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
- I-84 crash closes lanes in Canyon 12:01 p.m.
- Prosecutors have Cardall report 11:58 a.m.
- Stocks jump to new highs 11:56 a.m.
- Gulf Coast preps as Ida weakens 11:50 a.m.
- Imam praises Ft. Hood shooter 11:47 a.m.
- High court won't stop execution 11:46 a.m.
- USU Press merges with library 11:20 a.m.
- GOP blasts Matheson after vote 11:19 a.m.
- Utah Jazz: Miles has cast removed 11:18 a.m.
- Ten Steps to a 30-minute garden 10:56 a.m.
- TCU 4th in AP poll; U. 16th, Y. 22nd
- TCU showdown has big implications
- Seniors helped BYU regroup
- Hope for single moms
- Lambert surprisingly tops news
- Korver and Miles to be evaluated
- Cougars crush hapless Cowboys
- TCU moves into 4th place in BCS
- Teenager is critical after stabbing
- Water wars in Snake Valley
- Gay advocates trek to LDS office
234 - House passes health care bill
210 - Lobo suspended
176 - Cougars crush hapless Cowboys
153 - Utah Jazz fall apart against Kings
130 - TCU showdown has big implications
124 - Thousands protest health bill
104 - Provo company innovating engines
104 - RSL rallies to advance
103 - Utes pound winless Lobos
89
Why do so many people live so close to refineries in Utah and elsewhere?
NASA's Stardust probe continues to bring new knowledge about the nature...
Republicans will be "upset" with anything a Democrat does. It's called...
it had been a long time problem for the jazz, at least from what i've...
Poor Rep. Matheson. Just goes to show, There is no moderation in all...
I'm just wondering who exactly Matheson thinks is going to be voting for him...
In regards to PG and LP, their top basketball players actually play...
resume doesn't compare to big brother's resume against common opponents this...
I want to know why this cop was not charged with hit and run?
As for the Heisman and NC wounds, unlike ewe, at least BYU was in those...
Why does there need to be a solution to a problem which does not exist? ...
How did playing at Rio Tinto and winning (wow) 1-0 help us against the Crew?...


You can be the first to comment on this story.