Riverfront Property Proposal(s)?

[gvsusean]

someone spill the beans..... localtalent im loking at you

[NorthCoast]

Duan Faust has officially submitted a 16 page proposal.

http://www.wzzm13.com/news/news_article.aspx?storyid=71405

It wasn't on the right floor at the time of the deadline but since it was in City Hall it has been accepted as being on time.

[gvsusean]

those tool boxes took a pic of the clock.... what dorks

[Rizzo]

All the local news sites are down on my end. Would you guys quit flooding the sites, gee.

[tamias6]

WZZM's web site is back up.

All the local news sites are down on my end. Would you guys quit flooding the sites, gee.

[GRDadof3]

The proposal did not include the $65,000 in submission fees, according to WOODTV.

http://www.woodtv.com/Global/story.asp?S=6132291

I don't remember the details of when that was required.

[Rizzo]

I don't know if I would want my 65,000 through the mail or any courier for that matter. I'd feel more comfortable hand delivering it.

City: "Oh, it got lost?"

GDC: "I sent it, I promise!"

[localtalent]

someone spill the beans..... localtalent im loking at you

[Veloise]

I think it's funny that the story mentions us and then the rest of the story doesn't really have anything to with us.

Also, we're "buzzing" about the story? We were a year ago - I think there are more posts and excitement about the RH tower crane now!

Of course, now I've bumped the thread to give it more "buzz"

[GaryP]

So the media did not receive copies of the proposal I assume?

[torgo]

No, the WOOD story said that the City wants to read it first, and the media will most likely get a copy early next week.

[grrwymg]

No, the WOOD story said that the City wants to read it first, and the media will most likely get a copy early next week.

[Phizzy]

City refuses to release details of Faust's proposal

...the packets were copies of a proposal from Grand Rapids Development Corp., an Atlanta-based group led by Duane Faust hoping to develop the city's 16-acre public works yard along the Grand River south of downtown.

Notably absent from the packet: the $15,000 non-refundable check to offset the cost of developing the request for proposals and a $50,000 refundable deposit.

Also absent: Public information. City officials refused to release any significant details contained in Faust's pitch to redevelop the high-profile property into a mix of residential and commercial developments focused on entertainment.

Assistant City Manager Eric DeLong said he was told the checks would be coming later today.

DeLong said contents of the packet would be released next week after the city and its consultants review them and redact potentially private financial information.

[Rizzo]

Of course Knape is going to blog about it: http://www.mlive.com/grpress/knapescorner/..._02.html#240139

A quick fan through didn't reveal any architectural renderings. I saw mention of someone from Erhardt Construction, a profile of Faust and what I think was mention of Nederveld Associates, a Grand Rapids engineering firm.

[gvsusean]

someone spill the beans..... localtalent im loking at you

[Veloise]

Of course Knape is going to blog about it: http://www.mlive.com/grpress/knapescorner/..._02.html#240139

[localtalent]

not even for someone who never spouted negative comments about the project?

[Rizzo]

Looks like its going to be harder for GRDC, because the 65 Grand didn't come in at the deadline for 5 o'clock -- according to WZZM.

Heres a page from GRDC: http://www.wzzm13.com/temp/Faust_letter.jpg

[jwazzz]

Why anyone is still taking Faust seriously is beyond me - this was a scam from day one and we all bought it. As much as I would love to see something done on that scale, the sad reality is that we are just not ready for it yet. I propose that we never mention Duane's name again - "...he who must not be named." should work nicely from now on.

[Allison Slater]

I highly doubt it's a scam. After the $65k comes in, he's got to have some way of making money off this. Who would spend $65k just to laugh at a populace? Will it happen? I don't know, but I wouldn't go sofar as to call it a scam.

[tamias6]

I'm not going to make the mistake of taking sides here. But putting into consideration how the media painted a bad picture of Faust, the controversy swirling all around the river front and the city's nervousness, if Faust were indeed nothing more than a scam artist would he have stuck to his guns, in the face of the all the hoopla this issue has developed into, as he as done so far or would he have turned tail and run away at the first signs of trouble?

[NorthEnder]

It's not that I'm upset at UP for hating on the project. I'm really not that petty.

I believe most here want what's best for the city (despite differences of opinion on what that might mean).

I just don't think anything's going to change what's already been decided about this project.

Just read the coverage of today's events. As I mentioned to a good friend earlier today: there's more unintentional comedy in these 100 word stories by WOOD and WZZM than I've seen in the press in several years.

The writing's on the wall....

[GRDadof3]

I'm not going to make the mistake of taking sides here. But putting into consideration how the media painted a bad picture of Faust, the controversy swirling all around the river front and the city's nervousness, if Faust were indeed nothing more than a scam artist would he have stuck to his guns, in the face of the all the hoopla this issue has developed into, as he as done so far or would he have turned tail and run away at the first signs of trouble?

[tamias6]

It all boils down to a communications break down between all parties involved. Faust, from what I understand, is not experienced in doing developments the magnitude of his envisioned River Grand project. Going by that, its seem pretty safe to assume that he is unable to effectively court the city into accepting his proposal or at least is having a hard time at doing so. His letterheads and the description of how his proposal booklets seemed rushed as described in Knapp's blog and how he seemed very mute about the details of River Grand from the start are evidence of his inexperience. Thus the city and local media are going to be very nervous. After all $1-2 billion dollars and the potential alteration of the city's future have hit us all like a run away dump truck. Mind you I'm no developer. But with stakes as high as they are, common since tells me that if Faust would have been more fourth coming about River Grand, there would be far less media circuses and of this whole "mystery project" mantra the river front property has acquired. But how I'm reading this, Faust is only half of the story. The City of Grand Rapids and how has made a lot of mistakes at handling this issue is the other half of the equation sending the river front property into a tail spin of controversy. From the start the city was vague as to what it really wants to happen to the river front as indicated by its request for letters of intent which summoned the three competing developers. During this process the city got itself and the developers in a tangle bureaucracy which seems to be part of as to why the other two developers dropped out. This and other mistake the city has made are stemming from the fact the city has never had projects has massive as River Grand on its door steps before and thus it is handling this whole process like some hillbilly town in No-Where County, Montana. With the city and Faust both inexperienced at what is at hand, its only natural that there will be miscommunication between the two parties.

I don't think many of us are thinking "scam artist", but why is there always a "but" with this Faust proposal? He submitted his proposal...but... he didn't submit his check. He optioned a bunch of properties in the area....but...he never gave a deposit check. Why can't this proceed w, x, y, z, etc.. like it's intended to? IF he truly understands that credibility is key at this critical time in the process, why leave loose ends? There are only two answers: the full story is not being given to us and our local press doesn't understand the full scope of the project.....or...Faust doesn't have the $65,000.

Occam's Razor keeps coming to mind.

[FlawlessDeveloper]

1 QUESTION:

Who would the check go to?

Has anyone ever given a check to a seller with the intent to purchase his property and not to a title company to Escrow?

good grief.

All I have read is the first page.

I could care less what the seller wants. Individual, City or State. as the one who writes the check...

I'd have to do it my way...and judging from the first page and its language it looks clear, he wants his investors, consultants, tenants and etc

to sit with the city in exclusive negotiations.

I deal with Realtors who always ask me for a security deposit, want it written on their standard contracts etc.

Nope. I submit my contracts written by my attorney's to protect my interests.

Additionally, my deposit is always 100% (and usually only a letter for a line of credit) refundable subject to my inspections and due diligence. it takes me 90 days most often. After 90 days, the money becomes "hard" goes from the title company to the seller. Is the city even being fair

to ask for $1.00 and allowed no due diligence on the dirt?

Development 101

I haven't made up my mind yet. He's not coming in like Superman to save the city, he's coming in acting like he knows what he is doing honestly. I'm shocked by his shrewdness, business acumen, commitment to the project and his willingness to pursue his investors best interests over that of the city.

I'd give him $65K....I'm thinking he has more smartz than we have given him credit for.