FACTS YOU SHOULD KNOW ABOUT THE ROTUNDA BUILDING
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ROTUNDA PARTNERS I/II [aka PHIL TAGAMI]
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1997/1998
1998/1999 1999 2002 |
Rotunda Partners I selected as developers for the Rotunda Building over four(4)bonafide experienced developers with both financial capacity and supportive references. There are no documents indicating Rotunda Partners I were selected on the basis of the lowest responsible bidder. None of the rejected bidders did not ask for any financial subsidy from the City/Redevelopment Agency/RDA.
Note: Rotunda Partner I original proposal stated "that the City retains ownership of the Rotunda Building and further requested $7,500,000.00(million)dollar financial subsidy from the City/RDA. The City/RDA sells to Rotunda Partners II the Rotunda Building for $99.00 and provides a $12,000,000.00(million)dollar loan which the principal payment is deferred for 20 years. The 3% interest payment on the loan does not commence for 15 years from the date of issuance of the loan (essentially an interest free loan).
The Rotunda Partners II receives a second loan concurrent with the City/RDA loan. This loan from US Bank National Association in Walnut Creek totaled $19,500,000.00(million)dollars.
Rotunda Partners II receives a third loan on the Rotunda Building from Nationwide Insurance Company for $20,000,000.00(million)dollars. Note: Rotunda Partners II signs[10-20-99] Assignment of Rent/Lease payments. Additionally, Rotunda Partners II are defendants in a Federal lawsuit in Texas, involving a "ponzi-like" scheme. See Faulkner v. Rotunda Partners II LLC filed September, 2013.
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