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| OPINION: The Town's Triple Threat |
| Sean McMullen | 7/23/10 |
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I have given up on my family's legacy to develop in Pagosa Springs, due to a powerful triple threat:
1) Local banks, i.e Wells Fargo
2) Pagosa Springs town government, and
3) Pagosa Springs fire department
We were called from Saint Augustine, Florida by town counsel member Jerry Jackson stating that they wanted us to build our previously denied hotel and reception center. We hit the ground in April 2010 eager to get our long anticipated project started near the Post Office on Hot Springs Boulevard.
Immediately we were plagued with nay-sayers and negativity from the Town itself as well as the Town billing department.
We met with James Dickhoff, Town planner. James's background, as far as I know, is as a chef at JJ's Restaurant. I'm still unsure how this relates to construction.
 My family and I put up the Old Spanish Church in 2001, and had it inspected the same year. Yet Scott Pierce, building inspector, demanded it to be reinspected with new plans drawn up, costing me three month's of time and money. Scott Pierce was run out of another town, I believe, and had been "engineered out" of several other local projects.
So much for the new start that Mr. Jackson had promised.
Next, where do I start with the banks? Bailout bank Wells Fargo? I was approved by both SBA, and USDA, which guarantee's ninety percent of the loans value to the bank if the business fails. Wells Fargo has been working with me since January to no avail on this loan, even though they received $39 billion dollars in bailout money to save the bank. They denied a hotel loan of $1.5 million, even though they had a ninety percent money back guarantee.
In addition to the guarantee they had my property on Hot Springs Boulevard valued at $1.2 million which we own outright. The funny thing is, both the president and loan officer pulled up in an H2 Hummer, and promised to support my project. Goes without saying they didn't.
On top of all this, their chief executives of Wells Fargo were payed over $100 million in bonuses despite the fact that they caused this financial crisis. It took them three months to deny the loan for the total hotel project, so I returned to them asking for a loan of $125,000 to build the woodfire bakery and reception center. Keep in mind this is also ninety percent guaranteed back to them. They said no again, which is a shocker.
This government money from President Obama is a load of bull. They did not force the banks to lend to shovel-ready projects like mine, which would have given twenty desperate locals a job. Instead Wells Fargo settles for foreclosing on their homes and kicking them to the street. Bottom line: the banks in Pagosa refuse to lend money to local small business and as a result there is zero development here.
Wells Fargo will tell you they payed back the loan, but it was just a paper transaction. They issued shares to pay back the government, thus crushing share holder value.
As a result this triple threat has pushed me out of the town, and cost me three months of wasted time. I will not be putting up the Amish barn, bakery and reception center. This is a huge loss for the town's economy. We get upwards of forty calls for weddings on the property. And the woodfire bread and pizzas would have been cheap and delicious. Not to mention the loss of about twenty jobs to Pagosa's local economy.
In closing, our family has purchased a property in Durango and will make the move as soon as possible. Broken hearted for the last time by crooked bankers, clueless government employees, and endless red tape from the fire department. Oh yeah, don't forget to pay the 600 percent property tax increase to pay the lucky few who are employed.
In my opinion Pagosa has a huge triple threat to block jobs and businesses. I'm very sad to say the town of Pagosa Spring's is doomed. Then to cool you down, the fire department is out of control shutting down projects due to cost and their own plain stupidity. Goodbye Pagosa, go Tea Party. Rage against the machine, the local government is out of control — only concerned with themselves. Yet another $6 million dollars worth of projects lost because of stupidity.
Wells Fargo has no excuses. They need to pay the piper. Please invest in a local bank that is doing something for your town. |
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Eddie & Rita
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