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| The Maroon |
Third Street Property ArticleHow do we cut our losses here?http://www.mcall.com/news/local/a...awnole.6322932mar23,0,13944.story |
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| Lafalum |
As I have mentioned before, this is a total debacle. The 6mio dollar figure is too low as it doesn't take into account the art facility. This will take millions more to complete AND WE ARE PAYING TAXES ON THE PROPERTY according to the article.
Thanks Art. Does everyone remember how we couldn't afford to support athletics scholarships etc but we could afford 10 mio plus for this and counting (in taxes) Gary Evans said we couldn't forsee that a bookstore wouldn't want to have a business in a flood plain. DUH............. THE BOT should apologize to anyone who gave money during the last ten years. They bought these properties without knowing how much it would cost to rehab??? The Bot was either negligent or stupid, either way resignations are appropriate. Using private money for public puposes was wrong!!! Demolish the buildings...green the area..take it off the tax roles!!! ONce the buildings are gone there can never be built any buildings in a flood zone,as it should of been to begin with!! |
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| Franks Tanks |
Very true..how could our BOT be so short sighted as to purchase these buildings without any idea what we would do with them or more inportantly how much it would cost to make them viable. I will say it was a nice idea in theory but we seem to be in a position at this piont where the best cousre of action is to create a green area with a nice entrance to the hill. Cut the losses, make a pretty area and move on |
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| seenalot |
Agreed - open space recovers nicely from floods.....buildings don't.
Or perhaps a new home for Hoops, on pilings.... |
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| Lafalum |
Unfortunately once a building is demolished in a floodzone nothing can be built there..ever. That's why the art center was a rehabed with the river running through the basement area. ( that didn't stop the flooding and the need to remove art work.) Green it and be done. Paying taxes on useless buildings is foolish!! | ||||||
| Pards Rule |
Due to my expertise in commercial real estate I was approached by a member of the adminstration and asked at Reunion 2004 for my thoughts on the matter. One of my first comments was: isn't that area in a flood plain? I suggested they demo the old Foothills Apt building and develop a drive - thru Starbucks there (there is no Starbucks in Easton). He thought this was a great concept. Whatever happened to that idea? We could at least grab one parcel and turn it into income-producing! | ||||||
| Franks Tanks |
That is a great idea, but my understanding was that nothing at all could be built period, not even a drive through Starbucks as you state. Is that correct? |
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| Pards Rule |
FT, I am not really sure of the regs for flood plains. I dont know if you keep one wall up, you could rebuild, that kind of thing. I would HOPE that if there was a possibility of that, the powers that be fully explored it and were shot down. But basically it would take a simple $10,000 contract to hire a firm to explore what could or couldn't be done with these properties. I do it all the time in my capacity as a corporate real estate manager for a national franchise company (and before that working a decade as an Acquisition Manager for McDonald's). |
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| Lafalum |
Its really not news that a wonderful school like Lafayette has alumni who are experts, that could be drawn on for a project like this. Its gratifying to see the expertise on this board alone!! So why didn't that happen before we spent millions of dollars?? | ||||||
| Franks Tanks |
Interesting.. It appears that in situations such as this the academic types at colleges just dont understand how to operate when confronted by a business decision. As you state we can potentially move quickly and produce some worthwhile projects, but we of course need to propely study the issue and ensure proper zoning. It appears we are just sitting instead of gathering facts to make the proper decision. A proper businessman would gather all the possible facts and angles quickly and make an educated decision. We are just sitting around and paying property taxes it appears. |
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| Lafalum |
I think those in academia have a hard time readjusting if things don't work
exactly way they view the world, plus they don't feel the pressure of a P and L that most of the rest of the world would feel. After all, just ask another group of donors to cover you if you screw up. What is not understandable is the BOT, there are people on there who are knowledgable and in fact made their money in commercial real estate. I guess they just hire good people but, I don't know how you can sit there and let the president do this!! |
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| seenalot |
those who can...do
those who can't....teach those who can't teach....apparently administer colleges |
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| TheTruth |
You all act like this project has only been around for a few years. The College started buying up properties back in 1998. it made sense back then since that area was a huge eyesore ( I guess we are forgetting the infamous hub cap store). Also the College was expecting the City of Easton to be a bit more proactive in developing this area. The biggest issue is they had no definitive plans on what to do. Sure people had ideas like book store, dorm, retail space, night club, etc. but nothing definitive. It was studied too death by the BOT and the Leadership Group (can't remember the official name of this group) which does have several alumni who also work for large commercial real estate companies. They had great plans but the problem is once the College bought the current Arts Center building and the old garage on the corner, they had a hell of time negotiating fair prices with the other owners on the block. Then the stock market went into the tank for a few years and here we are.
I thought it was a good idea at the time but again we had no plans for the property. Also we should have had business people working on this instead of college administrators. Lots of meetings but no action. It hasn't helped that the City of Easton can't get their act together. Right now, we need to develop a plan and execute. Green space, Starbucks, whatever. Do something; make it attractive; and hope once the market rebounds developers might be interested in this area. |
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| Lafalum |
Again once greenspaced there will be no development because it is floodplain. How do you justify a price without a developement plan. A presentation to a bunch of alumni one weekend (leadership forum) is not a study. Why not hire someone who knows something about doing these sort of projects???? I notice that none of the developers on the BOT (and there at least two ) put there own money into this. This was a project conceived and executed in the President's office and rubber stamped by a pliant do nothing BOT who were more interested in the next cocktail party rather overseaing the expenditure of millions of dollars!!! | ||||||
| Pards Rule |
Next real estate decision, I will volunteer for the study group - no charge if someone would just let me know! | ||||||
| wiseone |
Another example of Great work.We did create "The Spot" night club for students. However, we didn't look into the firecode, there is no functioning sprinkler system so they can only let 99 people in at a time or something like that. Great planning. It took how long to get that place up and running and not many students can use it. Another example of great work. Everything should have been planned, I am sure no one would build a home and not put smoke alarms in it, and they raised tuition last year (not 08-09) to cover the aging fire safety systems in the dorms, but they forgot to do it down at "The Spot". Seems like another waste of money to me. |
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| Lafalum |
Here we go again!!!! Easton has asked Lafayette to spend 80,000 dollars per year to support the rehab of an historical building(Washington MAY HAVE eaten there) on second and Nothhampton. We have apparently agreed to do this if the county comes through with 130,000 dollars as well but we might join in a "partnership" to help in the rehab. Considering we are paying taxes on the third street properties which are not occupied I'm getting tired of the City of Easton using college endowment as their little piggy bank!!!
This was reported today in the school newspaper. CAN WE PLEASE SET PRIORITIES!!! The college should not be spending money on outside largess until tuition is reasonable and there are no unmet needs at the college. |
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| Franks Tanks |
This was in the Morning Call a while back. It is my understading that we will also pay for the curator of the joint who will be a member of the faculty and apparenly have joint duites and prof and musuem curator. Neat idea but seems terribly expensive. |
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| Pard4Life |
Lafalum, you know this as well as I, but the culture and demeanor of Lafayette's administration and BOT is static and unimaginative. And sadly, I have quickly come to this conclusion as a very young alum and realized this in my final years at the school. No matter how innovative, intelligent, and energetic Weiss is.. and the people he brings in... you are still going to have the staid BOT. Pards Rule does seem to have a good idea, but since he is not part of the 'Good Ol' Boys' network of the Lafayette establishment, or does not have a few million to throw at them... nobody will care or listen to what he has to say. Weiss was more right than he may have realized at the time in his off-the-cuff comment when he called Lafayette 'reminiscent of the Soviet beuracracy'. Frankly, if I had a few hundred million in this point in time, I'd give it to Lafayette on the condition that the BOT resigns in its entirety, conduct house cleaning, and create a new governing structure based upon open alumni elections or some form of democratic process. I don't like how every spring there are newly appointed people 'out of the blue'. Sure, they are likely good people, but lets have some more transparency here folks. I give money, and yes it is a private organization, but lets have some democracy. With some transparency and open appointments of board members of various backgrounds, ages, and eras, we might have some more vigilance and creativity that would prevent us from making stupid decisions like buying 3rd Street and kissing Rothkopf's butt on scholarships when it's a foregone conclusion they will be implemented once he is gone. To me, the whole lack of planning and foresight of Rothkopf and folks is very symptamatic of the Bush Administration.... I guess that is why it is his current employer.... 
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| TheTruth |
Nice post Pard4Life. While I think a democratic process is unlikely and from a fund raising point of view, disastrous, I do agree the BOT and administration needs to be more transparent. Too many decisions over the years have been made with little input from the alumni. A lot of alumni have become disengaged over the years because of this Good Ol' Boy network. It's just the Lafayette way, unfortunately.
I was hoping Weiss would bring more transparency but it looks like he can't overcome the old money. Some of the "younger" trustees and the women trustees need to speak up. |
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| Lafalum |
Sadly, I agree with your assesment. However, people don't live forever and I look forward to ultimately seeing some change. But I think you are right for the moment. It is time for some of those who have been there for the last 10-20 years to leave!! ( That's a little dark .....sorry).
BTW the power on the BOT does not lie with the BIG money believe it or not. By my count , out of the top ten donors in the last campaign a majority were pro scholarship, but many were thwarted by Rothkopf and the executive members of the BOT. Which says volumes about the potential damage done by this crew. Griffith only recently reached the 1 mio + level in the last couple of years. ( that is the Societe d'honneur). If you take our top donors Kirby,Oschle,Bourger,Fisher,Kamine, and even taking into account Hugel"s late support , it befuddles me how resistance remained for so long. What worries me is that Weis will do things to make the numbers look better in the short run ( eg. student faculty ratio) thus setting him up for his next gig at the expense of the long run health of the institution. |
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| Pard4Life |
I am personally aware that this has happened, but their voices are ignored... the ol' boys network is powerful, deep, and more numerous anyhow. I don't have full knowledge and history of the internal politics, but I know this is the present state of things... though there has been a slight 'lightening up' Transparency is a HUGE theme in the current business environment. Granted a college is different from transparency of hedge funds, i-banks, private equity and the like... the connecting theme is that when there is millions (or billions) involved that affects others in very tangible and real ways, there must be many visible and accountable checks, balances, reporting. There needs to be a revolution in this area, and I feel it is coming (sabranes-oxley is a first step.. like it or hate it). Hopefully we will get a trickle-down effect in all walks of life... i.e. COLLEGES. |
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| Lafalum |
Let me buy you dinner sometime..you are spot on!!!! | ||||||
| Pard4Life |
So how are the politics organized on the BOT if it is not via money... and yes good observation on that point (I missed it myself). Long-time connections to the old guard who ran the College, like Rothkopf (and others I am not sure of and I don't want to throw out random names)? Just look at Bourger... multi-million donor, is he on the BOT? No... you think he would be a member given his history of donating and support. This goes to the point of the ol' boys network being all powerful... Bourger does not really strike me as the type. Oechsle is an interesting name in that bunch... Looking back, I wonder if his resignation was an attempt to get all of the other pro-schollie donors to vacate their posts. If that were to have happened, it would have been clear the BOT could not work with the President and maybe have forced Rothkopf to resign asap (given the majority in favor of schollies). Though, I think his public calling for Rothkopf's ouster was his mistake... even though it should have been the primary goal in a tacit manner... and possibly prevented more members from following. And yes Weiss does seem like a strong candidate to exit once he achieves his goals (by 2011-12)? He is young, so I could easily see him wanting be president of Johns Hopkins, elite liberal arts school, or even an Ivy. But if he leaves this school in excellent shape and stronger than ever, then I will have no quibble whatsoever. A change of blood is good once or twice per decade. I don't like the President-for-life concept that was inherent in the last administration.... we are not a Latin American country. |
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| Lafalum |
They always seem to assure themselves enough votes to keep themselves in power. Its easy enough to compare the Societe list with the list of BOT members and you can see pretty much who is there for political support. I don't mean to imply there are not some large donors who support the status quo, but its clear why SOME people are there. They have no particular expertise, are not distinguished and are not large donors. This crew is basically the second iteration of the Larry Raemer regime ( who hired Rothkopf after screwing up with the previous search). | ||||||
| Pard4Life |
Ha, I wish more people would call it like it is lafalum, but then you would be broke. On that note, I'll just take a meatball parm and ceasar from pizza d'oros! |
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