By News-Register wire services • News-Register wire services • 

Trustee seeks permission to sell museum property

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Comments

Stock

This is JW Millegan using my sons' account. I believe your facts on this story are incorrect. The court documents do not state that a buyer has approached the U.S. Trustee nor that the buyer wants to use the same real estate agent used for the other listed Falls properties (that would be a conflict for the agents on a property of this size and complexity). In fact, the court documents clearly state that the listing agent has no conflicts listing the Evergreen site. What the U.S. Trustee has said is that The Falls Event Centers (TFEC) can not be reorganized, and that selling all the properties is in the best interest of all (aka liquidation, in essence Chapter 7). The Unsecured Creditors have agreed after reading the results of The Claro Group report that liquidation was the best option. The Trustee has since told investors when it is all over that, at best, they may get 2-5% of their original investment - this means over $117 million has been lost in what the U.S. Trustee called Steve Down's "criminal fraud".

While it is likely true that the Museum would want to buy the property, they will not be the only party interested. Given the land is in a Federal Opportunity Zone, it makes more sense for a private buyer to fully realize the value of the property. Any buyer would rightly seek to cancel the museum's $0 lease agreement, so the major risk now is that the museum could be charged market rental rates and/or evicted from the Space Museum building. Not only that, but the museum is generally not a very profitable use of the site. McMinnville needs to get ready for a major change because the best uses of the site require an expansion of the Urban Growth Boundary (UGB). The current City study on three mile lane is very timely, and should include the possibility of a UGB expansion (they could take out the Comprehensive plan's priority option to expand on the Kauer prime farmland south of HWY 19 on 99W, which would be much more difficult).

A New Generation

Homeless camp, anyone, for displaced Veterans?
After all, is's just down the road from Joe Dancer Park...

Jeb Bladine

Stock, wrong on multiple counts.

When Chapter 11 Trustee Michael F. Thomson asked the bankruptcy judge to employ JLL as real estate broker for McMinnville properties, he included a JLL real estate listing agreement that stated: "If the property is sold to Buyer X, who has already contacted the Trustee, JLL will receive a maximum commission of three percent (3%) of the Gross Proceeds."

The "he" you read above in Paragraph 5 was referring not to Buyer X, but to Trustee Thomson, who is asking the judge to approve use of the same real estate agent used for other listed Falls properties.

Also, there is no indication that "the Museum would want to buy the property."




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