The outcome of tonight's discussions could either breathe newlife into the controversial project or cut the legs out from underit. Since June, Scottsdale officials have been asking Phoenix-basedEllman Cos. to disclose additional financial information to provethat Ellman has the backing to complete the development anddetermine what kind of return the city would get from the$100-million subsidy it has promised.
Ellman has supplied some, but not all, of the requestedinformation. Providing all the financial statements and relateddocuments the city wants would mean breaking confidentialityagreements that the company has made with current investors andprospective ones, the firm says.
The Ellman Cos. is privately held, and Ellman himself isreticent to speak to the media about his dealings.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
