Just another rich developer/banker in Sioux Falls getting out of paying up;
The city’s lawsuit seeks to recoup $279,000 in utility costs from the high-end Arbor’s Edge development, where Kent Vucurevich was a partner in the project.
When asked what an insolvency would mean for the city’s lawsuit and the taxpayers who funded the improvements at Arbor’s Edge, Diane Best, an assistant city attorney, declined to comment.
Yeah, we have no comment because we would hate to admit the taxpayers are getting screwed out of this money. But when the SFPD Swat team blows out windows of innocent property owners or fire hydrants destroy businesses, we save the city a lot of money by not paying out risk management insurance claims. Besides, we need to spend that money on unwinnable lawsuits in Indian country.
I seem to recall that this fella’s son is also in bankruptcy. The son claimed that the Mercedes he drives and the expensive high-rise condo (by O’Gorman HS) he lives in belong to his mom.
Maybe she has the cash too.
It pleases me when someone cheats the city. It’s common knowledge you must be one of the two developers to get city cooperation. Real business men have learned to start but pay out to themselves leaving the corporation bankrupt. There’s only two ways to make money in this town. One is corruption with TIF’s, non-competitive bids, and zoning exceptions. The other is hyping a project, bank loans, then paying yourself a million putting the business through bankruptcy. Gone are the times when a good service or product from well compensated employees made a city progressive and growth oriented.
The city will have liens on the property. They will have to be paid off before there is any mortgage on the property for home ownership, etc. The liens stay on forever. The city will receive its money. No defending this family. Just stating some facts.
Jeff is correct about the son’s (Kent’s) problems. In fact, based on the Argus Leader story, it appears that many of the father’s (Tom’s) financial problems are related to his efforts to help Kent, his adult son.
I think it’s important to read the entire newspaper story – slowly – to get a sense of what’s going on and what may be coming next. Remember, however, that news reporters seldom have access to the complete story, much less all the documents.
I don’t like it that a public, taxpayer paid employee, the city attorney (DB) had no comment. How can you NOT comment? It’s not her money @ risk, but the taxpayers’.
Michael Wyland, I am one of those taxpayers who read the AL article s-l-o-w-l-y.
Sounds like you may be one of the creditors involved in this….as in, Sumption* and Wyland, consultants.
* Margaret Sumption was the proponents high paid consultant for the 24m dollar indoor aquatic center.