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City Endorses Windsor Project

Formal approval still required for $8M plan

July 20, 2013

WHEELING — City officials seem eager to assist a Cleveland-based developer that plans to invest about $8 million in downtown Wheeling’s Windsor Manor — a project that could eventually lead to......

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(15)

Hefner

Jul-20-13 6:41 AM

This would certainly be a plus, but it just doesn't smell good.

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Ragnar

Jul-20-13 10:49 AM

The whole thing stinks to high heaven. Tax free bonds are meant to pay for schools, roads, bridges, etc. not some private developer looking to turn a profit.

How does the developer plan to earn enough of a profit to pay the interest on the bonds AND pay the bonds off at maturity?

Wheeling is a dying town. The refugees from Detroit will guarantee a dark future for the Friendly City.

The whole leadership cabal is corrupt.

Which current or former politician and/or real estate group stands to benefit from this project?

How can you call a bond a municipal bond and offer tax free interest for a private development?

Something is fishy in Wheeling and it ain't Coleman's.

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Ragnar

Jul-20-13 10:58 AM

If the city is not liable in the event of a default, who is? Who will guarantee the repayment of the bonds? Why would anyone buy a bond from an unknown entity, with no backstop?

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Triton

Jul-20-13 11:52 AM

Its a remarkable building and a unique place to live. I was in it once to visit someone and was impressed with it. Living that close to the port, the trail and the civic center would be nice and nicer if there was more in downtown Wheeling. Don't know about all of the conspiracy theories others are seeing here, or the constant drone of negativity...got nothing to say unless its about possible corruption, political conspiracies, Nazi war criminals hiding in Wheeling, UFO influence on city government and bark and bark and bark. Don't know whythe brain trust here is sure they can save Wheeling by actually doing nothing and get 60,000 people to move back. Dunno about that. Starting to understand why people choose not to talk about development plans though. What with Nazis, commies, catholics and extraterrestials the vigilance of the local and out of town blowhards must be exhausted. Do the courthouses not let old blowhards sit outside and whittle anymore?

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atoddh

Jul-20-13 3:34 PM

Section 8 is a growth industry in Wheeling. Possibly the only one.

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atoddh

Jul-20-13 3:37 PM

rag: The rents are paid mostly by the Feds via the section 8 program. The developer really does not need the bonds. The building is a gold mine.

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UNCOMMONSENSE

Jul-20-13 4:36 PM

This city government breaks all the laws of ethics so no big surprise!!

The only city I've ever seen that uses PUBLIC funded police to direct traffic for a PRIVATE bank!!!!

Now they are giving loans with PUBLIC funds to PRIVATE companies!!

How many taxpayer APPROVED this?

Oh yeah, that's right the DIDN'T!!!

This is CLEARLY a corrupt and tyrannical government that MUST be dissolved and a NEW style of government installed!!!

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daWraith

Jul-20-13 7:19 PM

Does ANYTHING every get done in Wheeling without Tax money in one form or another??

It may come as as a surprise, but in the rest of the country, investor risk their OWN money to develop things.

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GETACLUE

Jul-20-13 8:11 PM

UNCOMMON ....... The city does not pay for the cops at the banks those are OFF DUTY OFFICERS that are paid by the PRIVATE BANKS!!! The money raised from the bond sale is not PUBLIC MONEY it is private money from the bond purchasers. The only involvement of the city is giving the bond company the municipal classification so that any interest is considered TAX FREE this makes them a attractive investment. SO SORRY TO BURST YOUR BUBBLE .......CLASS DISMISSED! !!

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dyingov

Jul-21-13 11:45 AM

Clue, could you explain your comment?

"The only involvement of the city is giving the bond company the municipal classification so that any interest is considered TAX FREE this makes them a attractive investment."

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wvhoopie2

Jul-21-13 12:41 PM

OFF DUTY OFFICERS that are paid by the PRIVATE Funds or private business sounds like what was going on in Pittsburgh. I think now the funds are being ran by the city since the FBI started investigating and I think the Chief of Police forgot to pay taxes to the IRS when he was Chief but that another city it could never happen in Wheeling.

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wvhoopie2

Jul-21-13 12:41 PM

OFF DUTY OFFICERS that are paid by the PRIVATE Funds or private business sounds like what was going on in Pittsburgh. I think now the funds are being ran by the city since the FBI started investigating and I think the Chief of Police forgot to pay taxes to the IRS when he was Chief but that another city it could never happen in Wheeling.

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wvhoopie2

Jul-21-13 12:48 PM

As they always say follow he money. Who own the property, who is going to supply the building material, who is going to fill the building, who is going to be paying the rent with tax dollars and who buys the bonds and do not have to pay taxes on the bonds is the Question? It would be nice if you could get nonprofit status to borrow money to build your house. This maybe is a new financial product that will put the economy back to growing? Who need banks when the city can back bonds even if it might lower you city credit rating and cause the public to pay higher interest on city loans.

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GETACLUE

Jul-21-13 2:18 PM

READING IS FUNDAMENTAL!!! The city of Wheeling IS NOT BACKING the bonds. A private property management company owns the building and they are selling it to another private property management company. The company has asked for the city to use the cities MUNICIPAL BOND CLASSIFICATION. MUNICIPAL BONDS ARE BOUGHT BY PRIVATE INVESTORS. The bonds are attractive investments because the interest paid to the investors is TAX FREE. To sum it up the PRIVATE COMPANY IS BORROWING FROM THE PRIVATE INVESTORS in the form of bonds the MUNICIPAL. classification makes the bonds easier to sell.

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GETACLUE

Jul-21-13 2:20 PM

wvhoopie..... let me make this clear for you the BANKS HIRE THE OFF DUTY OFFICERS AND THE BANKS PAY THEM. The City is not involved at all.

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