The Racine Redevelopment Authority delayed a decision on an 18 month option request by Brent Oglesby concerning city owned property at State and Silver Streets, very near to the proposed KRM stop. This decision should be very easy folks - deny this request outright. Read JT article Here
The property in question may soon increase in value if KRM becomes a reality. Brent Oglesby will then be allowed to buy the property at the pre-KRM price and essentially pocket the difference. I see no benefit to taxpayers here. What's more, Brent Oglesby is a member of the Racine City Plan Commission, ie, he is an insider and this gift to him would certainly not look good. And lastly, on what basis would the city think that Oglesby would be able to pull off a major development project? He has no financing and no experience in property development. Additionally, what the article fails to mention is that Oglesby does have business experience. He has had two business failures in Racine, a restaurant (I liked his food) and a newspaper .
I suspect that Oglesby would probably walk if KRM doeasn't materialize. And if KRM does happen, he would be in a great position to cut a deal or be bought out by an actual developer. This would be a sweet deal for Oglesby and a raw deal for Racine taxpayers.
I can't blame Oglseby for trying. Perhaps I will put in a similar request. I have a property company already and I have some development experience.