FACTS YOU SHOULD KNOW ABOUT THE ROTUNDA GARAGE AND
ROTUNDA GARAGE LP [aka PHIL TAGAMI]
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1998
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Rotunda Garage LP was selected as developers over Allright Cal. Inc. and Parkway Corporation experienced developers in the Parking Garage Industry. The City/Redevelopment Agency sold three(3) of the four parcels which comprises the Rotunda Garage for $99.00 each and $1 lease for one parcel for five(5) years with an option. The total sale price to Rotunda Garage LP was $298.00.for the four parcels.
Allright California Inc. (an Oakland company)has unimpeachable credentials in the Parking Garage industry(see reverse side for details).
Parkway Corporation while requesting $4,500,000.00(million)dollars for financing of the Garage, they were willing to offer the City/RDA "a portion of the cash flow" for the $4,500,000.00(million)dollar investment(see reverse side for details).
The City/RDA rejected these offers and selected Rotunda Garage LP as the developers for the Garage. Rotunda Garage LP had no prior experience in the parking garage industry. Further, the City/RDA provided Rotunda Garage LP $4,000,000.00 dollars in "GAP" funding[which does not have to be repaid]. Additionally, Rotunda Partners LP receives 100% of the parking garage revenues. |
