If, on the other hand, there are one or more bulleted points set forth in my memo of Oct. 23rd that you are unwilling to discuss with the goal of incorporating them into the disposition and development agreement, we will consider all negotiations termintated.The signed letter signifying JRP's willingness to negotiate appears to have been delivered in person at the City Council meeting Dec. 13.
A series of emails that preceded this signing gives us a little view into the status of the investor group that is to finance JR and share in the proceeds with the City. At this point, it consists of Kuratek and Holzman, with no large investor since AIG pulled out. The original structure with AIG as a partner, called Juniper Ridge Ventures, LLC, was never executed and filed. JRV consisted of Juniper Ridge Investors, LLC, AIG, and Juniper Ridge Partners, LLC (as the managing member). Juniper Ridge Investors, LLC, is composed of JRP and "our investor group". What that group is seems rather nebulous at this point.
Oct. 15, 2007 City Policy Summary on Juniper Ridge DDA
Oct. 22, 2007 Garzini letter laying out redline bullet points
Nov. 1, 2007 JRP Response (no letter, Bulletin article behind pay wall)
Nov. 30, 2007 JRP response offering to negotiate, perhaps with a mediator
Dec. 6, 2007 Garzini letter requesting acceptance of Oct. 22 bullet points
Dec. 11, 2007 letter requesting JRP signatures as proof of intention to negotiate
Will things be patched up? How long will this next chapter take to play out? Will the City ever receive a return? How close to bankruptcy will we come with a single tenant that received land at 50% off, paid no SDC's, and was given $8 million in further improvements for access? Will any other potential tenants agree to stricter terms than Les Schwab?
Only time will tell. The saga continues...