IBJOpinion

Editorial understated MIBOR commitment

April 10, 2010
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IBJ Letters To The Editor

Your editorial in the March 29 edition praising State Farm and city leaders for the commitment to the [2012 Super Bowl] housing “legacy project” was very commendable. And thank you also for recognizing the Metropolitan Indianapolis Board of Realtors’ participation.

We do have a correction to what you stated about our piece of the project. We have committed the $500,000 you correctly stated and are also trying to leverage additional funding for 32 houses, not just three rehabbed and two new houses as you stated. Thirty-two houses amount to better than 10 percent of the overall housing component of the housing legacy project.
____________

Steve Sullivan
CEO
Metropolitan Indianapolis Board of Realtor

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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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