Although known Paul McKee companies stopped purchasing property in December, two new holding companies have been making purchases in the same part of north St. Louis where McKee is active.
Larmer LC has filed at least 22 sales deeds since January 10, and Union Martin LLC has filed five. Many of these sales represent bundles of properties for substantial amounts. In all, Larmer has reported over $2.5 million in sales this year while Union Martin has reported sales totalling around $924,000.
Larmer and Union Martin were both registered by third-party registrar CT Corporation System, but deeds reveal that Daniel D. Baier is manager of both companies. As we previously reported, Larmer's tax bills go to a 2845 Keokuk Avenue, a building owned by F & B Properties LLC. F & B Properties' organizers are Baier and former Crestwood Mayor Thomas E. Fagan. Union Martin's tax bills go to the same address, although deeds list its address as 10658 Carroll Wood Way in St. Louis County.
Both companies were incorporated soon before the spending sprees began: Larmer on December 3, 2007 and Union Martin on December 15. Each company has its own accompanying shell lender. Larmer's loans come from Hamill Company LC, incorporated on November 27, 2007, while Union Martin's loans are from Stapleton Management LLC, incorporated on November 28, 2007.
Thursday, May 8, 2008
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6 comments:
Another company, Union Market, is operating out of the same Keokuk address. They have bought about 5-6 properties in the 2700 & 2800 blocks of Cool Papa Bell
I have started wondering exactly how these lending companies are justifying these loans. Are there actual appraisers involved? Because in the real world, after the big subprime collapse, appraisers are being held to a pretty high standard. Will the state then disburse the DALATC funds based on these interesting appraisals?
It's likely the shell companies are funneling money from within McKee's empire.
If that's the case, the continued purchases show that McKee is very, very serious about getting this project done -- contrary to the nonsense his spokesman told the RFT.
Yes, but "done" seems to mean completing the demolition of St Louis Place and then collecting the tax credit.
Why isn't the city going after these guys to secure their properties?
In the county there is a top ten problem property task force north, south and central. The number of properties are more than 10 in each district. They focus on the top ten until problems are resolved and then properties down the list are moved into the top ten.
The task force meets at least monthly and involves police, public works, legal staff, nonprofit developers and citizens from various neighborhoods. The process is effective in eliminating problem properties.
The speculators are having a field day in North St. Louis and city officials are letting them get away with it.
I wonder if the county was invited down they could help set up something similar to what they are doing.
So we're going to pay McKee's interest, on $ he's 'borrowing' from himself?
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