With the population of aging baby boomer veterans, one of the largest in American history, it is well known by investors of all sorts that this is a future cash cow for Nursing Homes and Assisted Living facilities. It may be important to know who your Landlord will be. This is no more than a press release and the reader will have to conduct their own further due diligence. For the present, I will acquiesce to the work done by former Supervisor Ed Moore. As always, our readers will have something to offer to either further or refute the veracity of this claim.
At the August 15, 2011 meeting of the Pima County Board of
Supervisors, the following item was on the Agenda:
11. REAL PROPERTY – Unfinished Business (RM 8/2/11)
Award of Purchase Contract
Consent by the Board of Supervisors for Award of Purchase Contract for the sale of Posada del Sol Health Care Center located at 2250 N. Craycroft Road, Tax Parcel Nos. 121-05-0140, 0150, 016A, 017F and 017J, to Hunter Properties Investments, L.L.C, in the amount of $7,800,000.00. The term of the sale is cash with a $500,000.00 deposit received as earnest money.
Information provided by staff to the Board of Supervisors included the memo dated August 2, 2011 from the County Administrator which stated:
I recommend accepting the bid of $7,800,000 from Hunter Property Investments, LLC. They are the highest bidder to have satisfied the County’s minimum requirements and provide clearly demonstrated ability to promptly close on the transaction to purchase Posada del Sol.”
Among other memos from staff dealing with “Hunter” was the County Administrator’s recommendation dated August 15, 2011 which stated:
I recommend accepting the bid of $7,800,000 from Hunter Property Investments, LLC for the purchase of Posada del Sol Healthcare Center.”
The County Administrator made these recommendations after staff did their examination and due diligence on “Hunter”. The Board of Supervisors accepted the “bid” from “Hunter”.
I paid for copies of the two highest bids received by Pima County for this purchase. There was NO “BID” from Hunter Property Investments LLC. In other words, Pima County turned down a bid for $9,150,000 and, instead, awarded the purchase to Hunter Property Investments LLC for $7,800,000 – a company that had not submitted a bid. In my opinion, the reasons given by County staff for throwing out the higher bids actually received are suspect.
As a real estate broker for more than 40 years and a member of the Board of Supervisors for 12 years, I believe County staff involved with this purchase recommendation should have been laughed out of the building.
I know the members of the Board of Supervisors and I know that if staff had told them the truth, they would have awarded the purchase that was $1,350,000 higher.
To help expose the truth to our community, I will pay $1000 to the first person who can provide a copy of the bid from Hunter Property Investments LLC. It must be the bid voted on by Pima County.
In my opinion, this entire process has had a “Rio Nuevo” stink from the point of view of the staff and not the Board of Supervisors. Any bid is public record and easily obtained. Any County employee is eligible to earn the $1000 reward.
Supervisor Richard Elias is to be complimented for voting against this possibly rigged transaction.
Former Pima County Supervisor and
Pima County taxpayer.