Monday, May 22, 2006
“It was still sold at discount down to $175,000. That’s troubling to taxpayers,” said City Councilor Jerry P. McDermott, who was notified Tuesday that the BRA would not attend. McDermott, who is chairman of the Post Audit & Oversight Committee, scheduled the hearing for tomorrow.
A BRA document released in March shows Muhammad Ali-Salaam, the BRA’s deputy director for planning and a private mosque proponent and fund-raiser, signed a March 2000 letter that referred to an estimated fair market value for the 1.9-acre parcel of more than $2 million.
Four months later, the ISB signed a term sheet with the BRA that stated the land value was worth a little bit more than $401,000. The ISB purchased the parcel for $175,000 plus a public benefits package. BRA officials have said the city used an appraisal ordered by the United Bank of Kuwait to determine the value of the land. The appraisal states the land is worth $480,000.
The BRA has been advised not to appear because of pending litigation against the agency, said Susan Elsbree, a BRA spokeswoman.
[via JRTelegraph]
I checked with Jerry McDermott's office, and the hearing mentioned in the article was postponed again. It's been postponed a few times now. "The outside lawsuit against the BRA makes it near impossible for them to comment on the important aspects of the land deal with the ISB....But (I)reserve the right to hold a hearing with out the BRA or ISB in attendance. Stay tuned."
So stay tuned!