Kommentaarid on kirjutatud EWR lugejate poolt. Nende sisu ei pruugi ühtida EWR toimetuse seisukohtadega.
VanemadUuemad
It seems the Bonfire of Due Diligence is truly raging on Madison. Thank you Allan Meiusi for bringing that to light.
As for the ETCU Annual Meeting, when questioned about the line "Building Under Construction" in the ETCU Annual Report and the actual money spent on it, Anita Saar downplayed the notion of serious work going on by stating it was more like repairs and maintenance.
"The different assets that we hold are broken into a number of categories.... So the two that are Land and Building Under Construction, that is the building that we hold at 11 Madison. And the building itself was in a renovation process. It was in quite bad condition when we purchased it so we were renovating it for itself to develop some interim income and so the cost of the building and also the renovations fall into that category. So construction is probably a little bit of a misnomer. It's more we were replacing a roof that was leaking and holes where animals were coming in and this and that."
Left unstated in all this was that there had indeed been a serious attempt to convert the building to a 10 room student residence that was abandoned, presumably after the cost of getting a minor variance proved unappetizing. (Around $80,000.00) Presumably the money spent on subdividing the building into 10 units and the purchase of beds and mattresses that were in evidence on a walkthrough last fall will come out in the wash when the appreciated value of the building is realized. One does however, have to pause and wonder at the decision making process at ETCU that went into this "construction is a bit of a misnomer" venture in the first place if it had to be aborted after what looks like a flurry of activity and expense.
As for the ETCU Annual Meeting, when questioned about the line "Building Under Construction" in the ETCU Annual Report and the actual money spent on it, Anita Saar downplayed the notion of serious work going on by stating it was more like repairs and maintenance.
"The different assets that we hold are broken into a number of categories.... So the two that are Land and Building Under Construction, that is the building that we hold at 11 Madison. And the building itself was in a renovation process. It was in quite bad condition when we purchased it so we were renovating it for itself to develop some interim income and so the cost of the building and also the renovations fall into that category. So construction is probably a little bit of a misnomer. It's more we were replacing a roof that was leaking and holes where animals were coming in and this and that."
Left unstated in all this was that there had indeed been a serious attempt to convert the building to a 10 room student residence that was abandoned, presumably after the cost of getting a minor variance proved unappetizing. (Around $80,000.00) Presumably the money spent on subdividing the building into 10 units and the purchase of beds and mattresses that were in evidence on a walkthrough last fall will come out in the wash when the appreciated value of the building is realized. One does however, have to pause and wonder at the decision making process at ETCU that went into this "construction is a bit of a misnomer" venture in the first place if it had to be aborted after what looks like a flurry of activity and expense.
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