Wynnpage North 1-CS050114L Gary Sieb - Witt-Wynnpage Concession Request 1-2005.doc Page 1 I
Silverhawk Capital, Inc.
Hi Jim: ~ / ~-
I'm trying to purchase the~yynnpag~oreCl°sure but struggling with the "laundry list" of
issues left incomplete by the-~us developer, Mark Wainscot. Greg Yancey met with
Gary, Greg Jones, Tim Oates and Keith Marvin last week so we develop a firm budget
for all of the problems that are currently present.
Unfortunately, the project is actually a little worse than we had originally expected. The
staff was very cooperative and ~ think they're doing their best to just get this one done
and out of the way; however, there is one issue I think should be looked at differently.
Even though Coppell requires that the fireline be working when framing begins, this one
was never completed. The developer didn't install the detector checks or the two 8"
meters for the fireline. Rick O'Dell said the contractor put the line in, chlorinated and
tested it but then walked away.
Keith brought it to our attention that Mark Wainscot has actually requested a refund for
the two meters. My question to the City is why would the City not insist that this non-
sprinkled, wood frame building be protected? It states on the permit that it has to be so I
don't understand how a guy leaves this mess and expects a refund? Frankly, I wonder
why the city isn't insisting it be completed. I believe the city's response should be to tell
him to read his permit and go finish installation.
This bdngs me to my request. As of today I am still $10,000 apart with the bank on the
purchase pdce. Their appraiser valued the building higher than what I've got in
Mercantile, so it's been an uphill battle to get this close. The loan officer is in New
Odeans and doesn't understand she got back the ugliest building in town and really
doesn't care about the impact it makes on the main street in town or the people who live
behind it. I even had Greg send them a budget showing the remaining work to finish this
thing is about $60,000 and it was to no avail.
If the City will help, I'll take this and finish it. I am requesting that the city waive.the metier
fees and donate the meters and detector checks, which will allow me to put it under
%~.~{~:A-ct immediately and have this eyesore closed in March and completed shortly after.
Gary has agreed to allow me to add some extra landscaping walls and plants on Denton
Tap Rd. without having to go through the Council process again, which will be very
helpful in making the building more attractive and appealing to future tenants. I have
invited the homeowners adjacent to the project to a meeting on January 18 at Anamias
to show them my plans for the remaining property and I would like to assure them that I
will have the cooperation of the city so I can complete the pumhase of the existing
building as well. Thank you in advance for your help on this issue and I look forward to
cleaning up the mess in front of Wynnpage.
Sincerely,
John C. Gesek
Real Estate Development and Investment
722 S. Denton Tap Road Suite 220 Coppell Texas 75019
g72-745-7704