Update Again Again: OPACY lease officially official, done and approved, for real this time

[Aglets]

13 hours ago, Can_of_corn said:

Did he cave?

Were the two even on opposing sides?

I think if the two were on the same side all along this lease would have been signed many months ago.  I think both sides have looked pretty bad as it dragged on and on.

[Going Underground]

 

Is a Flock of Unanswered Questions, a Flock of Seagulls cover  band. First question  

The second question arises because under the proposed terms, the Orioles will have up to 10 years to begin construction. Who manages the property in the interim, and who collects rents from existing tenants and who bears responsibility for maintaining the property during this period? Currently, the MSA receives more than $3 million annually in rents but, under the development agreement, it will receive $1.5 million in rents from the Orioles for the first five years and $500,000 in rents for the next five years. Isn’t the state losing money?

 

Former MSA Chair Thomas Kelso: A flock of unanswered questions in Orioles deal | READER COMMENTARY
https://www.baltimoresun.com/opinion/readers-respond/bs-ed-rr-orioles-stadium-lease-letter-20231102-rkrfvffg4vatrku3kqant52krq-story.html

Edited November 2, 2023 by Going Underground

[Going Underground]

 

 

The fifth question is why would the state agree to allow the Orioles to have a 30-year lease for the stadium but a 99-year lease for the developable properties? Under this scenario, the team could change owners while Angelos keeps the development rights. Because there is no cross-default provision between the stadium use agreement and the development agreement, the state will tie up the developable properties for 99 years, receive only a base rent and receive none of the upside while it retains all of the downside risk. To develop the properties, the Orioles will need to secure financing, and its lender will want the state to subordinate its rights to collect even the paltry rent unless the debt payments are made. If the development fails, the Orioles walk away with no risk and the state will inherit a failed development with debt still outstanding.

[Going Underground]

 

 

My last question is: Why isn’t the state seeking competing bids from actual developers, as is typically required under Maryland law? The last time the state tried to pick a favored developer without real competition it didn’t turn out well. The State Center project was halted by a lawsuit that accused the state of violating its own laws in selecting a developer without competition. Ironically, the plaintiff in the suit was Peter Angelos. There are numerous developers both locally and nationally with real experience in developing sports-related properties.

[Frobby]

I think both the Sun and the Banner are asking a lot of good questions.   The whole thing sounds like a complete giveaway.  

[Aglets]

The #1 question every journalist should be checking in about every single day now with both the state and the O's front office is "When are you guys going to sign this thing?"

In addition to that, those other questions are good too.

[Can_of_corn]

1 minute ago, Aglets said:

The #1 question every journalist should be checking in about every single day now with both the state and the O's front office is "When are you guys going to sign this thing?"

In addition to that, those other questions are good too.

I disagree.  Once it gets signed all the rest of this is forgotten.

[Frobby]

6 minutes ago, Aglets said:

The #1 question every journalist should be checking in about every single day now with both the state and the O's front office is "When are you guys going to sign this thing?"

In addition to that, those other questions are good too.

It takes a long time when one party keeps making outrageous demands and the other party keeps saying yes.   That’s a recipe for extended negotiations with more and more concessions.   

[Going Underground]

4 minutes ago, Aglets said:

The #1 question every journalist should be checking in about every single day now with both the state and the O's front office is "When are you guys going to sign this thing?"

In addition to that, those other questions are good too.

The Orioles when they the Sun or Banner ask anything is no comment. Is Dempsey's no longer at the stadium? Is the Sun sign ,no longer on the scoreboard? Do the Oriiles have a new vendor? Always no comment and usually send out a press release  at a later time . Governor Moore also has a habit of not answering questions from the local press. He goes on a cable network to talk mostly. After the announcement of the lease at the stadium,he was supposed to talk to the press on that Friday. He was not their but some of his staff was their to answer questions, mostly off the record.

[drjohnnyfever1]

33 minutes ago, Going Underground said:

The Orioles when they the Sun or Banner ask anything is no comment. Is Dempsey's no longer at the stadium? Is the Sun sign ,no longer on the scoreboard? Do the Oriiles have a new vendor? Always no comment and usually send out a press release  at a later time . Governor Moore also has a habit of not answering questions from the local press. He goes on a cable network to talk mostly. After the announcement of the lease at the stadium,he was supposed to talk to the press on that Friday. He was not their but some of his staff was their to answer questions, mostly off the record.

All of these people know if they wait long enough, just long enough for inquiring minds to lose focus on another item in the news cycle, they can make up some phony response that they say answers the questions but really don't.  Some silly feel good answer like, "This deal is a boon for the City of Baltimore and we are happy to be a part of it." lol.

Any odds on whether the questions in the Sun editorial will be answered with factual data???

[TonySoprano]

Someone remind me exactly what leverage little Angelos has in this deal to screw over the MD taxpayer without getting dinner and flowers first?  He can't use the well-worn "I'll move the team" grift.   Does the governor get his own luxury box at the stadium?   

If it is the Angelos family that owns the development rights, and not the team, it's still an added asset that could be sold to the new owner.

[Can_of_corn]

2 minutes ago, TonySoprano said:

Someone remind me exactly what leverage little Angelos has in this deal to screw over the MD taxpayer without getting dinner and flowers first?  He can't use the well-worn "I'll move the team" grift.   Does the governor get his own luxury box at the stadium?   

If it is the Angelos family that owns the development rights, and not the team, it's still an added asset that could be sold to the new owner.

I'm guessing there will be a steady stream of campaign donations from contractors and developers.

[TonySoprano]

13 minutes ago, Can_of_corn said:

I'm guessing there will be a steady stream of campaign donations from contractors and developers.

In other words, even more grift.  The Governor, like the rest of his party, enjoys a 2 to 1 advantage in registered voters.  Short of being caught drug dealing by Lexington market, he is a lock to serve eight years.  

[Can_of_corn]

7 minutes ago, TonySoprano said:

In other words, even more grift.  The Governor, like the rest of his party, enjoys a 2 to 1 advantage in registered voters.  Short of being caught drug dealing by Lexington market, he is a lock to serve eight years.  

I'm sure the other side would do the same if given the opportunity.

[TonySoprano]

18 minutes ago, Can_of_corn said:

I'm sure the other side would do the same if given the opportunity.

They both do.  My point is he doesn't have to worry about his re-election chances.