June 3, 2008

Get rich quick by buying 17 acres of downtown dirt

First off, I confess that I have never paid for one of Ron Legrand's books, seminars or other instructional material, which may explain why I have not gotten rich quickly. I have, on the other hand, done a pretty good job of remaining poor.
But if I were going to try to make quick money off the mall site in Bristol, I'd probably do something like this:
Offer a plan that sounds really great and a price that's really, really low.
Then I'd scrounge around with city and state officials to see what kind of public cash could be thrown on the table to pay for roads, lights, parking garages, waterfalls, ampitheaters, iconic archways, trolleys, parks and more. After all, it's much easier to spend someone else's money to improve your property than it is to fork over your own. Even I know that.
Once some of that stuff is on the table, it ought to be possible to leverage the property itself to borrow more -- this time from a private entity -- and use that money to start building some revenue-producing stuff, like a new McDonald's or maybe a medical office or something.
The more that goes up, the more there is to leverage to get more money.
With a little luck, the only money that Bristol ever sees from me is that initial lowball offer or maybe another pittance a few years into the whole thing.
Meanwhile, if the government proves generous and private lenders not too skeptical, it would be possible -- not likely perhaps, but possible -- that the site could be turned into something that would bring in some serious cash someday that would go to none other than me.
I knew I should have put in a bid.
Trouble is, of course, that everyone on the Bristol Downtown Development Corp. knows me and probably all of them suspect that my access to high finance goes no further than occasionally reading someone else's copy of The Wall Street Journal.
Still, it might have worked.

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Copyright 2008. All rights reserved.
Contact Steve Collins at scollins@bristolpress.com

13 comments:

Anonymous said...

Good job Steve.

Anonymous said...

There you go, making us laff again. What's rong with you, Collins?
Must you always poke fun?
We Bristolites lack much of a sense of humor, specially one that requires us to laff at ourselfs, so cut the crap.

Anonymous said...

June 3, 2008 11:21 PM;

Oh please have more self-esteem.

Maybe Steve is just trying to make up for trying to make this guy look like satan ("Mr. Millionaire")to all the naive citizens?

Anonymous said...

This proposal is a set up by Ward, Frank Johnson and all those other people to distract us from their inabilty to do anything with the parcel.

What we should do is just ignore this whole drama 'cause it's going away anyway.

Anonymous said...

Thanks for the laugh.

Anonymous said...

"This proposal is a set up by Ward, Frank Johnson and all those other people to distract us from their inabilty to do anything with the parcel."

~ and maybe they're all members of a secret society who are hiding the holy grail while at the same time causing global warming, and wasn't that Art Ward behind the grassy knoll?

Tighten up your little tinfoil cap and try not to listen to the little voices!

Anonymous said...

June 4, 2008 8:47 AM:

OK, but should I file an FOI complaint in the meantime...just in case?

Anonymous said...

So you think the project is running well, right on schedule?

It seems like a debacle to me. If someday they sell it to private owners and the 17 acres goes back onto the tax rolls, and the
$6+ million is recouped then I will admit is was a decent idea.
But man may land on Mars before and if that ever happens.

This whole proposal from "Heritage" is just a game to distract the "populace" (as Ward likes to call us) from the incompetence of City Hall in dealing with this project.

Anonymous said...

The problem is that nobody wants to be responsible for making a decision for fear they will be torn apart if they make a mistake.

A lot of people who run for office just want to do so to be able to say no. Therefore the lack the reason why there is not any real leadership. Others just like run to play politics with party ideologies that promote a Yankees versus Red Sox game of arguing with the other party.

Leaders take risks and bring forward proposals and solutions that break out of the way things were always done for the betterment of the community.

If the leaders want something done with the 17 acre property then they need to take the initiative. The people have already said what they want for the property. Commission the BDDC to make a plan, hire an architect with various options, get costs, do the research, refine/evaluate the plan, find the financing, hire the contractor(s) and get it done.

Research may show that the site is not economically viable for the desired use or community wish list. If that's the case use it to build a new school on or for some other community need.

Anonymous said...

Go for it Steve ...... after all we don't have much of a brain trust running Bristol now-a-days . They probably wouldn't notice until several administrations from now when YOU 'uncovered' it for the Bristol Press and won an award.

Make Gatto Buy it Back said...

"Research may show that the site is not economically viable for the desired use or community wish list. If that's the case use it to build a new school on or for some other community need.
June 4, 2008 5:49 PM"

--You're correct. But common sense dictates that your statement is very likely, Unfortunately no one at City Hall seems to have any.

Anonymous said...

5:49 Your position makes the most sense! Many people that I speak with agree with your sentiment. However it seems many believe that depot square is going to become some economic juggernaut. I still believe we could put fields and and a school on that site. Build in a few community amenities and it may be the catalyst for some private sector growth. But the notion "build it and they will come" is just too dangerous for a project of this scope and magnitude! The site and downtown over the last 30 years has not demonstrated the economic vitality for businesses to succeed. The school would be in the center of the schools proposed to be eliminated. The state would reimbures on approximately a 70/30 split. That is the safest alternative to developing that site. Government needs to understand that it needs to create an environment for the private sector to succeed but not be the the "market"

Anonymous said...

Ain't the city that is going to get rich on this deal!