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  #1  
Old 02-02-18, 08:21 PM
fleadog101 fleadog101 is offline
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Possibly the end of the road For HOF Village Project

March 15, 2018 is a Federal Court ordered deadline for the one Mr. Stu Lichter to come current with his bills at The Hall of Fame Village project, The Hoover District in North Canton, The GoodYear East end project, The Ford Lorain plant.

He must come up with a minimum of 35.7 million, here is a list of what is the current balances owed on each project.

Pro Football Hall of Fame Village project
62.3 million
Hoover District project
37.6 million
GoodYear East end project *
232.7 million
Ford Lorain plant project
43.4 million
*Does not reflect the 93.1 million in grant money by the City of Akron, State of Ohio, Federal tax dollars ear marked for this project.

For what itís worth The Hall of Fame Village project will never be completed at this point.
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  #2  
Old 02-02-18, 08:23 PM
tom 48 tom 48 is offline
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Massillon posters in 3,2,1......
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  #3  
Old 02-02-18, 08:46 PM
THE OWNER THE OWNER is offline
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Originally Posted by tom 48 View Post
Massillon posters in 3,2,1......
I believe they were the ones that have been saying this would happen and nobody wanted to listen.
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Old 02-02-18, 09:04 PM
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never say never. But until a larger revenue stream shows up, it will certainly be scaled back big time
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Old 02-02-18, 09:12 PM
Friday night light Friday night light is offline
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The NFL could easily pay off the balance on the Hall of Fame project. It would seem to be beneficial to have a completed project for the show piece of the league
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  #6  
Old 02-02-18, 09:33 PM
Ts1960 Ts1960 is offline
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Originally Posted by tom 48 View Post
Massillon posters in 3,2,1......
Once again Massillon being brought into a thread by a troll. These are the same people who cry and b!tch about Massillon people taking over threads but itís NEVER Massillon fans that start it.
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  #7  
Old 02-02-18, 09:37 PM
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never say never
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Old 02-02-18, 10:26 PM
sam the butcher sam the butcher is offline
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But man2man said everything was just fine and that those who scoffed at the completion were jealous or delusional or something like that.
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  #9  
Old 02-02-18, 10:33 PM
jackson03 jackson03 is offline
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Quote:
Originally Posted by fleadog101 View Post
March 15, 2018 is a Federal Court ordered deadline for the one Mr. Stu Lichter to come current with his bills at The Hall of Fame Village project, The Hoover District in North Canton, The GoodYear East end project, The Ford Lorain plant.

He must come up with a minimum of 35.7 million, here is a list of what is the current balances owed on each project.
As far as I'm aware, he has to pay a reduced amount on the Hoover District loan (by his own admission, by getting yet another loan) and the mechanics liens at the HOF. I haven't seen anything about the other debts owed.

The NFL will never bail out the HOF project. Why do that when they could just start a new LLC and "relocate" to California or the Northeast? You know full well they don't give a flying .... about Canton or Stark County. Neither does the players union because they don't even want to play the HOF game.
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Old 02-02-18, 10:53 PM
fleadog101 fleadog101 is offline
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Originally Posted by jackson03 View Post
As far as I'm aware, he has to pay a reduced amount on the Hoover District loan (by his own admission, by getting yet another loan) and the mechanics liens at the HOF. I haven't seen anything about the other debts owed.

The NFL will never bail out the HOF project. Why do that when they could just start a new LLC and "relocate" to California or the Northeast? You know full well they don't give a flying .... about Canton or Stark County. Neither does the players union because they don't even want to play the HOF game.
Yes you are right about the NFL they will Not bailout this project. He currently has in 2 different cases in 2 different Federal courts. He has defaulted on 7 other projects in other parts of the country. He has currently in those alone 16 liens in that group.
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  #11  
Old 02-02-18, 10:55 PM
Bluestreakoffice Bluestreakoffice is offline
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Originally Posted by jackson03 View Post
As far as I'm aware, he has to pay a reduced amount on the Hoover District loan (by his own admission, by getting yet another loan) and the mechanics liens at the HOF. I haven't seen anything about the other debts owed.

The NFL will never bail out the HOF project. Why do that when they could just start a new LLC and "relocate" to California or the Northeast? You know full well they don't give a flying .... about Canton or Stark County. Neither does the players union because they don't even want to play the HOF game.

I agree about the NFL....they haven't built many stadiums, they are usually very good at letting other people like cities do it for them. Have you noticed how Mr. Baker has become very quiet and pretty well disappeared from the media.
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  #12  
Old 02-02-18, 10:58 PM
firewatch firewatch is online now
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Originally Posted by Bluestreakoffice View Post
I agree about the NFL....they haven't built many stadiums, they are usually very good at letting other people like cities do it for them. Have you noticed how Mr. Baker has become very quiet and pretty well disappeared from the media.
Thatís because he is busy securing funding from other sources. He will wipe his hands of Stu And IRG.
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  #13  
Old 02-02-18, 11:03 PM
fleadog101 fleadog101 is offline
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Originally Posted by Bluestreakoffice View Post
I agree about the NFL....they haven't built many stadiums, they are usually very good at letting other people like cities do it for them. Have you noticed how Mr. Baker has become very quiet and pretty well disappeared from the media.
The NFL has its own cash flow problem right now as they have lost so much money this season from the protest of players and lack of viewership.

If they get a good Supper Bowl rating they might break even
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  #14  
Old 02-02-18, 11:25 PM
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The Butler The Butler is offline
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Have you noticed how Mr. Baker has become very quiet and pretty well disappeared from the media.
He'll be on full display tomorrow knocking on hotel room doors.
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  #15  
Old 02-03-18, 12:55 AM
BIG ED BIG ED is offline
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Who didn’t do their homework on this guy in the first place? Shame on whoever got in bed with this dude. I said a long time ago this thing was more pie in the sky than what would meet the eye. SMH.
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  #16  
Old 02-03-18, 01:38 AM
jackson03 jackson03 is offline
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Meanwhile...

http://www.crainscleveland.com/artic...almart-bedford

Dated November 26, 2017...

Quote:
The massive Walmart Supercenter in Bedford was acquired Friday, Nov. 17, by real estate developers Chris Semarjian and Stuart Lichter. ... Cuyahoga County values the property at $12.8 million, but the buyers likely paid far less. ... Semarjian said he signed a confidentiality agreement with the retailer and could not to disclose his purchase price. It is his and Lichter's first property purchase from Walmart.
Lichter, being sued for civil fraud over missing money at the Hoover District, facing imminent foreclosure, and having not paid the bills at the HOF in months, apparently has the money to purchase multi-million dollar rental property in Cleveland. This property will immediately benefit IRG/Lichter through rental income and on-paper appreciation. His shell companies in North Canton and Canton (Maple Street Investors and Hall of Fame Village LLC) can go belly up, but it doesn't harm him, since IRG is insulated from the damage. But, if his creditors are to be believed, those shell companies actually funnelled money to IRG or Lichter personally.

So let's recap: Lichter gets a $36 million loan to renovate the Hoover plant. Instead of renovating the Hoover plant, he (allegedly) uses the money to purchase rental property with the amount paid under a confidentiality agreement. The lender that gave him the loan for the Hoover renovation gets stiffed out of millions whether Lichter pays his settlement to them or not. He also is under no obligation whatsoever to continue renovation of the Hoover plant that he purchased a full decade ago. If he loses the Hoover plant to foreclosure, it doesn't matter, because he already got a free $36 million to invest in growing his main company. Meanwhile, he has acquired a massive amount of property near I-77 in Canton at absolutely dirt cheap rates because he promised to build NFL Disneyworld. Despite the fact that this is quite possibly the most ridiculous idea anyone's ever heard, Stark County and the city of Canton hand over repeated grants, and are even planning a countywide sales tax to hand him even more. As we already know from the Hoover debacle, no one can force him to complete the project the way he said he would, and given his past practices, he can immediately convert these taxpayer gifts into the purchase of even more rental property (always under a confidentiality agreement, can't let anyone see the paper trail) with the governments and lenders too scared to cut him off totally for fear of ending up with $0 or a failed project.

Stark County got monorailed! Seriously, the FBI should be on this guy for the number of cities he has scammed.
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  #17  
Old 02-03-18, 02:14 AM
jackson03 jackson03 is offline
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fleadog, what is the other federal court case he has open? Do you have a link?
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  #18  
Old 02-03-18, 05:14 AM
tom 48 tom 48 is offline
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Quote:
Originally Posted by Ts1960 View Post
Once again Massillon being brought into a thread by a troll. These are the same people who cry and b!tch about Massillon people taking over threads but it’s NEVER Massillon fans that start it.
... and the thread has stayed on topic as a result.
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  #19  
Old 02-03-18, 05:41 AM
mboyj03 mboyj03 is offline
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Originally Posted by fleadog101 View Post
The NFL has its own cash flow problem right now as they have lost so much money this season from the protest of players and lack of viewership.

If they get a good Supper Bowl rating they might break even
37 of the top 50 broadcasts in 2017 were NFL games.

Fox just paid $600 million to broadcast just the Thursday night games.

Tell me again how the NFL is having a cash flow problem.
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  #20  
Old 02-03-18, 06:12 AM
chs1971 chs1971 is offline
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Originally Posted by Friday night light View Post
The NFL could easily pay off the balance on the Hall of Fame project. It would seem to be beneficial to have a completed project for the show piece of the league
First, the NFL doesn't have any money. The NFL would have to convince the owners of the teams to come up with the money.

Second, the showpiece of the league is the Super Bowl, not the HOF game.
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  #21  
Old 02-03-18, 07:38 AM
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NFL is not losing money. Making a bit less is different than losing
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  #22  
Old 02-03-18, 09:10 AM
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Meanwhile I was turned in to a collection agency over a $7.00 hospital bill that was actually an error on the hospitals part.
How on earth are debts allowed to grow to hundreds of millions of dollars before anyone seems to notice.
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Old 02-03-18, 09:43 AM
serpico serpico is offline
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Originally Posted by jackson03 View Post
So let's recap: Lichter gets a $36 million loan to renovate the Hoover plant. Instead of renovating the Hoover plant, he (allegedly) uses the money to purchase rental property with the amount paid under a confidentiality agreement. The lender that gave him the loan for the Hoover renovation gets stiffed out of millions whether Lichter pays his settlement to them or not. He also is under no obligation whatsoever to continue renovation of the Hoover plant that he purchased a full decade ago. If he loses the Hoover plant to foreclosure, it doesn't matter, because he already got a free $36 million to invest in growing his main company. Meanwhile, he has acquired a massive amount of property near I-77 in Canton at absolutely dirt cheap rates because he promised to build NFL Disneyworld. Despite the fact that this is quite possibly the most ridiculous idea anyone's ever heard, Stark County and the city of Canton hand over repeated grants, and are even planning a countywide sales tax to hand him even more. As we already know from the Hoover debacle, no one can force him to complete the project the way he said he would, and given his past practices, he can immediately convert these taxpayer gifts into the purchase of even more rental property (always under a confidentiality agreement, can't let anyone see the paper trail) with the governments and lenders too scared to cut him off totally for fear of ending up with $0 or a failed project.

Stark County got monorailed! Seriously, the FBI should be on this guy for the number of cities he has scammed.
A couple notes here:

1) The purchase price of the Wal-Mart complex was ~$2.25 million. No amount of confidentiality agreements can keep this from being public record.

2) Any lender that gives someone money without making sure it goes where it is supposed to (in this case, the Hoover plant), is begging to get taken.
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  #24  
Old 02-03-18, 10:05 AM
clarkgriswold clarkgriswold is offline
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Trust me. If the NFL thought this was a worthwhile revenue producing project. they'd be in the middle of it. Also, maybe they're wise enough to realize that at this juncture it's easier to sit back and wait on the defaults and bankruptcies then come in and seize upon the remnants at pennies on the dollar.
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  #25  
Old 02-03-18, 10:16 AM
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yep. Not in the random local developer bailout market
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Old 02-03-18, 10:19 AM
Cali_Eagle Cali_Eagle is offline
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Originally Posted by Friday night light View Post
The NFL could easily pay off the balance on the Hall of Fame project. It would seem to be beneficial to have a completed project for the show piece of the league
NFL owners are exceptionally good at spending your money and mine. They aren't so good and have a marked aversion to spending the League's and/or their own.

The NFL doesn't really want the HOF to remain in Canton anyway. They'd prefer a more natural tourist destination like Orlando where they believe the tourist dollars would REALLY pop.

I could see this development as the thin edge of the wedge that starts the process of relocating the HOF out of Canton. Time and subsequent events will tell the tale I guess.

(Benson Stadium is a drop in the bucket to men like the NFL Billionaire Boys - Owners Club. The construction of that would never cause them to not leave if leaving "pencils out" for them.)
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Old 02-03-18, 10:33 AM
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never say never
Ha Ha.
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Old 02-03-18, 12:58 PM
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All the construction activity has stopped for the last few months. Without a hotel I don't think they will be in the running for the 2020 NFL draft. What a shame.
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Old 02-03-18, 01:07 PM
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Meanwhile I was turned in to a collection agency over a $7.00 hospital bill that was actually an error on the hospitals part.
How on earth are debts allowed to grow to hundreds of millions of dollars before anyone seems to notice.
There's an old legal adage that says, "If you owe a little money, you are a debtor; but if you owe a lot of money, then you are a partner".
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Old 02-03-18, 01:18 PM
cabezadecaballo cabezadecaballo is offline
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All the construction activity has stopped for the last few months. Without a hotel I don't think they will be in the running for the 2020 NFL draft. What a shame.
All of this clowns activities are so far-flung yet inter-connected. Are there avenues through RICO that might allow seizure of all his assets ? It seems from a cursory look that he shifts money with strings intended for other projects among entities that should remain independent.
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