From Deseret News archives:
Rocky-developer tiff fuels investor interest in project
Hansen and Anderson faced off in an intense hallway shouting match at the City-County Building on Tuesday following a meeting at which Hansen announced his Wasatch Property Management was pulling out of its agreement with Hamilton Partners to build an office tower at 222 S. Main.
The showdown made headlines because of the insults and profanities the two hurled at each other. Bruce Bingham, a partner at Hamilton, said that attention seems to have grabbed the interest of several would-be Wasatch replacements.
"I guess it would be a little strong to say phones have been ringing off the hook, but I have many more interested parties today than I had yesterday twice as many, I guess I would say," Bingham said Thursday evening.
The City Council, acting as the board of directors of the city's Redevelopment Agency, has approved $6 million in loans to help the 21-story tower be built. But Anderson, frustrated with previous business dealings between Wasatch and the city, asked the council Tuesday to rescind that loan.
But Anderson said politics have not figured into his relationship with Hansen and that he has been able to work amicably with other conservative developers.
Bingham said he had been aware of Wasatch's withdrawal plans since early June and that Hamilton was seeking new investors a process he described as potentially difficult. Now, he says, "I'm encouraged."
"We have to complete the transaction and make it all work, but I believe it will," Bingham said. "I think it bespeaks good things for Salt Lake City as a community and its reputation. Many of these interested parties are national investors, not just local investors. We have got strong national interest, and I think that speaks well of the business climate and community in Salt Lake City."
The 430,000-square-foot office tower is expected to bring 1,600 new workers downtown.
Anderson's accusations stem from an earlier RDA loan to Wasatch that allowed the developer to help KUTV move its studios from West Valley City to Main Street.
The agreement allowed Wasatch to earn credits toward the 3 percent interest rate based on the number of workers it brought into the city. Anderson accused Wasatch of falsifying those records, claiming credit for workers who were already downtown. Hansen denied that.
Also in dispute is a related loan, which Wasatch refinanced without notifying the city until Monday. The agreement required Wasatch to pay off half of the loan at the time of refinancing. Hansen gave RDA officials a check for $586,000 to pay that debt, but the officials say Wasatch still owes about $120,000 in interest.
Hansen, on the other hand, says he may actually be owed money from the city, perhaps as much as $80,000.
E-mail: dsmeath@desnews.com
Comments
- Juan Diego pulls away from Wasatch 1:34 p.m.
- Iran began nuke plant 7 years ago 1:16 p.m.
- Fort Hood suspect charged 1:16 p.m.
- Obama orders Fort Hood intel review 1:06 p.m.
- Federal deficit sets October record 1:04 p.m.
- 5A: Davis, Hunter by the numbers 12:58 p.m.
- Cougars land Vegas standout 12:52 p.m.
- Salt Laker places 5th in skeleton 12:49 p.m.
- Traffic stop leads to teen sex arrest 12:48 p.m.
- Stock market dragged lower 12:47 p.m.
- House passes health care bill
298 - SLC council OKs gay rights policies
286 - TCU showdown has big implications
195 - Senators want food tax restored
158 - Cougars crush hapless Cowboys
155 - Utah Jazz fall apart against Kings
131 - TCU 4th in AP poll; U. 16th, Y. 22nd
119 - Will state consider gay rights law?
114 - Letters: Strange breed in Utah
112 - S.L. vote pending on gay protections
110
One of my guilty pleasures is perusing the covers of celebrity magazines...
The galactic center shines like firelight through gaps in …
For the last time! Limbaugh isn't broadcast on KSL. When are you guys even...
'I'm more of a freedom guy so...' V, that is all well and good. However,...
Is Deseret News going to report that Jeffery R Holland also issued a...
it is time for another revenue stream---change tort law so that all punitive...
That would be All-or-Nothing thinking. Conservatives are good at that. ...
seems to be me the only compassion being shown by the main steam media nut...
I agree with the last three comments posted to page one of this thread,...
Take the Utes to cover the spread on this one. I'm not going to guarantee a...
I don't think the long trip will be a big deal for San Juan. They did it...
Thomas Sowell is always on target. Agree with most of what he said. In the...


You can be the first to comment on this story.