Wednesday, October 31, 2012

Letter to Vastland regarding pond property in Nashboro



Response added:  Vastland
VASTLAND REJECTS OFFER FROM COMMUNITY

---------- Forwarded message ----------
From: Ken Renner <KenR@vastland.com>
Date: Tue, Nov 6, 2012 at 12:04 PM
Subject: RE: Nashboro Village
To: "Hayes, Roseanne (Council Office)" <roseanne.hayes@nashville.gov>
Cc: "Cooper, Jon (Council Office)" <Jon.Cooper@nashville.gov>, "Johnson, Karen (Council Member)" <Karen.Johnson@nashville.gov>

Councilwoman Johnson:

Thank you again for your recent letter of Nov. 2, 20112.

As I hope you understand, our company is responsible to its investors and partners, as well as to our lenders. It would not be to their advantage for us to accept any offer that does not, at the very minimum, retire the debt on this property and reimburse them for the out-of-pocket expenses they have borne, especially when they have an offer on the table at fair market value. It is also unlikely that our lender would permit us to accept such a proposal, especially if it endangered their secured interest in the property.

Even at the $600,000 level, we are still looking at only a fraction of the amount of the contract offer we now have pending on the property. At our last meeting, I gave you some rule-of-thumb guidelines for the pricing of multi-family land in the current market. I can assure you that the pending offer falls well within those guidelines and will be the preferred method for our partners and investors to dispose of this land.

I do appreciate your ongoing interest and concern. Once again, I think the offers of compromise that we have made are very fair and are consistent with the recommendations of the professional staff at the Metro Planning Commission. I am hopeful that these staff recommendations can be the basis of a reasonable resolution of these issues.

Ken Renner

Vice President, Commercial Sales & Leasing

Vastland Realty Group

1720 West End Avenue, Suite 600

Nashville, TN 37203

Phone: (615) 329-1720, ext. 272

Fax: (615) 329-1790

Cell: (615) 429-5337

Email: KenR@Vastland.com



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