Developer of Erie town homes misses $70,000 payment

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City Tax Payer

Erie, PA

#1 Apr 6, 2013
Fourth River's failure to repay the $70,000 by Oct. 31 is jeopardizing the financial health of the Redevelopment Authority -- which is in danger of defaulting on a line of credit used to help develop the town homes, said the authority's executive director, Kim Green.

WHO DIDN'T SEE THIS COMING !!!!!!
Ginger

Corry, PA

#2 Apr 6, 2013
With views of the nearly free clinic, and fast food sunsets I thought they would've sold out long ago.
Blubber Boy Sinnott

Erie, PA

#3 Apr 6, 2013
City Tax Payer wrote:
Fourth River's failure to repay the $70,000 by Oct. 31 is jeopardizing the financial health of the Redevelopment Authority -- which is in danger of defaulting on a line of credit used to help develop the town homes, said the authority's executive director, Kim Green.
WHO DIDN'T SEE THIS COMING !!!!!!
WHO DIDN'T SEE THIS COMING???

Joe F***ing Sinnott

Kim F***ing Green

Chris F***ing Mong

That's who.

It's theirs. They own it.
kevin costner

Erie, PA

#4 Apr 6, 2013
if you build it..they will come...NOT

its this type of thinking that's wrong in Erie.

they wont sell
Taxpayer

Corry, PA

#5 Apr 6, 2013
Blubber Boy Sinnott wrote:
<quoted text>
WHO DIDN'T SEE THIS COMING???
Joe F***ing Sinnott
Kim F***ing Green
Chris F***ing Mong
That's who.
It's theirs. They own it.
No, we own it

Since: Oct 12

Location hidden

#6 Apr 6, 2013
Ginger wrote:
With views of the nearly free clinic, and fast food sunsets I thought they would've sold out long ago.
I agree. Who would pay $170,000 for a townhouse located where they are? I bet they are really nice inside, but horrible choice of location.
Kevin Costner

Erie, PA

#7 Apr 6, 2013
just a target rich environment for the druggies and criminals in the area. if you cab afford to live there, they know YOU have money and valuables.

go ahead buy one, I dare ya.
thinker

Erie, PA

#8 Apr 6, 2013
kevin costner wrote:
if you build it..they will come...NOT
its this type of thinking that's wrong in Erie.
they wont sell
I am pretty sure this exercise would work in Erie; just not 1/2 block away form train tracks in one direction and 1/2 block away from the most heavily traveled East/West arterial street in Erie, in the other direction.

Maybe if Erie had a planning department, like every other city in the country of similar size...
snag

Erie, PA

#9 Apr 6, 2013
make a nice section 8 housing unit!
downtown now

Erie, PA

#10 Apr 6, 2013
In light of another downtown success story, Tea Party Kim Green will probably get her 5 year contract extended.
Kim Green Jong Un

Mansfield, OH

#11 Apr 6, 2013
Maybe send Kim Green to North Korea for nuclear arms negotiation. Kim Jong Un will take her as his Bridezilla to destroy Japan.

We see new Kim Green Jong Un, doing her fat ass King Kong walk on Tokyo terrorizing the hell out of thousands of little Japanese people. They scream AH, Kim-ZIlla-Jong-Un AH, Kim-ZIlla-Jong-Un, RUN,RUN!!

Since: Mar 11

Location hidden

#12 Apr 6, 2013
County Courthouse records show that of the 14 residential condos at 14th & State above the post office, 12 have sold. All in all, I would call this a pretty successful venture. But as is typical around here, lots of people and newspaper story writers prefer to dwell on the negative, and on failure.

The success of 14th & State demonstrates there is a market for downtown home ownership, but the problem with the townhouses near 13th at Peach is simply the multi use concept; meaning there does not seem to be a need for places where a homeowner can work on 1st floor and live on the 2nd and 3rd floor.

A better model for future development might be 3 story buildings with covered and fenced parking containing four to six units each - 1,100 to 1,400 sq ft units, single level priced $120-$130k. If a developer could make those numbers work, I believe people would buy and I would be first in line.
High Bridge Smitty

Erie, PA

#13 Apr 6, 2013
Word is that Mayor Joe Sinnott may be buying one of the new condos to show good faith in the project. His parents told him its time for him to move out on his own now, especially with the substantial raise he is in line for in the next term.
How does this Green woman keep hoodwinking the public? She was with a US senators office and various others and now the mayor seems blind to what she is doing under hie reign. Wake up!
Jimbo

Erie, PA

#14 Apr 6, 2013
Stupid as the curb cuts.
Arlen Spinchter

Mansfield, OH

#15 Apr 6, 2013
High Bridge Smitty wrote:
Word is that Mayor Joe Sinnott may be buying one of the new condos to show good faith in the project. His parents told him its time for him to move out on his own now, especially with the substantial raise he is in line for in the next term.
How does this Green woman keep hoodwinking the public? She was with a US senators office and various others and now the mayor
seems blind to what she is doing under hie reign. Wake up!
Yes she was under my employ. She helped me "muscle, push and squeeze" our political opponents. She was very spinchterous and should serve the Sinnot fellow well.
Only in Erie

Erie, PA

#16 Apr 6, 2013
Not sure if this is Joey Donuts or His buddy Mong writing that reply, but wow.
The Erie Redevelopment Authority spent more than $6 MILLION dollars buying, rehabbing, and developing condos and then GAVE the building away to a developer AND gave them $250,000 to pay the taxes on that gift. The fact that they then have sold some condos and pocketed mush cash is a slap in the face to all Erie-ites.
The numbers never worked and the whole thing stinks. Stop defending this idiocy.

Low Bridge Kelly wrote:
County Courthouse records show that of the 14 residential condos at 14th & State above the post office, 12 have sold. All in all, I would call this a pretty successful venture. But as is typical around here, lots of people and newspaper story writers prefer to dwell on the negative, and on failure.
The success of 14th & State demonstrates there is a market for downtown home ownership, but the problem with the townhouses near 13th at Peach is simply the multi use concept; meaning there does not seem to be a need for places where a homeowner can work on 1st floor and live on the 2nd and 3rd floor.
A better model for future development might be 3 story buildings with covered and fenced parking containing four to six units each - 1,100 to 1,400 sq ft units, single level priced $120-$130k. If a developer could make those numbers work, I believe people would buy and I would be first in line.

Since: Oct 12

Location hidden

#17 Apr 6, 2013
Low Bridge Kelly wrote:
County Courthouse records show that of the 14 residential condos at 14th & State above the post office, 12 have sold. All in all, I would call this a pretty successful venture. But as is typical around here, lots of people and newspaper story writers prefer to dwell on the negative, and on failure.

The success of 14th & State demonstrates there is a market for downtown home ownership, but the problem with the townhouses near 13th at Peach is simply the multi use concept; meaning there does not seem to be a need for places where a homeowner can work on 1st floor and live on the 2nd and 3rd floor.

A better model for future development might be 3 story buildings with covered and fenced parking containing four to six units each - 1,100 to 1,400 sq ft units, single level priced $120-$130k. If a developer could make those numbers work, I believe people would buy and I would be first in line.
I would have to agree with your post. However, the price of the newest town houses do not fit the surrounding location. The 14th and State building, I feel, was a good investment. A great place for younger, single people to live in the city.
Jenn

Erie, PA

#18 Apr 6, 2013
Don't forget the role Larry Bossolt played in all of this. Despite his wafer thin resume, he was appointed by Sinnott and Mong to replace John Elliott in 2008. He, Mong, Sinnott, and Green gave us what we have now. Of course he got canned after Green got Sinnott to give her the current job. What people owe Green I'd like to know.

BTW, young, single people typically cannot qualify for the kinds of mortgage amounts one needs to buy a $170,000 condo. I doubt an appraisal would even be that high given the location. Young people are renters or buy smaller, less expensive homes such as we have all over the city.

And unlike Joe Sinnott, once you get to be a certain age you tend to marry and not go drinking every night, so the drink-o-tainment district doesn't really work for most people. No 65 year old retired couple is going to move downtown so they can walk to the cell block. Even if they like to brawl in the street.
Nasty

Erie, PA

#20 Apr 6, 2013
Erie's constant and always dependable buffoonery serves as great comedy. May it never end !
Stinker

Erie, PA

#21 Apr 6, 2013
Please no, please don't suggest we need another layer of government, please don't even suggest a "Planning Department" within city government. We have a planning department with county government and it is a joke. You look at who is employed there and it is a complete joke and waste of taxpayers money. It is a position that could be handled by engineers in the private sector and save the county a ton of money. Grossman knows it is a waste and has suggested that he will eliminate it in the next term, if he is successful.
Those condos are a laugh, and Green wants to build more, she even wants to build more in the next block up and demolish the unemployment building at 14th. and State. The mayor really needs to show her the door and quickly. An audit should be done of the Erie Redevelopment Authority and the public should be able to see what is really going on under Ms. Greens watch.

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