Yesterday, I posted documents showing City employees structuring a deal for IRG so UPS could get out of a long-term lease for a very valuable building that sits on city property.
IRG stands to put a few million in their pocket right off the bat, with the city asking for a couple of years of escrowed lease payments. Then IRG can take the assets of the building- strip what they want, and later walk away.
Why can’t the city just take a one-time payment from UPS to get out of the deal- and hand the building over to the taxpayers, who then can contract with any developer who is willing to pay the city?
Or, use the building as an incubator – instead of building more buildings in Tech Town?
Maybe, it’s because the people who structure deals for the city don’t know how to structure deals at all? Remember the Wayne Avenue Kroger fiasco?
The City Commission should put this vote on hold until they have time to study this deal carefully.
Something smells pretty bad about the deal as presented.