Kevin Leininger’s article in today’s News-Sentinel has one glaring flaw.
From the article:
[…]Â “(Summit City) hasn’t approached the city with any detailed proposal,” mayoral spokesman Ozzie Mitson said.
Sorry, Ozzie, but what?  What is this letter all about? Mr. Leininger – did you fully research your subject?
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Good question Stephen.
I still think these guys are all talk. Where are they going to get financing for that size of project right now? The only way to get it is to sell the casino as being a done deal.
If I were a potential investor I would be VERY concerned about the possibility of the casino referendum (if it even happens) not passing. Without that, the rest of the project is dead and the investors will lose all their money…
For what it’s worth, they do have a letter of intent to provide commercial funding on their website from a company called Legacy Lending Group, Inc. Not sure who they are or what kind of a company they are.
Yes… very good question, Stephen. Perhaps the city never read the letter. And reading the “Summary of Construction Cost from MSKTD,” I saw no mention of the cost of purchasing the land. Has anyone talked to the current owners? (SDI, I believe)
Jeff… Just looking at the work that Summit City Grand Resort & Casino Holdings Corporation has put into the information available on the webpage, I doubt that they are all talk. Question is, what do they really want?
Paul – Thinking about this on the way home from Owosso, I wonder what question Kevin asked Ozzie and if this was taken out of context? If you notice, the quote from Kevin was obvious a partial one as Leininger had to add the “(Summit City Holdings)” explanation. If Leininger had done his homework – and I have reasons why I keep asserting this – then he would have known about the letter and delivery of 10 business plans to the City by SCH.
Stephen,
They have no financing. Legacy Lending Group appears to be a broker that specializes in helping their clients get commercial mortgages. If I were a gambling man then I would wager that NOBODY is going to give them financing for that project without the casino portion being guaranteed. That’s why the material you linked is somewhat disingenuous – it lists the casino as “if approved”.
But the truth is there is no project without the casino…
And in one of the presentations they gave, there was no mention of a casino at all. It was only later, in examining their website that the group learned of the casino.
That would be my concern – that they build everything, can’t get the casino done because of licensing and then what do they do? Abandon it? That would be no better than what is there. Perhaps this is part of what the meetings between them and the City have been about?
I don’t know anything about Legacy Lending – haven’t had time to check into it. Thanks for the info, Jeff!
Stephen,
“That would be my concern – that they build everything, can’t get the casino done because of licensing and then what do they do? Abandon it?”
I wouldn’t worry about that too much because I seriously doubt they could get financing for ANY part of the project w/o the casino.