From Brian Lockhart, CT Post:
In a close vote, the City Council’s Contracts Committee preliminarily blessed a New York-based developer’s $400 million vision for a pair of historic downtown theaters–but only after meeting behind closed doors to view a pair of rejected proposals.
In fact economic development staff had to temporarily leave Tuesday’s meeting at City Hall and rush to their downtown offices to collect the paperwork on the three bids. Council members threatened to table a vote and the scheduling of a public hearing until more information on Exact Capitol and its two, unnamed competitors was provided.
“If you want our vote on a project we should have the right to look at what is submitted,” Councilwoman Eneida Martinez said.
Full story here.
It’s all about the money, right? Here’s the best question to ask: How close to raising $400 million are the developers? The process must start soon because no money equals vapor and vapor is a developmental taboo that quickly disappears, leaving nothing in its wake. The best talking point involves “the persuasive power of cash” and the role it plays in starting, advancing and finishing the project.
Here’s the best thing we could hear: Exact Capital has purchased the entire theater area and becomes an immediate taxpayer, which means they’ve got skin in the game. Better still, financing is complete. We chose wisely. They’re called “Exact” for a good reason. Consequently, money is no longer an issue. Completion is. To that end, contracts are being signed and all the work that precedes shovels hitting the dirt is underway. The pace is brisk. Potential is being realized. Details are emerging. Starting today, news media will receive updates on a weekly basis. This story is fluid and information-intense. Although it’s premature to make dinner reservations, it’s not too early to get excited about Bridgeport’s uptown revival .
Wow. I must admit. This is the first time I am in 100% agreement with Local Eyes.( I will still ask Local Eyes to drop the “handle”).
My handle indicates bravery, novelty and style.
Excellent news. Finally moving forward without unnecessary delays. This is good for the city, its image, new tenants and becoming a magnet for culture that the city sorely lacks. I am pleased it is moving forward and commend those that voted to keep it moving.
I spoke before the full City Council and asked,on the behalf of Bridgeport Taxpayers and Residents, that the Contracts Subcommittee and the full City Council SLOW down the process and fully examine all aspects of the Memorandum of Understanding. The Contracts Subcommittee made a little bit of noise and approved “something.” Anyone who supports the action of the Contracts Subcommittee is just a fool,sucker and sycophant for the Ganim/Testa Political Establishment.
I will call every member of the City Council to SLOW down the $400 rush/dream job. As far as I know, The Contracts Subcommittee did not include language where either the Executive?Mayor or Legislative/City Council would have the right to review Exact Capitals work/progress on this project.
Once again.members of the City Council were bullied by Ganim and the “Executive Branch” of City Government. Gill,Anastasi etc provided a bunch of BS to the Contracts Subcommittee.
Message to my council people in the 138th please don’t ask for my vote because you WONT get it
Normally,I’d be disgusted with the council bowing to Joe and rushing this through.But it really doesn’t matter,this project won’t ever get started,who in their right mind is going to finance this??..Joe just needs to keep the illusion of this development happening till after he loses the primary next year,then he won’t care about it and it will go the way so many other have..
The 20 dumb asses will strike again
Moving forward only after the Pasta King of Madison Avenue figured out how to profit from it.