? approved, it is still un-financed, and last year it was replaced by a new proposal that is
both un-approved
and un-financed.
_
For forum members who can?t, won?t, or haven?t read the public records, here are the facts.
Conceptual proposal was only partly approved, never fully approved. ? As explained in post #1427 on 29 September 2008, the 3,400-page lease lists 9 approvals that were obtained, but also lists 27 more approvals that were not obtained.
_ From among the 27 missing approvals, here are 4 of the most glaring.
? MTA never gave permission to start building construction.
? MTA never gave permission to start tunnel construction.
? California never delivered $295 million in performance bonds to MTA?s satisfaction.
? MTA canceled the proposed lease amendment in March 2008, which revived California?s multi-year dispute over the defaulted lease.
Financial proposal was never approved. ? It?s true that Mayor Menino ? after asking for and getting $50,000 from the development team ? gave conceptual approval to one of the earlier proposals, 6 years ago on 10 July 2003.
_ But even that partially approved conceptual proposal was rejected by every commercial lender ever approached, and the owner-investors (California pension plan) cut off funding in September 2007, and pending state subsidies were rescinded in March 2008.
_ So even the partially approved proposal still was rejected by all 3 financing sources: lenders, government, and owners.
New conceptual proposal was never published. ? On 17 September 2008, Beal attorney Peter Spellios, under contract to California, announced to City officials and community delegates that he had rescued the proposal from financial ruin by replacing the previously approved ?deck-based? tunnel designs with cheaper, less durable ?platform-based? tunnel designs.
_ But . . .
? Beal never published California?s latest conceptual proposal.
? No one wants to finance California?s latest proposal ? not even California.
? MTA never approved the new platform-based tunnel design.
? The independent, sworn engineers ? who oversee tunnel design and construction for the Commonwealth ? never approved the new platform-based tunnel design.
In summary, an early conceptual proposal was never financed, and only partly approved, and the latest proposal remains un-published, un-financed, and un-approved.
_ Without full approval of both the conceptual and the financial proposals, the venture remains, as always, un-approved.
_ Arguing otherwise, even in upper case letters, doesn?t change any of those facts.
Citizens, journalists, and cheer-leaders who read and repeat only the developer?s press releases are easily fooled into thinking that the entire proposal was fully approved.
_ But people who read the public records know that not once in 14 years was this proposal ever fully approved.