Gloria wants to spend $132M to buy out leases that Elliott says are illegal; the buildings need repairs that could cost $175M more
“Although plaintiff may object to the city entering into the subject lease, this was a discretionary act and does not constitute ’waste’ of public funds as a matter of law,” the judge wrote. Gordon argued that the agreement wrongly called for the city to pay $128 million over two decades for the property, even though it was appraised at $67 million in 2016 under the assumption that it could be immediately occupied.was actually a refinancing arrangement
The $92 million was secured by what was called a “hell or high water” credit-tenant lease, meaning the city was obliged to make the $535,000 monthly payments under most every possible scenario. Cisterra and Hughes have both denied any wrongdoing, and defended the Ash Street and Civic Center Plaza leases as good deals for the city.
Wohlfeil previously allowed the Gordon complaint to proceed in litigation, rejecting what’s called a demurrer filed early in the legal dispute. That decision was upheld by the state appeals court.
Source: Law Daily Report (lawdailyreport.net)
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