Mar. 22, 2007 - Here We Go Again

The Des Plaines Theatre Preservation Society is at it again.  This time they are moving their latest fund raising event to the Pickwick Theatre in Park Ridge.  They are moving it there because the owners of the Des Plaines Theatre, Bhagwakar Properties, gave them a royal screwing back in January of '06.  According to their own timeline, in January '04 the DPTPS negotiated a Letter of Intent with Owners to trade restoration funding and labor for rent credits.  From March '05 thru December '05 the DPTPS raised money by putting on events, as well as selling non-voting memberships to the Society.  During that time they carried out restoration projects, including repairing and painting of the landmark marquee, repainting of the lobby and repairing the plaster in the auditorium.  In January '06 the owners of the theatre unilaterally dissolved the Letter of Intent Agreement.  Bhagwakar Properties, which presents East Indian films and entertainment at the theatre, got a lot of free work out of the Society and then shut the doors on them.  Now the DPTPS is announcing the "NEXT STAGE" campaign to aquire the theatre which entails yet another public fund raising campaign.  Your tax deductable contribution of a suggested $25.00, $50.00, $100.00, $250.00, $500.00 or $1,000.00 will enroll you as a member.  As a member you will be eligible to recieve discounts, newletters and e-mail updates, but it will not get you a vote.

Of course I have an opinion on all of this.  As a real estate professional my opinion is that the Des Plaines Theatre as a structure suffers from both functional and economic obsolescense.  It has nothing to do with enhancing the direction in which Downtown Des Plaines is moving.  I believe that the only reason the current owners are surviving is because they have targeted a niche market, not to mention the fact that they seem to know how to get free labor and materials when it comes to renovations.  But be that as it may, there is a basic tenent in real estate that seems to be missing here.  In order to come to a meeting of the minds there needs to be two parties, a buyer and a seller.  One of these things is missing here.  Since everything has a price, I believe that given what they want for the property, Bhagwakar Properties would probably sell.  If the property itself would appraise for what they want for it (remember that sentimental value is worth $0.00 to the lenders) then a QUALIFIED buyer should have no problem arranging for financing or setting up terms.

This thing has been going on since the Fall of 2002 and the only people who have benefited from the DPTPS efforts are the Bhagwakars.  I used to be behind the efforts of the DPTPS but I have lived and learned.  Their tag line is "Once It's Gone, It's Gone Forever" and if you don't think it should be gone then this will be a good not for profit cause, give and give generously.  Personally I've lost faith in Bhagwakar Properties. They have demonstrated that they have no interest in doing the right thing.  

As always, if you have found yourself receiving my blog postings via e-mail, it is because I have either blogged about you personally, blogged about something I know is of interest to you, or I consider you to be a person of deep thinking and intellect and I would love to have you occasionally commenting on my blog. If you would like to be removed from the list simply send me an e-mail saying so.

May. 26, 2006 - Once It's Gone............

Once it's gone, it's gone forever. That's what it says on the tee shirts worn by members of the Des Plaines Theater Preservation Society. I am sure that is true.

For a while the Preservation Society's fund raising efforts consisted of running old films, live concerts and open house tours of the grand old theatre building in exchange for some sorely needed work on the building and the marquee. Non voting memberships were being sold to the general public as well, giving members a discount on admission to Society sponsored events.

The problem is the building is owned by Bhagawakar Properties, who are doing a bang up business showing "Bollywood" films, and not by The Preservation Society. Now that the Bhagawakar group has had all this free work done in exchange for allowing the preservationist to put on their fund raisers, they want to start charging the Society for any further use of the theatre building.

The Society would love to buy the building. I can't say that I blame them, I'd love to own some Downtown Des Plaines frontage myself, but unfortunately I am not a multi millionaire. Neither, I am sure, are they, and that is what it would take to give this project legs. So if you think you would like to find out more, click the link to the Society up above. If you like what you see, give them some money.

As always, if you have found yourself receiving my blog postings via e-mail, it is because I have either blogged about you personally, blogged about something I know is of interest to you, or I consider you to be a person of deep thinking and intellect and I would love to have you occasionally commenting on my blog. If you would like to be removed from the list simply send me an e-mail saying so.

Feb. 23, 2006 - Four Paws Animal Foundation

When you see the category "Good Not For Profit Causes" you probably think I am going to talk about my real estate business right? Well wrong you are. As you can see by the date of my last entry I have been either lazy as all get out or I have been a very busy guy.

Busy guy is the correct answer. Business is booming. But enough about that.

I want to tell you about Arleen Braun, and Four Paws Animal Foundation. Four Paws operates a foster home network for kitten rescue and adoption. They provide spay/neuter financial assistance through a TNR (trap-neuter-release) program for stray felines. They certify family pets to be eligable to visit local nursing homes and hospitals. They provide limited financial assistance to families who need to enroll a family dog who exhibits behavioral problems in a basic training class. In other words they do a heck of a lot. And that means the could use a heck of a lot to do it with.

I try to donate what I can, when I can. A special thing that I do, because Arleen has mentioned my real estate business in her newsletters, is to donate part of the proceeds of any deal that I do where the client has said they heard about me through Four Paws to Four Paws. So now everyone who reads my blog knows the secret as well. Of course if you are not in the market to buy or sell some real property you can still send a check made out to Four Paws Animal Foundation to:

                                          Four Paws Animal Foundation

                                          PO Box 8260

                                          Bartlett, IL. 60103

As always, if you have found yourself on my blogs mailing list and you don't want be there, simple send me an e-mail and you will be removed.