23rd Nov2017

UMC Settlement Details

by Michael Chandler

IF you listened to this week’s podcast, and made it to the end, congratulations!  It’s a trek.  If you did that, then you’ll remember how we talked about the settlement Tooele County and Centerpointe/Andrew Cartwright reached, and how that could affect the sale of the property.  Well, thanks to some reliable sources who were there and posted details on Facebook, we can bring them to you!

The Money

In total, Andrew Cartwright and Centerpointe will be receiving $1.5 million dollars.  The first $750,000 will be distributed upon dismissal of the lawsuit in the courts.  The second $750,000 will be distributed when the track is sold OR March 31, 2018 hits.  Whichever comes first.  Why they’re getting that $1.5 million, and the conditions are in the glorious, glorious details

The Details

The biggest, and most welcomed one, is that Cartwright and Centerpointe and affiliated parties CANNOT BE PART OF THE BID/SALE/PROPOSAL PROCESS MOVING FORWARD.  They won’t be buying the track!!!  At least that’s how I’m reading this.  Also, Centerpointe’s first lawyer is making a claim to a portion of that settlement money, BUT that’s an issue between the lawyer and Centerpointe and shouldn’t have any effect on the sale process moving forward.

Other Important Stuff

We don’t know if the county is going to restart the proposal process, open it up to bids, or transfer it to an RDA and sell it to an existing party from there.  Personally, I think it should go into the RDA and be sold to an existing party.  Probably the one that’s currently managing the facility and has expressed interest in upgrading and making the facility better for us all.  

All three of the county comissioners voted in favor of this, and one believed that this (getting a settlement) was Cartwright’s plan the whole time.  If that was, then A) he took the really long and complicated route to get $1.5 million B) was probably hoping for more and C) wasn’t counting on one of his attorneys making claim to some of that money.  Call me crazy, but I think there are easier and quicker ways to make $1.5 million dollars.  

Anyway, there you have it.  You know all of what we know, and you got some of our opinions to boot!  It’s a Thanksgiving miracle.  We’ll have more on this as it develops, and we want to hear from you on this!  Is this a good move?  Should MiTime buy the track, and move forward with their plans?  What would you have done?  Are a cardigan and some khakis appropriate Thanksgiving attire?  LET US KNOW!

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