27thStreet t1_j9pqc34 wrote on February 23, 2023 at 6:18 PM

Reply to comment by soundslikemold in Committee approves $9 million for troubled Edmondson shopping center, vote goes to Council by Animanialmanac

Did you also note that they have provided no financial history...because there is none.

>Liquidity

>The Company was organized under the Delaware Limited Liability Company Act on August 2, 2022. As of now, we have not yet begun operations other than those associated with general start-up and organizational matters. We have no revenues and very minimal liquid resources (cash). We intend to use the proceeds of this Offering to buy and operate the Project, as described in our business plan, as soon as the Offering closes. We will also use debt (borrow money) to finance a portion of the costs.

>If we cannot raise money in this Offering, or cannot borrow money on the terms we expect, then the Company will probably dissolve.

A Delaware based LLC with no financials and very little skin in the game.

WCGW?

Animanialmanac OP t1_j9q3nr2 wrote on February 23, 2023 at 7:40 PM

In your opinion this is a bad option for the neighborhood?

27thStreet t1_j9qt3d1 wrote on February 23, 2023 at 10:16 PM

TBH, I am not familiar with what other options were considered. This maybe the best/only one on the table.

I am just reading the tea leaves for red-flags using a healthy amount of personal bias and skepticism earned from living here my whole life.

Animanialmanac OP t1_j9qxbbo wrote on February 23, 2023 at 10:44 PM

From what I heard at the meetings there were no other options. This area of Baltimore has been plagued with corruption my whole life, I wouldn’t be surprised if this was graft or a bribe. I’ve heard good things about Councilman Burnett so I hoped something good would come of this. Thank you for your insight.