Alderman Weidner email asking if interest payments have been being made on the $4.5M loan?

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From: Dr. Edward E. Diehl [diehl482@hotmail.com] Sent: Friday, August 12, 2016 1:07 PM To: Weidner, Sandy Subject: Re: FDP, LLC

I can make a list off the top of my head of all the ways he lied to that council - you see, I count obfuscation and bullshit as lying along with outright lies. From: Weidner, Sandy <Sandy.Weidner@cityofracine.org> Sent: Friday, August 12, 2016 12:28:36 PM To: diehl482@hotmail.com Subject: FW: FDP, LLC

From: Weidner, Sandy Sent: Friday, August 12, 2016 12:24 PM To: Friedel, Thomas Subject: RE: FDP, LLC I don't know why you are asking why I don't believe you. I am not questioning your honesty or integrity. But I will tell you NOONE knew who Monte Ostermann was supposed to pay rent to, not Dave Brown, not Matt Sadowski, not the company we paid to 'negotiate' for us. So he didn't pay for months or until I pestered on WHO was responsible for collecting the rent and the escrow. I learned, Trust but verify. You are or will be asking that the Council, myself included, take another leap of faith. I will once I my questions are satisfied. From: Friedel, Thomas Sent: Friday, August 12, 2016 11:52 AM To: Weidner, Sandy Subject: RE: FDP, LLC

Sandy,

FDP has been making quarterly interest payments to the city from an escrowed account held at Landmark Title. We request a payment at the end of each quarter and payments have been receipted. Dave Brown and I have been closely following this process to make sure that those transfers occur. There have been no missed payments. I can ask Dave to create a document to show you the transactions or have someone print copies of the checks, but I am a little perplexed with your request. Do you not believe me when I tell you the funds have been received? If that is true, I am very offended because I believe I have never given you or anyone else reason to doubt my honesty. I work very hard to make sure what I tell you and the CC is accurate.


Regarding the property taxes, the city reports out the standing of tax payments for the current year on our web site. This data is easily accessed there. I can tell you that I have reviewed this data several times recently to be absolutely sure of what I was going to report to the CC in closed session. All outstanding taxes on the nine parcels that were purchased by FDP were paid in full at the time of sale, for all years that they were delinquent. Proceeds for that purpose came from the sellers’ share of the purchase price. All of these properties show no past due taxes for tax year 2014 on the city’s web site. The only taxes due at this time are the 2015 taxes to be paid in 2016. The city’s web site shows them as delinquent. I can have someone look these up and print out the pages for you, but again I am amazed that you don’t believe me. Attached is the list of parcels that were acquired. Look up any one of them to see for yourself.

Lastly, we have three large boxes of documents for the marina and festival park project from the mid 1980’s. Colette looked through them and found mostly construction documents. There is one booklet titled Racine Lakefront Development Plan. One section in it includes a narrative about the economic impact potential but does not site any study that was undertaken. There are also a few news stories and opinions written by Mayor Davies about the benefits to gained. Doesn’t appear that we have a copy of any study on the benefits, if one was done.

If you want to see these documents or have them copied, let me know. Same with the first two items.

Tom From: Weidner, Sandy Sent: Thursday, August 11, 2016 2:04 PM To: Friedel, Thomas Subject: FDP, LLC

Tom, Please provide me with copies of the documentation of FDP LLC having paid interest on their City loan since January 1, 2015. I would also like an accounting of taxes owed on the properties purchased by FDP with City money. Please try to locate the study the City had to have done to debt finance Festival Hall. I would like a copy of it. Knowing our history may protect us from repeating it. Thanks, Sandy



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