Does anyone know what is happening at BAC? I have heard rumors for months but they were just rumors. Now I know why the grass wasn't getting cut. Does anybody know what bank is involved?
A local paper is reporting that Mike Nix, who served as the executive director of the Beverly Arts Center (BAC) for nine years, has been fired.
The paper reports the board asked Nix to resign earlier this month in response to a demand for “new leadership” from the bank that holds a letter of credit for the $5-million bond on the BAC’s building at 2407 W. 111th St.
“I was told the bank wanted me out, but I refused to resign,” Nix said. “They threatened foreclosure and forced the board to terminate my position.”
The paper also reports that State Sen. Ed Maloney (D-18th) said he spoke with a bank official earlier in the month when he realized the bank was threatening foreclosure. Reportedly, Maloney is talking to officials with the city of Chicago and the Chicago Park District for the purpose of getting additional funding.
There are many questions but few answers. Is it true that this facility (which is truly beautiful) cost $9 million dollars to build? Is it true that BAC was left with a $5 million dollar mortgage to service? If these numbers are accurate, is anyone surprised that a foreclosure is imminent?
There are many questions but few answers. Is it true that this facility (which is truly beautiful) cost $9 million dollars to build? Is it true that BAC was left with a $5 million dollar mortgage to service? If these numbers are accurate, is anyone surprised that a foreclosure is imminent?
DRUNKEN SAILORS
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DeleteWho was the contractor that built this? 9 million total, lats say 500 k for the land and 8.5 million for the building? That doesnt sound right. I think our info is wrong.
ReplyDeleteYou didn't build that! The gubermint did it for you.
DeleteBAC was told who to hire to build it.
ReplyDeleteThe bank involved was Fifth Third Bank which received a 3.4 BILLION Dollar bailout from the federal government while simultaneously being found liable for widespread unfair lending practices by the same federal government. Mike Nix was doing an extraordinary job building up the Art Center's brand and keeping it afloat considering the current economy. His termination was an inside hatchet job by local political officials who wish to install their own unqualified hack. Fifth Third had absolutely no leverage to foreclose as the building is less than worthless without zoning power. The Park District is not going to assume any costs or liability as a tenant. The greatest loss to the Art Center is the loss of non compensated Bill Figel who has given so much of his personal and professional services to the Art Center and the community. Bill resigned honorably rather than play politics over an institution so important to our community. Get ready for another vacant white elephant just like Borders Bookstore.
ReplyDeleteWhats o'Shea supposed to do? Pretend its not happening? Your damn right he needs to get his own person in there right away and try to get the situation under control. This is not a mess he created. Please keep that in mind.
DeleteIt is also not a mess created by Mr. Nix. From what I understand, he has be relentless in his efforts to save BAC.
If the situation is as dire as everyone is saying, bankruptcy is an option. That will be the end of the bank pushing everyone around. I would venture to say that BAC will survive such a filing and go on to prosper.
Meanwhile, the entire neighborhood needs to find out exactly what 5/3 bank did or did not do and take it from there.
This is troubling news.
ReplyDeleteOnce again banks stealing property. Public or private, they want the collateral, the asset, worth something since their currency is increasingly worth less and less.
ReplyDeleteThis is very troubling news.
Hard to believe the 19th ward is letting some bankers push them around. I guess our learders arent that smart.
DeleteSomebody talked them into going with electric heat which costs a fortune and made it a money pit before it opened.
ReplyDeleteTypical incompetence.
DeletejUDGE Maloney went to prison for fixing cases for the mob.money used to change hands in the bathroom of the old Brunos on 95th st, more judicial decisions were made in that toilet then were ever made at 26th and california.
ReplyDeleteThe Maloney that is involved is not related to the Judge.
Deletewhat makes you so sure
DeleteThe first mistake was building a rather boring box like building and spending $9 million dollars. Next was taking out a $5 million dollar loan. Then they got $$ from the state (our tax dollars) and now they cannot pay back the loan. While the bank may not be cooperating, we do know that BAC is not cooperating with the bank by not following the terms of their loan agreement. If someone owed you alot of money how long would you be patient?
ReplyDeleteIt truly is a sad situation and seems like the bank may be making some big mistakes but I am sure from their perspective the bigger mistake they made was to lend BAC the money in the first place. Also, what was wrong with the old building? Hopefully we can have cooler heads prevail at the bank and at BAC and they can work something out.. it would be just another blow to our area...Borders, other boarded up businesses, restaurants like HOme Run Inn, Franconellos, Jansons all which seem to be at stand stills...The Evergreen Plaza is a ghost mall....not good signs oh 19th Ward Democrats! But please tell us more about how if Obama gets 4 MORE years things are going to be great !
4 more years of obamanation will END the United States, for sure.
DeleteIrrelevant. Stay on topic.
DeleteIf government built businesses, the 19th ward would be a business Mecca. But the 19th ward shows us all time and again that government isn't the solution. It is the problem. The bank is the bad guy for wanting a loan repaid. Give me a break! Democrats in the 19th ward run around in the 19th ward like the Banks WANTED to make bad loans. The history is that they were forced to by GOVERNMENT. They were smart enough though to find a way to pass it back on to Government, So NOW we all pay for bad government policy. The democrats are already running around trying to find a Government solution.
ReplyDeleteSo True. Government is the problem. Not the solution.
DeleteWhat 19th Ward pol had a "relationship" with 5/3 Bank?
ReplyDeleteI would like to thank Senator Maloney for getting involved and trying to save BAC.
ReplyDeleteCould you please encourage him in a way to help save it without increasing my taxes and costing my family money please? I was going to send my boys to Brother Rice until I found out he voted for Civil Unions. Phoney Maloney. Marist doesn't have leadership people who insult their community and the people of faith that the school espouses to serve.
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DeleteKind of reminds me of the story of Dorothy Tillman's "Lou Rawls Cultural Center" at 47th and King Drive.
ReplyDeleteTwo Brother Rice students held up at gunpoint last night by 4 non neighborhood offenders. Victims had their wallets with ID's and cash, cell phones and house keys taken. It is only a matter of time before one of our kids gets killed unless our elected officials demand from Rahm the Police resources we pay for and deserve.
ReplyDeleteFrom what I understand, we don't need police because we have Matt if his car is still working. I bet if the white kids didn't place a call for the dope, then the offenders of another color would not have shown up in the alley behind the 19th ward office. People need to know where their kids are, not where they say they are going and that would resolve some of those problems.
DeleteWhat an ignorant comment. Just because a couple 19th Ward kids were buying drugs let's assume all kids in the neighborhood do drugs and if they got held up by some thugs I suppose it is their fault? And I for one am glad that we at least have an alderman willing to DO something in our neighborhood. When I was growing up in this neighborhood - I could walk the streets at night - and it is truly bull**t that our kids cant do the same...Those kids could have been killed! These thugs are getting away with so much because our media and many of our elected officials follow the politically correct crap.
DeleteIt is amazing how most people love their alderman, their state rep., their senator, their congressman, etc. But, our city is broke. Our state is broke. Our country is broke. 19th warders blame the banks. I blame the 19th warders. Matt is a tough guy until he takes his seat on the council floor and acquieses to every Rahm demand.
DeleteThe 19th ward kids buying drugs were not getting held up, nor were they detained and required to file a police report. The folks selling the drugs were correctly racially profiled by Matt and will certainly not be convicted of anything. In fact, they will probably receive a substantial settlement from the City of Chicago on account of the alderman endangering a child by using his car as a weapon. The adults in the car are probably still suffering whiplash and undergoing psychological treatment from the trauma.
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ReplyDeleteUndoubtedly more Chicago, 19th Ward, Obamaland Corruption is involved...
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ReplyDeletePersonally I am very much opposed to Maloney (he is retiring rather than getting the swift kick) - Fran Hurley is way under qualified to represent an area like our own (and VERY liberal). Cunningham too is VERY liberal (and has been since high school). Dart became a super liberal when he studied at his Ivy League college - (his Dad was not). The above people are very nice enough - but will never get my vote ever again for their views. That being said Matt O'Shea just took office. Of course he was hand picked by a very powerful Ward Machine, so of course he will tow the line when needed. However, he does seem to genuinely care about our Ward - I have seen it personally on a few ocassions. He went out of his way to be friendly to me when he did not have any powerful position (and I had no idea who he was). I will wait to see if he stands up for us in the long run. I do recommend however, that they do not come trolling for votes for Obama in our Ward...hint...(he truly is more despised than you can imagine Democrats !!)
ReplyDeleteWhy was my comment about fifth-3rd bank removed? all I said was they are not your friend....and to boycott them...what kind of blog are you running anyway?
ReplyDeleteI have heard about the Beverley Arts Center, but have never been there. I do not live in the area, but have always wanted to check out some of their programs etc. Exactly what do they offer and how is it funded. Just curious.
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