Paco DeFrancis | Seven Days | Vermont's Independent Voice

Paco DeFrancis 
Member since May 4, 2016

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Vermont

Updated on January 6, 2017 at 11:59 AM

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Recent Comments

Re: “Developer Has Not Sought Foundation Permit for Massive Burlington Project

KnowYourAssumptions-

I don't know why you keep circling back to the 2016 DMUC zoning overlay vote. That is rather irrelevant to the discussion here and significant downside risk Sinex is now experiencing that's causing the work stoppage.

What we're commenting on is how Miro and the Democratic councilors who pushed for both an intense public "vetting" process and major concessions of the developer--but also claimed to be in support of the developer the whole time--but now the oxygen has been sucked out of the room they look like idiots.

The BTVCC Dems (and to a lesser extent the mayor) kept pushing and pushing Sinex, asking him to do things that would not be asked of such an investor in other cities. And now, Jay Powell and the Board of Governors have "Gone loco" this project is no longer economically feasible....otherwise Sinex would be getting the financing he needs and putting contractors to work. Our local policy makers should've recognized the amount of risk that rising interest rates and other external factors could pose to this project. They didn't, they dragged out the permitting process and added in unneeded bureaucracy to the Development Agreement, pushing the economic feasibility of this project to the brink. Even developers as bullish as Sinex have only so much appetite for risk.

9 likes, 13 dislikes
Posted by Paco DeFrancis on 10/12/2018 at 1:14 PM

Re: “A Truck Plows Into Bessery's Butcher Shoppe

Cars ramming into small businesses might not be an epidemic but drunk driving is.

Enough is enough. Drunk driving kills. Time we condemn these type of actions and enact tough-on-DUI policies, like Norway has (min 1 year license suspension after first offense--and 0.05% BAC instead of 0.08%).

https://www.sevendaysvt.com/OffMessage/arc…

33 likes, 9 dislikes
Posted by Paco DeFrancis on 10/11/2018 at 4:28 PM

Re: “Developer Has Not Sought Foundation Permit for Massive Burlington Project

@Eric J - "To not press on with the construction when everything appears to be in place is strange behavior"

No, this is not strange behavior. Sinex admittedly does not have financing for this project. The current state of global credit markets and interest rates are not conducive to getting the $170m loan he needs. It is not "strange behavior" to have a project stalled if there's no financing.

Proposed projects fail all the time because conditions change, rendering the project no longer economically feasible. You can discuss and speculate all you want, but all your find is Economics 101. Sinex currently has enough capital to pour the foundation, but why on earth would he do that if he may need to pull out all together in the coming months?

10 likes, 10 dislikes
Posted by Paco DeFrancis on 10/11/2018 at 3:11 PM

Re: “Developer Has Not Sought Foundation Permit for Massive Burlington Project

The external factors that have control over this project do not support his--or the Mayor's--optimistic view.

10-year treasuries continue to rise, now yielding well above 3.2% (nearly 100 basis point rise vs year ago) and the Dow's dropping 600 points as I type this. We're being hit with the double-whammy of rising interest rates on a market correction of US equity prices.

What happens on Wall Street will affect this project dramatically, and the City Council and Mayor have refused to acknowledge that. The Council dragged on the permitting process longer than they needed to, adding unnecessary requirements and doing nothing to mitigate the type of downside risk Sinex is experiencing in global financial markets.

Hello Newport?

15 likes, 22 dislikes
Posted by Paco DeFrancis on 10/10/2018 at 3:15 PM

Re: “State Senate Hopeful Joked About Sex Assault in 2015 Comedy Set

"But, but.....the Media is supposed be on our side!"

11 likes, 40 dislikes
Posted by Paco DeFrancis on 09/27/2018 at 2:29 PM

Re: “Survival of the Smartest: Vermont's Colleges Must Adapt as Pool of Potential Students Declines

How are there 3.46M high school graduates in the "Northeast" but only 606K nationally?

4 likes, 0 dislikes
Posted by Paco DeFrancis on 08/29/2018 at 10:41 AM

Re: “To Restart Construction, Burlington Amends CityPlace Agreement

April 11, 2017:

"Sinex has narrowed the field to two possible lenders [to secure financing for the remaining 60-70% cost of the project] and expects to announce that deal within the next month. 'I'm highly confident,' he said."

https://www.sevendaysvt.com/OffMessage/arc…

It's been 19 months and Sinex remains "Highly confident" he'll have the funding in place when he's finished laying the foundation late this fall....

35 likes, 5 dislikes
Posted by Paco DeFrancis on 08/28/2018 at 3:20 PM

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