I’m not sure what the bond has to do with the hotel’s state of completion. The City requires bonds to protect the taxpayers from the cost of fixing any public infrastructure a developer may disrupt. In the case of the hotel, that infrastructure would be Water Street, 2nd Street, the Mall, and any public utility lines underneath. The City did call this bond when the project stopped.
The City does not — nor does it have the legal authority to — require a developer to bond the completion of an entire project on private property.
Is he looking at possible prison time over any of this? Or is prison only for the little folk?
Mark Twain’s co-authored novel “The Gilded Age” should be required reading during all periods of boom, excess, and credit bubbles. One of the (literally) money quotes:
Beautiful credit! The foundation of modern society. Who shall say that this is not the golden age of mutual trust, of unlimited reliance upon human promises? That is a peculiar condition of society which enables a whole nation to instantly recognize point and meaning in the familiar newspaper anecdote, which puts into the mouth of a distinguished speculator in lands and mines this remark:–“I wasn’t worth a cent two years ago, and now I owe two millions of dollars.”
Police announced this afternoon that their investigation into what was initially believed to be a fatal fire on Rugby Avenue is now a homicide investigation. #
The Virginia Supreme Court has denied George Huguely’s appeal. His second-degree murder conviction will stand, WRIC reports. #
In a carefully worded story, and not citing specific sources, WTVR reports that forensic evidence belonging to Jesse Matthew Jr., the main suspect in the disappearance of Hannah Graham, matches forensic evidence collected during the investigation of Morgan Harrington’s 2009 murder. #
Both Charlottesville Registrar Sheri Iachetta and former Electoral Board member Stephanie Commander have turned themselves in to the police on four six and four felony counts of embezzlement, respectively. #
Ten years ago, the National Institutes of Health budget doubled and schools like the University of Virginia built massive new research facilities. A decade later, those buildings remain largely underutilized. NPR visits UVA in this story on the effect of federal binge and spurge spending in the sciences. #
The Architectural Review Board has approved a bike-themed mural on West Market, below the McGuffey Art Center, although at least one member expressed concerns that it might look like the bicyclists were riding away from Charlottesville’s downtown. #
What, did he think they wouldn’t notice?
And somehow he was able to post a bond with the city to build the landmark hotel — which now stands gutted like some abandoned soviet project.
I’m not sure what the bond has to do with the hotel’s state of completion. The City requires bonds to protect the taxpayers from the cost of fixing any public infrastructure a developer may disrupt. In the case of the hotel, that infrastructure would be Water Street, 2nd Street, the Mall, and any public utility lines underneath. The City did call this bond when the project stopped.
The City does not — nor does it have the legal authority to — require a developer to bond the completion of an entire project on private property.
Is he looking at possible prison time over any of this? Or is prison only for the little folk?
Mark Twain’s co-authored novel “The Gilded Age” should be required reading during all periods of boom, excess, and credit bubbles. One of the (literally) money quotes:
Beautiful credit! The foundation of modern society. Who shall say that this is not the golden age of mutual trust, of unlimited reliance upon human promises? That is a peculiar condition of society which enables a whole nation to instantly recognize point and meaning in the familiar newspaper anecdote, which puts into the mouth of a distinguished speculator in lands and mines this remark:–“I wasn’t worth a cent two years ago, and now I owe two millions of dollars.”
I feel like such a loser. All those years working and/or living in California, and I didn’t even get an honorable mention on that list.