pontiac silverdome sale price

[dmarc117]

http://www.detnews.com/article/20091116/ME...-for-Silverdome

 

 

$583,000

 

[wiegie]

they overpaid

[Puddy]

Not so fast my friend.

 

Judge approves injunction to stop sale of Pontiac Silverdome

By Daniel Duggan

 

An Oakland County judge has ordered an injunction to stop the sale of the Pontiac Silverdome after a complaint was filed by attorney H. Wallace Parker, who planned to develop the building as a horse-themed development.

 

The injunction was approved Monday by Oakland County Circuit Court Judge Edward Sosnick. The order prevents the sale from being finalized and a hearing is set for Monday.

 

On Monday, the city of Pontiac agreed to sell the Silverdome to an unnamed Canadian company for $583,000. A closing is set for sometime in the next 45 days.

 

Parker, president and CEO, of Silver Stallion Development Corp. filed his complaint Monday, arguing that sale of the 80,000-seat dome violates a purchase agreement between himself and the city.

 

He is asking the court to appoint a receiver, force Pontiac to honor the purchase agreement, and pay for court costs.

 

Parker has said he plans to use the Silverdome as a part of a three-phase, $250 million plan to use the stadium as an entertainment venue, petition the Michigan Legislature to allow thoroughbred horse racing at the building, and then create an equine research facility.

 

In July, 2008 the Pontiac City Council approved a purchase agreement for Parker to purchase the property for $20 million, later reduced to $17 million. It was signed by Parker in August, 2008.

 

However, at the time, Mayor Clarence Phillips issued a veto of the purchase agreement on the basis that Parker would be unable to fund the project.

 

The city moved to an auction of the property by Tulsa, Okla.-based Williams & Williams auction company after Parker did not come forward with the money for the dome.

 

In his complaint, Parker said he has been conducting environmental analyses of the Silverdome and the surrounding property as part of a due diligence process, hence the delay in payment.

 

Parker also claims he is a victim of racial discrimination.

 

“The defendant mayor openly expressed a bias against the plaintiff and in favor of our bid competitors,” Parker wrote in the complaint, referring to Pontiac Mayor Clarence Phillips. “He shared that bias openly so as to jeopardize the plaintiff’s ability to maintain funding for the project.”

 

The complaint does not more clearly explain the nature of the racial bias.

 

The Silverdome project is Parker’s first attempt at being a developer. He is better known as a civil rights attorney representing the NAACP.

 

Phone messages left by Crain’s for Parker and Pontiac Emergency Financial Manager Fred Leeb and Mayor Clarence Phillips were not returned.

 

Parker’s attorney is David McGruder, a partner with Parker in the firm Parker, McGruder & Associates P.C. McGruder declined to comment on specifics of the case.

[dmarc117]

Not so fast my friend.

 

Judge approves injunction to stop sale of Pontiac Silverdome

By Daniel Duggan

 

An Oakland County judge has ordered an injunction to stop the sale of the Pontiac Silverdome after a complaint was filed by attorney H. Wallace Parker, who planned to develop the building as a horse-themed development.

 

 

so this guy still wants to pay 17mil??

[TimC]

Pontiac could ill afford to continue paying $1.5 million in annual upkeep for the stadium

 

They've been paying $1.5 million annual upkeep on something that retails for $580,000....and you trust the Government to do anything?

 

The 80,000-seat Silverdome was the biggest stadium in the National Football League when it was built in 1975 for $55.7 million.

 

And you thought the cars Detroit builds depreciate.