Entertainment Properties Trust (NYSE: EPR), a company whose total assets exceed $2.6 billion, is a real estate investment trust (REIT) that develops, owns, leases, and finances properties for consumer-preferred, high-quality businesses. On February 25, 2010, it officially issued announced operating results for the fourth quarter and year ended December 31, 2009.The report included the following passage:
“In connection with the Company’s loans to Concord Resorts, LLC (“Concord Resorts”) related to a planned casino and resort development in Sullivan County, New York controlled by Louis Cappelli, and several other loans to Mr. Cappelli and his affiliates, each of which are currently in default, the Company has initiated litigation seeking payment of amounts due and a declaratory judgment that the Company has no obligation to make an additional advance to Concord Resorts under any prior loan commitment. The Company’s loans to Concord Resorts, Mr. Cappelli and his affiliates subject to this litigation total approximately $163.1 million.”
Entertainment Properties Trust’s quarterly reported notes the Mr Louis Cappelli’s default over the Concord Resorts development project. EPR had on February 18,2010 filed a $10 million lawsuit against defendants Louis Cappelli over New Rochelle’s New Roc City, a completed Cappelli Enterprises development project. (Editor's cNote: DelBello, Donnellan Weingarten Wise & Wiederkehr, LLP is of counsel to the defendant and not a defendant as previously erroneously noted.)
Despite the ever-growing negative financial turmoil impacting Cappelli Enterprises Inc, and Mr Cappelli’s personal health, the City of Yonkers, having shepherded the waterfront development project in conjunction with the Yonkers City Council over a six years duration is said to have consummated the final signing of the LDA (Land Disposition Agreement) and the FTA (Full Tax Agreement, another term for PILOT, or Payment in Liew of Taxes), without fully protecting Yonkersites from a developer who daily comes under ever more onerous financial hits that will likely preclude their building anything in Yonkers for 5 years onward.
No official statement and commensurate proof that the LDA and FTA had been consummated on Friday, February 19, 2010.
One must wonder why City Hall would even consider signing the LDA and FTA one day after EPR’s $10 million lawsuit. What is the value of signing an agreement with a firm whose financial precariousness and future viability, and concern for Louis Cappelli personal health, when Yonkers is hardpressed to meet its budgetary shortfall said to revolve about $100 Million? Wasn’t economic development supposed to wean Yonkers off the taxpayer’s dole. Where are the illusory revenue streams spoken about by Yonkers Mayor Phil Amicone?
Should Yonkers Corporation Counsel not have suggested a “Performance Bond” guarantee to assure the creation of the imprint spoken about? Instead, if the LDA and FTA were consummated, that is, there is proof of payment having been exchanged, a paltry $200,000 plus at that, does Yonkers need a baysitter for its most treasured and valuable waterfront property?
What is the benefit to the City of Yonkers, and specifically to Yonkersites when the visions painted by Mayor Amicone years from even being initiated, much less surviving the financial crisis that has consumed Yonkers, New York State, and beyond?
Does Yonkers Mayor Amicone have any plan to get us out of this mess? Is he concerned over Yonkersites being relieved of their tax burden or will he blame the messengers or other imagined demons for his continuing failure?
When will he reveal the $100 Million deficit to Yonkersites. Only the Yonkers Tribune railed at retiring Finance Commissioner James LaPerche’s creative accounting tricks that had him state that he had spun up a $23 Million deficit onto the 2011-2012 budget.
Why did Mayor Amicone not reveal the financial burden impacting Yonkers? Is he employing gimmicks to create a financial picture impacting the city? City hall is demanded under the protocols delineated by the Yonkers City Charter to provide the Yonkers city Council with a quarterly financial update. None was provided by the quarter ending December 31, 2009, and none will likely be provided by March 2010? Without having yet spoken to any of the 10 unions whose contracts expire this year, how fast can the Finance Department ever meet the next quarterly report? Besides, without a sheriff in Yonkers watching the breaches to the Yonkers City Charter, is there any incentive to for Mayor Amicone to insist his minions complete the work they are expected to complete?
City Hall continues to be adept at canceling any noise that would challenge its inept conduct vis-a-vis The People. Mayor Amicone, elected to serve the public good, has instead created a legacy of failure about which he is totally blind. His failure is balanced by the failure and lack of intestinal fortitude by a ever complicit City Council.
Who serves The People?
No Mayor Amicone; not Yonkers City Council President Chuck Lesnick, or most of the City Councilmembership.
The issues that were bequeathed by former Inspector General Phil Zisman are worthy of being pursued by the City Council. No thanks to Mr Zisman who did not complete study or audit of the issues read by Mr Lesnick in response to last Wednesday’s State of the City address. Mr
Lesnick’s reading of the list is just “talk.” He is a full fledged crony working for Mayor Amicone. If he is independent of Mayor Amicone’s 14 years legacy of failure, he must present every issue mentioned in Mr Zisman’s farewell to a vote before the City Councilmembership.
The call for consolidation of services among the City of Yonkers and the Yonkers Board of Education (YBoE)m has been mentioned for years. It is a political ploy that has accomplished nothing but promises. The City Council must define a resolution that specifies the accomplishment of consolidation. Thiose that vote against it will be outed as simply talkers; including the verbose mayor who may veto the legislation.
Similarly the contract for cell phones may be reduced by the most recent inducements for services through other firms. Why purchase cellphone services AT&T, Verizon, when Boost offers Research in Motion Blackberry service at a maximum of $60 per unit.
Many in Yonkers and beyond our borders laugh at how creative City Hall has abused the sytem to their benefit, but to the detriment of its citizenry? When will New York State Comptroller Thomas DiNapoli disapprove budgets based on wishful thinking, instead of letting Mayor Amicone slide?
The City Council must do right by The People. Mayor Amicone must be called for coming up with little substance and benefit.
Westchester County Legislator Gordon Burrows, allegedly arrested with a friend in Upstate New York for possession of an illegal substance, allegedly cocaine, was charged with a 7th Degree Misdemeanor. Yonekrs Tribune noted that he would be permitted to plea down the charge. He is said to have done so. When he comes before the judge on Monday, March 1st, he will face noting more than a Violation. So much for justice.
Mr Burrows must resign. Shame on Westchester County Executive Rob Astorino for not demaning he resign. Likewise for County Chairman Ken Jenkins not demanding he stand down. Why are Westchester County GOP Chairman Doug Colety and Yonkers GOP John Jocono silent. Why has Mayor Phil Amicone been silent? Where does Village of Bronxville Mayor Mary C. Marvin stand on Mr Burrows alleged conduct? Why is there only silence, except that is , for the backroom deals. What a travesty; what a horror. Mr Burrows must also lose his ability to drive. His statement to the Journal News is an admission to righteousness of the Sheriff’s arrest of him and his friend. Mr Burrows may be embarrassed by his behavior. That is not good enough. Yonkersites must ask themselves if the law would be equally lenient were thay to have engaged in similar conduct? The answer is that they would suffer the embarrassment of jail time and not be exonerated by a violations
