ED BOIKE TO HOLD SPECIAL MEETING ON PINNACLE RACE COURSE.

The time and date for Chairman Ed Boike’s meeting is still being worked out, said the source, who agreed to speak to Crain’s on condition of anonymity.

Commissioners weigh legal issues of Pinnacle land deal

POSTED: 2:28 p.m., Aug. 25, 2010
LAST MODIFIED: 3:30 p.m., Aug. 25, 2010
By Bill Shea

The chairman of the Wayne County Board of Commissioners will hold a special meeting next week to discuss the legality of the county’s 2008 transfer of land to the owners of Pinnacle Race Course in Huron Township, a source familiar with the situation said.

The time and date for Chairman Ed Boike’s meeting is still being worked out, said the source, who agreed to speak to Crain’s on condition of anonymity.

Boike most recently has questioned the legality of Pinnacle’s $179,000 sale of 7 acres of its land to the Sault Ste. Marie Tribe of Chippewa Indians for future development, and the original deal to sell 320 acres for $1 from the Wayne County Land Bank Authority in April 2008 to the horse track’s owner, Jackson-based Post-It Stables Inc.

County Executive Robert Ficano’s office has said the thoroughbred track has met, or is meeting, all the required conditions under its sale agreement. A message seeking comment was left for Ficano.

Boike, who declined an interview request, and Ficano have clashed recently over proposed budget cut proposals or other cost controls to contain the county’s projected $266 million deficit.

The Board of Commissioner’s legal staff has drawn up concerns and objections to the entire Pinnacle deal, including questioning if the original sale of the land violates the Michigan Constitution.

“The transaction was an abuse of discretion by county officials,” the document says. Read more here.

The track hasn’t paid a combined $1.46 million in property taxes for 2009 and 2010 because it didn’t receive its tax bills — a bureaucratic snafu, the county and township has said.

Track co-owner Jerry Campbell told Crain’s for a story this week that the facility is current on all of its bills and taxes, and that if there are bills it hasn’t received it will pay them. The track has suffered from the economic downturn and the state’s slashing of its budget for personnel needed to run live racing.

Huron Township Clerk Dawnette Bowers said the track owes $150,000 in payments for police service, and the township-provided water service had been cut off to Pinnacle for a period because of a then-unpaid water bill over the winter. That water bill was later brought up to date.

Campbell and his wife, Lisa, through Post-It Stables, filed appeals in June 2009 and June 2010 with the Michigan Tax Tribunal over the assessments on the track they opened in 2008.

The Campbells have been building since 2007 what eventually will be a $142 million horse track on 20 acres at the corner of Pennsylvania and Vining roads, a mile southwest of Detroit Metropolitan Airport.

Jerry Campbell is the retired chairman and founder of the former Republic Bancorp Inc. in Ann Arbor.

A message was left with Campbell seeking comment on the questions raised by Boike.

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” agreed to speak to Crain’s on condition of anonymity “.

WHY SO SECRET CRAIN’S DETROIT?

So Ed Boike is after Pinnacle’s Blood is he. In the article, Read More part.

Text of Wayne County Commission’s concerns about Pinnacle Race Course

Posted 8/25/2010 1:43 PM EDT on crainsdetroit.com

Wayne County Board of Commissioners Chairman Ed Boike’s concerns about Pinnacle Race Course’s agreements with the county are outlined in a document prepared by the county board’s legal staff and provided to Crain’s. The verbatim text is below:

~ It appears that the property was improperly sold to Post. Post did not satisfy all of the conditions required in the agreements and was not entitled to purchase the property for $1. Post may owe the County millions for the property or should return the property to the County.

~ Post did not create and retain the required number of jobs in the County. The Term Agreement required Post to create 1100 construction jobs and 1200 permanent full time new jobs. Information obtained suggests that Post did not create the jobs despite documents submitted by Post.

~ Further, the extremely short time period Post had to fully comply with the $1 purchase price clouds the possibility that it created the required number of jobs and invested the required amount of funds. The Land Bank sold the property to Post less than 4 months after the Development Agreement was executed.

~ The Option Agreement is invalid. The Commission did not approve the Option Agreement or Amendments One, Two or Three to the agreement. On October 25, 2007, the County entered into an agreement with Post It Stables which gave Post the exclusive option to purchase approximately 240 acres for $1 in consideration for Post’s “commitment to either (1) develop the project … which project will include a minimum investment by developer of ONE hundred and forty million dollars ($140,000,000) and will generate approximately 1,300 jobs or (2) return the property to the county in a similar condition as received.” The net effect of the amendments was the option deadline was extended form January 31, 2008 to March 31, 2008 and the number of acres was increased by approx. 60 acres from 240 to 319. This could very well invalidate the transaction.

~ The Development Agreement appears to be invalid. The Commission did not approve the Development Agreement, which is the primary agreement to the project. I have been advised that the Commission may have delegated authority to the CEO to execute the agreement but I have not been able to locate a Commission resolution doing so. This could very well invalidate the transaction.

~ The Commission’s approval of the Term Agreement may be void. The Commission’s approval was contingent upon the terms being substantially the same as the Development Agreement and the Development Agreement being executed within 30 days. Resolution 2008-172 requires a Development Agreement “in form and substance that does not deviate from the Term Agreement.” The terms of the Development agreement substantially vary form the Term Agreement and was executed 90 days later on July 3rd. It may be argued that both agreements are void as the Commission’s approval was not granted.

~ The Land Bank leased 258 acres of land to Post before it owned the land and before the Term Agreement was approved by the Commission. The lease commenced March 24, 2008.

~ Questionable property conveyance. The deed conveying the land from the County to the EDC is dated the same day as the deed conveying the land from the EDC to the Land Bank (April 14, 2008). EDC’s conveyance to the Land Bank was recorded before the County’s conveyance to the EDC.

~ It appears that the Land Bank reduced the amount of investment and number of jobs required under the Term Agreement to trigger the $1 purchase price.

~ The entire transaction appears to violate the Michigan constitution. It is well established law that the State or its subdivisions are not permitted to give government assets to any person or entity unless there is an exchange of fair value. The County expended millions to acquire the land, incurred millions in bond debts and spent millions improving the land for this specific project in exchange for a few jobs that did not materialize. The County did not receive fair value for the 320 acres of public land. The transaction was an abuse of discretion by county officials.

~ Post is required to commit funds to pay down the County’s debt service, before it may use revenue for other purposes. The Term Agreement provides “until the public infrastructure bond debt service relating to the 320 acres is paid in full, all revenue streams . . . due and payable by [Post] … will be devoted to the public infrastructure annual debt service in an amount that is estimated at $2 million annually.” This language was omitted from the Development Agreement. Therefore, it is not clear if this requirement is applicable.

~ Property liens. Liens have been placed on the property by Contractors against Post.

About Me ( Bill Shea ): I cover advertising, marketing, public relations, media, transportation and the business of sports and entertainment. My journalistic mentors are Vatican newspaper rock critic/gossip columnist Father … more »
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What you cover Bill Shea is Horse Manure and plenty of  it. Fed to you by ” anonymity “. Because if it wasn’t they would be able to say it WITHOUT anonymity.

 

I don’t know who is behind this witch hunt of Ed Boike’s. The Detroit Casino’s, Hazel Park- Dan Adkins or others.

But I believe I already covered Ed Boike’s argument that Pinnacle didn’t provide the jobs stated.

Pinnacle Race Course: Sault Ste. Marie Tribe of Chippewa Indians buys parcel of land from Pinnacle.

HURON TWP: Parcel of racetrack property sold to Indian tribe

Who is the idiot anyway> Ed Boike? I have it on anonymity that the jerk is on his way out the door about to Retire. So this is his exit. A last Hurrah sort of speak to raise some hell about a Race Track and it’s property that will prove its weight in gold to the Township and City where it sits.

One More Time Mr. Boike,

Edward Boike Jr. is way off base here, has he been in a coma for the last two years?

Comerica welshed on Pinnacle after went Wall street went bust in the summer of 2008. Governor Granholm out of the blue dissolved the Office of Racing Commissioner and took us from our governing body of where Horse Racing has been under from the start of time, Agriculture and put us under the Michigan Gaming Control Board in essence GAMING which had no other interest than what it has governed from day one: CASINO’S. Robert Ficano sold the land in which Pinnacle Race Course sits for a $1.00 with the stipulation that a certain number of jobs get created. Then Wall Street went bust, and a domino affect took place like a wrecking ball destroyed every business in its path. Pinnacle Race Course was one of a million businesses that were affected by this. Comerica who was Pinnacle’s financial backing BACKED OUT. Leaving Pinnacle to be left standing with just phase 1 of its building process. So Edward Boike jr. is delusional knowing all of this yet brings this up that Pinnacle was not able to produce those jobs promised. When in fact Pinnacle Race Course with all of this chain train wreck of events and who obviously could not of foreseen what Governor Jennifer Granholm was about to do as well?

With only phase 1 of the track built it was an impossibility of doing this to no fault of Pinnacle’s. And Edward Boike Jr. knows all this as well. So he can audit and investigate this all he wants. Robert Ficano certainly is not squawking about this. Bob Ficano understands explicitly why and what a stand still Pinnacle has become because of those events that took place on Wall Street and Governor’s no brainer of dissolving our ORC. But God knows she and the rest of this State love our 3.5% Simulcast money generated by Horse Racing in Michigan.

Edward Boike Jr. is wrong on all accounts. And he knows it. Yes Robert Ficano and Wayne County sold the land to Pinnacle for a $1.00, and further knowing why Pinnacle has just sat completely unfinished for phases 2 and 3. That’s why no one else is making any noise especially Bob Ficano. He understands Pinnacle’s situation with our entire Thoroughbred Industry in this State. So it is Pinnacle’s land now to do what ever they can to survive. The Horsemen have thrown not only their 7 day a week sweat from work into the pot, they have thrown in their own damn money from Purses to FUND THE THOROUGHBRED MEET THEMSELVES.

We should have been able to use some of the money we generate for this State but no doing here. Yet this Governor of ours has done everything within her powers to kill us off, thus it would also kill that 3.5% Simulcast money to date standing at

Simulcast revenue produced from 3.5 tax for current fiscal year ending September 30, 2010. Current bal. Oct. 1, 2009 to August 15, 2010.

 $5,404,820

John Enos, township planning and zoning consultant said in a statement.


“I’m glad there is some interest in that property,” Enos said.

The tribe has a variety of options for development of the land, he said. He said the tribe might decide to hold off on a decision and wait to see how the area develops.

“Hopefully, it will be complementary to both the township and the race course,” Enos said.

The goal of the state-designated SmartZone area Pinnacle is in is for the usage to be both a benefit and a gateway to the community, he said. He said he hopes it is something that will be welcomed by residents.

Enos said there are specific design standards for anything that will happen there. He said Pinnacle previously had plans for future development of its own on this land.

***************************************************************************************************

So Edward Boike Jr. can do what ever investigation he pleases, but Pinnacle has done nothing wrong. So I highly suggest that he wakes from his coma and goes back two years and re-examined why everybody went bust and what it caused and who exactly it affected. Pinnacle was in the process of being built, not even close to being finished than it’s bank who was our main Investor and loaner PULLED OUT. So how in the world does Edward Boike Jr. expect Pinnacle to meet its obligation of a certain number of jobs, when in reality not only the bank welshed on us. But our own Governor further cut our throats by dissolving the ORC? Hey I’m open for further Suggestions and Idea’s Mr. Boike, got any?

When all has been said and done whatever ends up on this land and property I guarantee Huron Township and New Boston will soar in the Revenue that’s created from it. Bottom line here. You’ll have more than what was stated in new jobs and then some. And the Benefit from it will put your investigation to shame.

I know one thing the money will be worth its weight in gold. A hell of a lot more than $179,000. We are talking Millions created from this sale. And Huron Township/New Boston will Benefit the most along with Michigan for that fact. Hope our new Governor whom ever it is UN-dissolves the ORC and realizes the Thoroughbred and the entire Horse Racing Industry’s Worth in the State of Michigan. And puts us back where we belong under AGRICULTURE. The MGCB could care less if Horse Racing dies completely in this state. Their only and main focus is Casino’s, and that will never change.

People can start right now enlightening Democrat Nominee Virg Bernaro and Republican nominee Rick Snyder and tell them how vital we are to this States economy and the over 12,000 jobs that are connected to this Industry. And how much in fact Horse Racing has generated for Michigan over the 77 years. $400,000,000.00 +.

And when Pinnacle does complete all 3 phases of the race track. You will see what once was our ENTIRE Michigan Thoroughbred family that occupied DRC come back in FULL FORCE . And you will see that Pinnacle alone will employ the stated amounts of jobs fulfilled. With only 600 stalls there at present when there was meant to be 1,200-1,500 stalls is a little unfair to say by anyone they never knew how Pinnacle could employ its stated amount. When completely finished with ALL barns up, Track Kitchen, Grand Stand, Club House, etc……. Pinnacle Race Course alone will have the amount of employees stated. And they will not be off site jobs as suggested by Edward Boike Jr..

This man should have did his homework before he opened his mouth.

https://longshotsblues.wordpress.com/2010/07/19/indiana-downs-sets-handle-record-anybody-listening-michigan/

https://longshotsblues.wordpress.com/2010/06/11/michigan-millions-of-dollars-throw-away/

Posted at 11:42pm Aug. 4, 2010.

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So to Bill Shea, Crain’s Detroit and Ed Boike. Let’s not be so secretive. Tell ALL OF US when this meeting is going to take place. DATE AND TIME SIR. Many of our Horsemen & Woman would like to join you. Inform you, Enlighten you and whom ever else wishes to be informed and enlightened. We have no secrets. We will tell who ever what we’ve been through in 14 years. And we will also tell you what your about to destroy. JOBS, JOBS and MORE JOBS. Michigan Thoroughbred Industry’s livelihoods.

County Executive Robert Ficano’s office has said the thoroughbred track has met, or is meeting, all the required conditions under its sale agreement.

Boike, who declined an interview request:

SAY’S IT ALL.

Don’t be shy Ed, we would like to be there at the meeting. After all your trying to destroy us and make this property sale about something it’s never been about. So don’t be so secretive.

The time and date for Chairman Ed Boike’s meeting is still being worked out, said the source, who agreed to speak to Crain’s on condition of anonymity.

I AM REQUESTING AN OPEN PUBLIC MEETING. That is when Ed Boike has worked out the Date and Time of his meeting.

Believe me it will be a very special meeting with the Horsemen there to correct any mis-information your attempting to falsely spew.

And when it’s over we’ll even give you a toast ” in your honor “.


 
Posted @7:44am

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