Wabash developer causes uneasiness
By Erica Sagon
Asst.
City Editor
The developer of
the multimillion dollar Wabash Landing project is making a few local legislators
uneasy with his delayed progress in getting leases signed and a recent
bounced check.
West Lafayette city
councilors Barbara Sparby, R-At Large, and Gerry Keen, R-5th District,
are expressing concern over Wabash Landing's progress and Indianapolis-based
developer Herman Renfro's recent financial mistake.
"If I was working
on a multimillion dollar project and I didn't have enough money in my
account to cover $2,400 … yes, I'd be concerned," Sparby said. "But
the burden is now on the redevelopment department to make sure that Mr.
Renfro is what he said he will be."
Renfro said the bounced
check wasn't a big deal, and he hasn't received any criticism for what
he said he feels is a small amount of money. Renfro issued the construction
manager of Wabash Landing a blank check to pay for a building permit.
He said that at the time, he did not know how much the building permit
would cost.
The check, which
was written for $2,400, bounced.
"We don't keep money
in that account; we pay bills out of it," Renfro said.
Renfro remedied the
problem by sending a cashier's check overnight to cover the bounced check.
"I think there could
be some critics out there, but the city was not mad at all," he said.
However, Sparby said
she is not satisfied with Renfro's reason for bouncing the check, and
Keen has asserted his public concerns as well.
"My question is why
doesn't he have overdraft protection? Most banks provide it for their
good customers," said Sparby. "The blank check … it doesn't seem
feasible that it was a timing issue. It just doesn't make sense to me."
Steven Belter, president
of the West Lafayette redevelopment commission, said that — ideally
— good money managers don't bounce checks, but he understands Renfro's
explanation.
"Good money management
minimizes the balance you carry in your checking account," Belter said.
"Better money management keeps you from bouncing checks.
"It's a minor annoyance
but not a reflection of the progress being made on the project," Belter
said.
However, Sparby noted
that this project has seen several delays and extensions. Recently, a
60-day extension for obtaining signed leases was granted at Renfro's request.
Once Renfro gets
60 percent of his leases signed, banks will release finance bonds for
phase one of Wabash Landing.
Renfro said he originally
thought the leases would be signed by mid-March because the bank bonds
expired at the end of March. But Renfro missed that deadline and said
he remains confident that the project is still on schedule and phase one
will be open before Thanksgiving.
"We're just about
there," Renfro said.
Belter said he is
not concerned with the extension for the leases.
"There's no panic
that I'm aware of coming from the redevelopment side," Belter said. "It's
a complicated project; it doesn't surprise me that it's taken longer than
it originally hoped."
Sparby said she is
simply getting bad vibes about the project's progress.
"I have some concerns;
there's no doubt about that," Sparby said. "But the city has committed
to this project, and they keep telling us that it's not going to be a
problem."
In other Wabash Landing
news, the Goodrich Quality movie theater is scheduled to open on May 19.
Renfro still has some concerns about the limited parking availability
but asserts it's only going to be a concern for the first month.
At the opening of
the theater, for each parking spot, there will be 3.5 movie seats allotted.
There are roughly
300 parking spots planned and 1200 seats in the theater.
Former Levee Liquors
and Arni's Car Wash have been demolished to make room for the parking
lot, and the former Noble Roman's parking lot may also be demolished for
additional parking.
|
