Do you think the campus is included?

[whaler11]

Connecticut and Hartford Get $2 Billion Offer for Properties

 

[BlueMAB]

Never mind the campus, to they even take the deal?

 

[whaler11]

Never mind the campus, to they even take the deal?

No way.

 

[Ha Who]

Not at 7.25

 

[whaler11]

Not at 7.25

Those that think they are going to retire on a pension from this state should start looking for work.

 

[uconnfan68]

Those that think they are going to retire on a pension from this state should start looking for work.

Does this mean we can’t sell Hartford?

 

[whaler11]

Does this mean we can’t sell Hartford?

You could try I guess. You might be able to trade it for two Waterburys. But then you’d have three and that is three too many.

 

[TRest]

I can’t believe Hartford owns a billion worth of properties.

 

[WrenchFan69]

"And Oak Street is no stranger to Connecticut. Last year, the firm proposed buying Hartford XL Center, where the National Hockey League’s Hartford Whalers played before they moved in 1997, for $50 million. Oak Street also offered to spend as much as $250 million to update the arena to current NHL standards. On Wednesday, the firm reiterated that proposal."

Isn't this exactly what the city was looking for?

 

[whaler11]

"And Oak Street is no stranger to Connecticut. Last year, the firm proposed buying Hartford XL Center, where the National Hockey League’s Hartford Whalers played before they moved in 1997, for $50 million. Oak Street also offered to spend as much as $250 million to update the arena to current NHL standards. On Wednesday, the firm reiterated that proposal."

Isn't this exactly what the city was looking for?

You’d need to see the actual offer and not the article built off one side of the story.

Chance that is a standalone offer?

I’ll give you 15k for your 03 Civic if you sell me your house for 93k.

 

[intlzncster]

Chance that is a standalone offer?
I’ll give you 15k for your 03 Civic if you sell me your house for 93k.

OK.



I live in a yurt.

 

[whaler11]

OK.



I live in a yurt.

When I said I was ‘buying’ it... I was actually giving you that much money as a loan with a 7% interest rate for 20 years.

After 20 years you can give me back my 93k or keep paying the 7%. You can pick!

#cheerforinflation.

 

[zls44]

Westport vampire who has never set foot in Hartford seeks to hold state hostage for profit, more at 11

 

[bigknight3]

Isn't this part of the plot to Robocop when OCP took over Detroit and privatised the police force?

 

[whaler11]

Westport vampire who has never set foot in Hartford seeks to hold state hostage for profit, more at 11

What’s wrong? Take the 2 billion and give it to UConn and then you have 22 billion!

 

[pepband99]

Westport vampire who has never set foot in Hartford seeks to hold state hostage for profit, more at 11

Somebody's 203 envy is showing. I love when people from 860 country complain about 203 - we will gladly take our majority of the tax revenue (and soon to be the majority of the toll revenue), and tell you hayseeds to shove it.

 

[dennismenace]

Does this mean we can’t sell Hartford?

They are are looking at offers for selling assets, not liabilities.

 

[Excalibur]

Somebody's 203 envy is showing. I love when people from 860 country complain about 203 - we will gladly take our majority of the tax revenue (and soon to be the majority of the toll revenue), and tell you hayseeds to shove it.

Stop pretending that you’re included in that group . . .

 

[MattMang23]

When you can't find the Cesspool, the Cesspool finds you.

 

[Nostical]

Strikes me that 7.25% is a starting point in a coming negotiation. That $2B is too enticing to simply dismiss given such a debt burdened, “out of ideas” state government. I haven’t seen many other imaginative solutions coming out of Hartford. Don’t be shocked if some ambitious politician grabs onto the idea and pushes it.

 

[fatlucy]

Hard to respond a politically but given that New Haven just lost $20+ million in State revenue while Hartford got a $40m hand out, they should suck it up and sell the civic center and whatever non gov critical real estate they have. Put it back on the tax rolls and leave New Haven alone.

 

[Robertelamin]

Hard to respond a politically but given that New Haven just lost $20+ million in State revenue while Hartford got a $40m hand out, they should suck it up and sell the civic center and whatever non gov critical real estate they have. Put it back on the tax rolls and leave New Haven alone.

No one wants to buy the XL Center. That said, all UConn games should be played there.

 

[Hamms30]

Somebody's 203 envy is showing. I love when people from 860 country complain about 203 - we will gladly take our majority of the tax revenue (and soon to be the majority of the toll revenue), and tell you hayseeds to shove it.

Trains and backroads to Brewster are going to get awful crowded in the morning by me. Oddly enough, I just moved and my area code for my house phone is 475 even though I'm still in Ffld Cty

 

[freescooter]

Somebody's 203 envy is showing. I love when people from 860 country complain about 203 - we will gladly take our majority of the tax revenue (and soon to be the majority of the toll revenue), and tell you hayseeds to shove it.

Lol. You sound like Texas. But by the time you paid back everything you’ve gotten and then faced the costs of replacing it it ain’t such a great deal. Oh and plus you get Bridgeport! Hell just picking up the actual costs of running metro north would bankrupt the state of 203ville.

 

[Dogdeacon]

Strikes me that 7.25% is a starting point in a coming negotiation. That $2B is too enticing to simply dismiss given such a debt burdened, “out of ideas” state government. I haven’t seen many other imaginative solutions coming out of Hartford. Don’t be shocked if some ambitious politician grabs onto the idea and pushes it.

You don't get out of a debt burden by 'selling' something but guaranteeing the buyer a 7.25% return. That's called more debt. And you can borrow money much cheaper than 7.25% especially if you are a gov't entity.

For round numbers, say you have a $500,000 home with 80% mortgage 400K at 4%.
Mortgage costs $1,900/mo in P&I + say 760/mo in taxes (state averaged 1.83%).
If you want to get rid of your 'debt' by selling the home and renting it back you pay off the 400K, get 100K and don't have to pay 2,660/mo.
At 7.25% on 500K you'll pay $3,020/mo and rather than build equity or pay down debt it stays constant.

CT probably doesn't have mortgages or much debt on their real estate, but its debt under same umbrella and I can't imagine the debt CT has is at a higher interest rate than even 5%.

The only way you do this deal is if you are sitting on massive amounts of property capital improvements and you can guarantee the buyer will do them (most likely is why should they care, they'll get their 7.25% regardless so no incentive to do more than minimum maintenance to keep operable).