Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hey, Michael, just turned down the KOA to listen to
the beginning of your show, and guess what the first
commercial was. It was the Cars for Kids commercialsay, last
time to donate your car for twenty twenty five, Carl's.
Speaker 2 (00:17):
For gags, Carl's phrograts.
Speaker 3 (00:19):
But she's not wrong, and you get it in before
the end of the year, You're you're set. I you know,
that's why the big push, that's probably why you hear
you believe that you hear so many more. Well, because
they want to you know you you want to get
that text credit it's gonna be good or deduction or
whatever the hell it is.
Speaker 4 (00:39):
I've always wondered, so you have, uh, for example, Gina
has the commercials does for JFR or JRF or something
JR Cars. Yeah, okay, So and she and I were
talking during the break about how that was the first
time she's purchased a car that way because she doesn't
like going to the dealership. I don't know. In fact, Gena,
(01:00):
at your butt back in here. We need to find
out whether or not whether or not she traded her
car in. Oh, is she seriously.
Speaker 2 (01:09):
Okay? She's on thin? Coming back in I can't believe
you're doing this.
Speaker 3 (01:14):
I have a cookie in my mom Okay.
Speaker 2 (01:15):
Well monkey, who cares?
Speaker 4 (01:18):
So we're joking about the cars for kids commercial? And
how is the time to turn your car in right
to get your tax deduction?
Speaker 2 (01:26):
Oh?
Speaker 3 (01:26):
I did not trade in my car to car?
Speaker 2 (01:30):
That was like what going to be? Who trades in there?
Speaker 4 (01:33):
Who turns their what kind of crap do they turn
in that they wouldn't go to a car dealership and
trade in.
Speaker 2 (01:39):
So I assume you got a good deal.
Speaker 5 (01:41):
Oh yeah, absolutely I did, and and I'm very happy
with it.
Speaker 3 (01:44):
But but uh, I think the.
Speaker 5 (01:46):
Funnier one that I hear, which I don't even know
if I hear in Colorado anymore. Maybe this was a
Michigan or Florida spot was when they used to always say,
you can trade in your boat.
Speaker 4 (01:56):
In your boat, why don't one of my Limburgers is old?
Maybe they could trade her in for a new Limburger
production for the limb because I groomed them yesterday. It
cost me a boatload of money. But I was just
thinking about who turns what and what kind of car
is it that you turn into cars for kids? Because
(02:18):
it's gonna be you know, a royal piece of crap.
Speaker 2 (02:21):
I mean, I don't know.
Speaker 4 (02:22):
I could tell you, yeah, I tell you what, Well, here,
here's your receipt for the for the for the nineteen.
Well I can't actually, if I go too old, it'll
be an antique car that might be worth something. But
let's say you turned in your you know, your two
thousand Kia that's worth one thousand dollars or eight hundred dollars,
and you get an eight hundred dollars tax deduction. Now,
to take the benefit of the eight hundred dollars tax deduction,
(02:45):
you've got to be in that category where you're itemizing
your deduction.
Speaker 2 (02:49):
Otherwise you can't.
Speaker 3 (02:50):
Turn it off, right right, Yep?
Speaker 5 (02:53):
Well, I gotta say, is JFR gave me way more
than cars for Kids.
Speaker 4 (02:58):
Than Now that's the point. See, that's the new tagline
for JFR. Just just tell your friends that JFR the
new tagline is we'll give you more than cars for kids.
Speaker 5 (03:08):
I really hope Cars for Kids is not listening.
Speaker 4 (03:11):
I just don't see the problem is it's all me
is not gena. Cars for Kids is upset. It's Michael
Brown Michael Brownliartmedia dot Com. I don't care anyway, thanks
for coming back. I forgot that you could hear out
there while you're doing it.
Speaker 3 (03:25):
We're not in the trailer park station anymore.
Speaker 4 (03:27):
We're on the big front, the big station, where they
actually where they actually listen to what we're saying out
there in the pit. Oh wait a minute, they're listening
to what we say out in the pit.
Speaker 3 (03:37):
Don't worry. The bosses aren't listening. Well, of course. Why
there's a Broncos game this weekend. Two inches out of
town three. It's a Friday, and it's kind of it's
kind of a nice day out now. I did see
Jessica here. Jessica's here. She's always here. That's right, she's
always here. But the pit was empty when I came
in this morning, totally empty. Temper's not listen.
Speaker 2 (03:59):
Well, he may be, you.
Speaker 3 (04:00):
Might be listening, but he's still laying in bed, right,
he's a night out right, he's still laying in bed.
Get those emails, some Temper. At eight thirty at night.
It's like, dude, I'm already in bed.
Speaker 4 (04:07):
I actually felt badly the other day because I had
a little vacation screw up on work. They imagine that
a app having a problem, and I hesitated for just
a second about.
Speaker 2 (04:19):
Emailing him that I thought, screw this.
Speaker 4 (04:22):
If I email him at eight o'clock in the morning,
he's going to be pissed off. If I email him
at eight or nine o'clock at night, he's gonna be
right away.
Speaker 3 (04:29):
And he's probably here at eight o'clock exactly exactly as
opposed to dirt bags like you.
Speaker 4 (04:35):
By the way, Dragon really pissed me off yesterday. Dragon
really pissed me off yesterday. So I have a little
routine that I do after the program. I am just
in this kind of mood today. I'm just in this
kind of mood. So this may be one of the
first fridays where the new audience goes, what the hell
is going on? And you know what, don't do not
(04:57):
worry about it, don't try to fight it, because we
don't care.
Speaker 3 (05:01):
And sometimes you just need to just let it go.
With everything that's going on in the world right now,
you just gotta.
Speaker 4 (05:09):
I So I I keep my I use my MacBook Pro.
It's sitting right here in front of me. I've got now,
of course, here we've been reduced from two monitors to
one monitor, so I've got my phone, my MacBook Pro,
and then the one monitor which I've got about three
windows open on it, but anyway, it's close enough to
(05:30):
me for all my notes and show prep that as
I talk I tend to spit on the monitor a little.
The monitor, so I go over to my little cubicle
when I finish the program and I and I turn
it off, lit it cool off for just a second,
and then I have some you know, some Apple approved
(05:50):
you know spray to clean the you know, so you
don't screw up the the whatever they coat the screen with.
And then I very carefully wipe it off, and I've
got an all piped off and I'm just about ready
to put it back to my backpack, and the dirt
bag Dragon Redbeard walks by and takes his greasy fingers
where he's been picking his nose throughout the program and
just runs his fingers across my screen.
Speaker 3 (06:12):
Yes's great, but he's so. You had the wipe in
your hand. I wasn't sure if you had just started
or had just finished.
Speaker 2 (06:20):
You hope me I had just finished.
Speaker 3 (06:21):
The fact that you just finished made it so much.
Speaker 4 (06:23):
And you were hoping I'd just finished. But that's not
the part that really irritates me. The part that irritates
me is that we know each other so well that
I finished.
Speaker 3 (06:34):
And I was walking by because I was going from
this show to the other show and I just needed
a real quick restroom break. So I'm walking past your desk,
see that you had finished and took off walk into
the bathroom.
Speaker 4 (06:47):
Right and then so I had to redo it. And
then I put it in my backpack and and didn't
zip up the backpack. And then I went to the restrooms.
Speaker 3 (06:55):
And then we cross paths, so I see that he's
left his desk alone. I walked past the open backpack
and go I didn't.
Speaker 4 (07:06):
And for one time in your life, one singular time,
you made the professional decision not to take my laptop
out of my own backpack and open it up and
smear your greasy little fingers all over my screen again.
But the sad part is this, This is the saddest part.
I come back from taking a whiz and I think, this,
(07:29):
son of a bitch, he's walked past here, and I
bet he's taken my laptop out and he's done it again.
So I pulled it out and opened it again to
check to see if you had done it again.
Speaker 2 (07:42):
Oh, that's glorious.
Speaker 4 (07:45):
What's sad about it is is we know each other
way too well.
Speaker 3 (07:49):
I really thought about it. I knew you thought about it,
and I.
Speaker 4 (07:52):
Thought you had done it. In fact, there was a
little part of me that was kind of disappointed that
you hadn't done it.
Speaker 3 (07:57):
I didn't have the time. I had to start the
other show.
Speaker 4 (08:00):
Since when do you care about starting a show in time? Well,
not this one, all the others, all the other programs,
all the other programs. All right, so let's get started,
because say, oh, today's Friday. Let me just give everybody
a warning. So at eleven am, we do taxpayer relief
shots and I just loaded them into Adobe Audition, or
(08:22):
I just opened Adobe Audition. Dragon actually loads them into dough.
Now then we get two technical here, but I just look. Yes,
some award winners. We got quite a few. We got
more than we can probably get done today. So get
ready for bear. We're going to talk about We're going
to listen to people in the defensive use of firearm.
Speaker 3 (08:40):
And Michael practices his double click back and I practiced
my double click.
Speaker 4 (08:44):
Oh I seem to be doing slightly better over here
than I was over.
Speaker 3 (08:48):
There, it's only been three weeks over here. It's you
can't compare years over there to just a handful.
Speaker 4 (08:54):
No, no, maybe it's because I'm actually uh one. The
mouse is you can still read the serial number and
everything in the back of a mouse, so the mouse
is still relatively new. It's actually a fairly good mouse.
It's very sensitive, operates very well, and if I just
happened to touch it, it doesn't screw what's going on
(09:15):
the on the screen. So there's that going too. I
for those of you that did not know, I did
this before I came over to KOA. When I was
over at khow kh Ow, I had canceled my subscription
to the Denver Post years ago. I mean I'm talking
probably ten years ago. I just canceled it. I couldn't
(09:39):
take it anymore then. They because every once while they
send me an email. You know, hey, we got a
special going on. We got a special going on. I delete, delete, delete, delete.
I get an email that says we're offering you a
one year subscription for one dollar. One dollar, So I thought,
you know what, I'm going to do it now. It
(10:01):
says that automatic three news unless you cancel before so
I have on my calendar four days before the expiration
date a note in my calendar to cancel my Denver
Post subscription. Now, if they offered it for a dollar again,
which about is what it's worth a dollar a year,
that comes out to what the dollar divided by three
(10:24):
hundred and sixty five.
Speaker 2 (10:24):
Is what I mean.
Speaker 4 (10:25):
I don't what it is, but whatever that is, you know,
for a few pennies, then it might be worth it only,
and it's only worth it because, for example, when I'm
doing show prep yesterday, I run across the story that
catches my attention. Here's the headline, affordable housing developer in
final stages of converting the former Johnson and Wales dorms
(10:47):
into apartments. Here's the subheit. Archway Communities is converting two
former residence halls in South park Hill into fifty eight
apartments as part of a forty five million dollar development
in Denver. And I thought to myselfself, Wait a minute,
(11:10):
who's making money on this? Nobody does anything for free,
even the little pittance, I mean, even the pittance that
I get paid to do this program. Till means I
don't do this road program for free? Dragon who gets
paid twenty times more than what I do. Doesn't do
his producing for free. Nobody does anything for free. And
(11:35):
when you got a so called public private partnership, somebody's
making a boatload of money. So I read the story
and then did a little background check. Let me just
tell you a few highlights from the story. Two local
income restricted housing developers. Wow, you're a housing developer, but
(11:58):
you focus on income rey restricted. So how do you
make your money?
Speaker 3 (12:04):
Now?
Speaker 4 (12:04):
It's pretty obvious. We'll get into the details in a minute.
You can be any kind of developer, you can call
yourself anything you want to. But if all you builds
are income restricted housing, then that means you're getting money
from somewhere. And if it's income restricted, it means you're
not getting any, if very little, money from the people
(12:25):
who actually live in reside, rent own or whatever the
housing that you develop. So where's it coming from? Then
all of a sudden you hear about something called Archway Communities.
And here's the second paragraph. Archway Communities is turning two
(12:47):
former residence halls just off the corner of Quebec Street
and seventeenth Avenue on the campus into fifty eight apartments.
The four other dorms on campus already have been converted.
Oh so this drift has been going on for quite
some time. You finally get to the third paragraph of
(13:10):
the story and it hits you. Development costs are estimated
at forty five million dollars. Archway Communities submitted its development
proposal to the City and County of Denver last month,
according to Archway CEO Laura Brazinski, and she told Total
(13:32):
told Business den which I guess is part of the
Denver post, I don't know.
Speaker 2 (13:36):
Quote.
Speaker 4 (13:38):
There are major renovations that are needed to modernize these
buildings that were built in the nineteen thirties, to bring
them to current code requirements and current needs, but also
to ensure that we're aligning the appropriate layout for one,
two and three bedrooms. The redevelopment is the latest effort
by whom who. The redevelopment is the latest effort to
(13:59):
refashion twenty five acre campus, which was purchased for sixty
two million dollars in twenty twenty one by local nonprofit
Urban Land Conservancy after Johnson and Wales closed it. Urban
Land Conservancy, which purchases and preserves land for income restricted development,
(14:22):
immediately turned around and sold some of the land to
the Denver Housing Authority in Denver Public schools, was a
lot of transactions going on here. In just the short
to see one, two, three, four, five, six paragraphs, I
think I've counted probably five or six different transactions where
(14:48):
deeds of trust and cashier's checks or cash or money
have changed hands. Every time somebody enters into a transaction
and you handle over something and the cash comes back somewhere,
where's that cash go? Where'd that cash come from? Who's
paying for that cash? Whose cash is that?
Speaker 3 (15:12):
Uh?
Speaker 4 (15:13):
Then you get into the deeper in the story. Now
let's do something to hide what we're doing. So now
they say these groups which I take to mean Johnson
and Wales who close the campus, the Urban Land Conservancy,
and of course whatever entities are involved that are the
(15:36):
government entities like the Urban Development Program, the Archway, the
city in County of Denver, the City Council, all of
those the groups that I just have listed have renamed
the site Mosaic Community Campus.
Speaker 2 (15:57):
Didn't that sound good?
Speaker 4 (16:00):
Three point three anchor portion where the two dorms sit
is now owned by the Denver Housing Authority, which purchased
it for nine and a half million dollars. In twenty
twenty one, Archway is purchasing or is pursuing. Archway is
pursuing low income housing tax credits through the Colorado Housing
(16:24):
and Finance Authority to finance the project. Then for Housing
Authority Development Manager Sean Gary said, the Housing Authority will
lease the ground to the nonprofit builder for a quote
nominal fee for ninety nine years and give the buildings
to Archway for free.
Speaker 2 (16:44):
So they spend.
Speaker 4 (16:46):
Nine point five million dollars of taxpayer money to purchase
the land, and they they lease the land. If a
ground lease is what you would call it, they do
a ground lease. So we're going to lease you the
ground where the building's sent for a nominal fee, you know,
let's usually.
Speaker 2 (17:03):
Like a dollar a year for ninety nine years.
Speaker 4 (17:05):
So they've leased it for ninety nine dollars and then
you got the buildings for free. So I'm curious about something.
Do you think whether do you think Denver taxpayers are
in any way funding this project and how do you
think the developer makes money from this type of arrangement.
(17:28):
I think this story is a great story in being
deceptive if you're trying to follow the money.
Speaker 2 (17:36):
So let's enter into.
Speaker 4 (17:37):
A little game and let's follow the money. Because we're
told that, oh, we need affordable housing. But okay, that's great, Well,
who's paying for the affordable housing? Because the people who
need the affordable housing obviously need affordable housing, so therefore
they cannot pay for the affordable housing. So somebody's got
to be paying for it. The money's got to be
(17:57):
coming from somewhere. Nothing is free. Well, hold on your hats.
Denver taxpayers are helping underwrite this campus wide development through
the city's Housing Authority, toogls, dedicated bond programs, and housing vouchers,
but the specific Johnson Wales's mosaic deals are structured so
(18:22):
that the nonprofit developer's profit comes from fees and long
term cash flow, not direct developer checks out of the
city's general fund. The Denver Post story is incomplete because
it implies there's no public subsidy or that the quote
money trail stops with the land purchase. Because the real
(18:45):
economics of this whole development are in tax credits, blow
market land, and voucher streams. So where's the taxpayer money
come from?
Speaker 2 (18:57):
That's next? Will not take boats and property and an
unwanted spouse if you're happy, but they don't.
Speaker 4 (19:06):
They don't take dogs and unwanted spouses. Well, dragon, I
know where you're going. What are the cars for kids?
A lot somewhere?
Speaker 3 (19:19):
I'm a catch to somebody.
Speaker 4 (19:20):
The sad part is you are both going to be
there because both of our trouses would like to get
rid of us, So we'll both end up at cars
for kids. So where does the where does the taxpayer
money come in on this development going on in in
the park Hill area because of the taxpayers? But the
(19:41):
Denver Post never spells that out. And you have to
understand all of the credits and the voucher system and
everything else to understand that, oh, taxpayers are actually paying
for this and the developers are making money on it. Now,
don't get me wrong, I'm not opposed to developers making money.
Speaker 2 (20:04):
That's that's their job.
Speaker 4 (20:05):
They want to go build something, there's a market for it,
and so they're gonna get They're gonna get paid for
doing what they do, building so called low income housing
or affordable housing. But what I don't appreciate is the
Denver Post trying to make certain that all of their
useful idiots that still.
Speaker 2 (20:24):
Read that wait a minute, I still read it.
Speaker 4 (20:28):
All the useful idiots is still read the Denver compost
to realize that the taxpayers are the ones that are
on the hook. So the Mosaic Campus, the former Johnson
and Wales campus, got bought in twenty twenty one by
the Urban Land Conservancy, Denver Public Schools, and the Denver
Housing Authority. They all bought it with the Denver Housing
(20:49):
Authority South Campus acquisition financed using about oh ten point
nine million dollars from its Denver Housing Authority delivers for
Denver D three Permanent Supportive Housing partnership with the City
of Denver. You see the tentacles go everywhere, but they
(21:10):
always end up tickling your little genitals in your pocket
because they're looking for your money.
Speaker 2 (21:17):
Now.
Speaker 4 (21:18):
D three is a dedicated voter authorized so you dummies,
and Denver authorize this a funding mechanism in which the
city pledges future property tax or other revenue streams to
back the bonds. So while the bond debt sits on
the Denver Housing Authorities books, the underlying repayment capacity ultimately
(21:38):
comes from Denver taxpayers rather than from any private philanthropy.
Because oh, I just want to provide you know, low
cost housing. The Denver Housing Authorities role at MOSAIC is
to hold the land and the ground lease it in
long term for the developers like Archway Communitors Communities, which
(21:59):
lets the projects qualify for Denver supported permanent affordability requirements,
project based vouchers, and what's called permanent supportive housing PSH.
Those are subsidies that get paid with a mix of local, state.
Speaker 2 (22:14):
And federal money.
Speaker 4 (22:16):
So everywhere you turn, it's taxpayers paying for this, but
you'd never know that reading the Denver Post. At least
forty percent of the new Triangular and Gabe Hall apartments
that are going to be in the next phase are
required to be supportive housing that uses vouchers for people
exiting homelessness and other voucher payments often sourced through the
(22:38):
Denver Housing Authority and the Housing in Urban Development and
is a direct public operating subsidy to this project, which
means that not only are if you think that I'm
just you know, lumping on and just really pounding on
Denver taxpayers right now, those of you outside the area,
(22:58):
in fact, those of you living out of the state
ought to be paying attention, because I just pointed out
that all of these subsidies are sourced through not just
the Denver Housing Authority but Housing and Urban Development. Oh
you don't know about HUD. Oh that's a federal agency
(23:19):
that gets federal tax dollars. So we're all paying for this, hellelujah. Now,
Archway Communities, as I said earlier, is a nonprofit developer,
but it still earns development, construction management, and asset management fees,
which obviously get paid by the housing authority or the
people running it. And it can generate net operating income
(23:42):
from rents once the project actually stabilizes. Now, but think
about that now that let me just repeat them. Here's
what I wrote. It can generate net operating income from
rents once the projects stabilize. Where do you think the
rent come from? From the vouchers that people get that
(24:07):
are paid for by the City and County of Denver
or HUD, which come from the taxpayers. So it's you
and me getting fleeced again. Now, Archway has said it
intends to use nine percent low income housing tax credits
for this new upcoming phase, in addition to the federal
(24:29):
and state historic tax credits that are already reported on
the initial one. Hundred and fifty four unit conversion. So
in addition to direct cash payments, then they're going to
get tax credits, which means that's a loss of revenue
to the city and county, or to the state, or
to the Feds, because now those tax credits go against
(24:49):
any taxes owed, so once again taxpayers are paying for it.
I'm just pausing for a moment to let you sip
your coffee and think about all of the You see,
when I talk about advocating your compassion to the government,
here's an example of it, because I imagine most of
you will see some homeless people and you'll feel sorry
(25:10):
for them, and you'll think, gee, you know, maybe I
should get some money to my church, Maybe I should
get some money to you know, the Colorado Coalition for
the Homeless or some other you know, supposedly nonprofit private organization.
Speaker 2 (25:23):
But no, no, you're you're already paying for it.
Speaker 4 (25:26):
So I would suggest you just get your guilt feelings,
put those in your back pocket, and go about your day.
The public communications about Mosaic this project emphasizes preservation, community benefits,
and affordability, but they do not foregram that the land
was effectively assembled and discounted with a taxpayer based acquisition
(25:49):
program that's the D three bonds, and that long term
operating revenue is heavily supported by voucher and those permanent
subsidized housing dollars. And they also tend to frame Archway,
and particularly in the stray is what this really bugs
me about this story. They frame Archway purely as a
mission driven nonprofit and they don't make it clear that
(26:11):
its business model absolutely depends on stacking all of this
long term housing equity. The historic credits the project based
subsidies and soft public loans structures that routinely produce millions
in fee revenue across a large portfolio, even though no
single project looks profitable on paper, meaning that oh, there's
(26:36):
profit being made everywhere.
Speaker 2 (26:40):
You know.
Speaker 4 (26:40):
Once again, maybe a quick reminder that nonprofits doesn't mean
that you're not making a profit. Nonprofit simply means that
you don't have dividends to distribute to shareholders. And it
doesn't mean that your C suite, like your CEO, your CFO,
your chief technology offer, your officer, all of the people
in the C suite, that doesn't mean that they're not
(27:01):
being paid high salaries. Oh yeah, they're getting paid high salaries.
It's just that they're not accountable to the shareholders. So
put bluntly, Denver taxpayers are paying on the front end
bond back acquisition and soft financing, and on the back
end through vouchers and supporting services funding, with the developers
(27:21):
upsite coming through fees and long term cash flow supported
by those same public subsidies, and the tax benefits sold
to private investors. So the Denver post framing around following
the money is therefore best partial, and I think at
worst it's misleading because I think it leads people reading
(27:45):
that story thinking that no tax dollars here simply because
there isn't a direct line item city check labeled profit
for archway. Oh it's there, all right, It's absolutely there.
So Denver taxpayers are indeed quietly bankrolling the transformation of
this old Johnson and Wales campus into affordable housing apartments,
(28:07):
despite what the headline claims, and through the Denver Housing
Authorities D three bonds back by city revenues, the Denver
Housing Authorities snapped up the land for a ten point
nine million dollars then ground leases a cheaply at you
know what, I don't know what it is, but it's
probably you know, like this dollar a year for ninety
nine years. So when you read the Denver Post and
(28:29):
you think about follow the money, the Denver Post is
actually covering for tax for all of the taxpayer money
that's being spent on this project.
Speaker 3 (28:41):
Hey, Mike, I have proof that inflation isn't that bad.
My wife and I got a great deal on a
venezuela and fishing trip.
Speaker 2 (28:54):
That's a good goober right there. Uh do you where?
Where's your protocol? Is it? Uh?
Speaker 4 (29:03):
Is it Key West? Or is it Caracas? Are you
coming or going? Either way you're going, But I'm just
curious where you're gonna start.
Speaker 3 (29:11):
Don't you have a trip coming up next next October?
Speaker 2 (29:15):
Yeah? Yeah, we're going to the Greek Isles.
Speaker 3 (29:17):
Yeah yeah, Michael trip dot com.
Speaker 2 (29:19):
Michael trip dot com. That's it. You gotta go check
out right now.
Speaker 3 (29:25):
You know who was actually talking to me about that Wednesday?
About the trip. Yeah, he really wants to go, but
he's he's worried because it could be hoping fingers crossed
Rockies playoffs.
Speaker 2 (29:44):
Wow, they're they're really desperate.
Speaker 3 (29:48):
Jesse Thomas. Jesse Thomas was very interested in Michael trip
dot com.
Speaker 4 (29:52):
I'd love for Jesse to gold one and see that
that that right there, give me, give me a handful
of goobers and Jesse, Thomas and me, and we got
a party.
Speaker 2 (30:02):
We got a damn party.
Speaker 3 (30:03):
He slightly nervous because the trip's in October. He's like,
that could be Rocky's playoff time.
Speaker 4 (30:08):
I think he's a little overly optimistic. I mean, I
think maybe in a year or two, but I don't
think this first season, I don't. I mean, Moneyball Guy's good,
but or it could be. Also, you know, I've heard
this enthusiasm before. Maybe I should invest now in renewing
(30:33):
my ten year old season tickets that I haven't had
for ten years. But then I'm afraid there'll be one
of those things where it'll be like you know, Crypto
where you know, this week it's just been plummeting, like
I don't think I will. I don't think I will.
But Jesse, you'd love to have you come along. So yeah,
rather have you, Jesse than you know, well not not missus.
(30:57):
Redbeard would be great, but mister Redbeard, eh kind of
a party pooper, party pooper. I'm not surprised by this
I'm disappointed by this. A federal grand jury has rejected
the Department of Justice attempt to re indict the Attorney
General of New York, Letitia James. And this new attempt
(31:20):
came after a judge dismissed the previous mortgage fraud prosecution.
It was over a technicality. It was anything great, just
a technicality pertaining to the appointment of now former entering
US Attorney Lindsay Alligan. Prosecutors went back to the grand
jury following the judge's disqualification.
Speaker 2 (31:39):
Of this acting US attorney and saw a new indictment.
Speaker 4 (31:43):
Now Letitia James was initially indicted back in October on
charges of bank fraud and making false statements related to
a home she purchased in Norfolk, Virginia, back in twenty twenty.
The prosecutors alleged that she had rented out the property
after signing a document that says, you know, if you've
done a whole loan, you signed the same thing where
you agree to use it as your personal residence. You
(32:06):
affirm under penalties of perjury that you're going to use
it as your personal residence. Well, that allows you to
get the most favorable loan terms.
Speaker 2 (32:16):
When you call.
Speaker 4 (32:17):
American financing as you should then for zero three six
ninety five seven thousand that you should do that, but
you're going to sign a document at some point. This
is your primary residence, indeed, if that's the loan that
you're looking for. She denied the allegations. She called all
the allegations politically motivated. But in response to the grand
(32:38):
jury's decision, she says, this it is time I want
you to This is the woman that went after Donald
Trump because he told the bankers, why I think marl
Logo is worth you know, a bazillion dollars, And the
banker said, that's fine, we'll do our own due diligence,
and we think it's worth half a bazillion dollars. And
(32:59):
so the negotia back and forth, they come to terms
for the loan, they come to terms, they sign the
promissory note and all the documents that go along with it,
all the disclosures, and then he pays the loan back.
Speaker 2 (33:13):
No harm, no foul.
Speaker 4 (33:16):
But she says that because he claimed that mar Logo
was worth more than the banks ultimately made the loan
for this timehow that was mortgage fraud. And then she
says this, This really does take Tony's It is time
for this unchecked weaponization of our justice system to stop.
Speaker 2 (33:35):
Now.
Speaker 4 (33:36):
Her lawyer happens to be Abby Lowell, who represents, among
other Democrats, Hunter Biden. And then she said, if they continue,
undeterred by a court ruling and a grand jury's rejection
of the charges, it will be a shocking assault on
the rule of law and a devastating blow to the
integrity of our justice systems.
Speaker 2 (33:53):
No, it won't, No, it won't.
Speaker 4 (33:56):
It'll just be further proof that the rich and powerful,
like Hulity James, get by with things that as little
people would never get by with.
Hey, Michael, just turned down the KOA to listen to
the beginning of your show, and guess what the first
commercial was. It was the Cars for Kids commercialsay, last
time to donate your car for twenty twenty five, Carl's.
Speaker 2 (00:17):
For gags, Carl's phrograts.
Speaker 3 (00:19):
But she's not wrong, and you get it in before
the end of the year, You're you're set. I you know,
that's why the big push, that's probably why you hear
you believe that you hear so many more. Well, because
they want to you know you you want to get
that text credit it's gonna be good or deduction or
whatever the hell it is.
Speaker 4 (00:39):
I've always wondered, so you have, uh, for example, Gina
has the commercials does for JFR or JRF or something
JR Cars. Yeah, okay, So and she and I were
talking during the break about how that was the first
time she's purchased a car that way because she doesn't
like going to the dealership. I don't know. In fact, Gena,
(01:00):
at your butt back in here. We need to find
out whether or not whether or not she traded her
car in. Oh, is she seriously.
Speaker 2 (01:09):
Okay? She's on thin? Coming back in I can't believe
you're doing this.
Speaker 3 (01:14):
I have a cookie in my mom Okay.
Speaker 2 (01:15):
Well monkey, who cares?
Speaker 4 (01:18):
So we're joking about the cars for kids commercial? And
how is the time to turn your car in right
to get your tax deduction?
Speaker 2 (01:26):
Oh?
Speaker 3 (01:26):
I did not trade in my car to car?
Speaker 2 (01:30):
That was like what going to be? Who trades in there?
Speaker 4 (01:33):
Who turns their what kind of crap do they turn
in that they wouldn't go to a car dealership and
trade in.
Speaker 2 (01:39):
So I assume you got a good deal.
Speaker 5 (01:41):
Oh yeah, absolutely I did, and and I'm very happy
with it.
Speaker 3 (01:44):
But but uh, I think the.
Speaker 5 (01:46):
Funnier one that I hear, which I don't even know
if I hear in Colorado anymore. Maybe this was a
Michigan or Florida spot was when they used to always say,
you can trade in your boat.
Speaker 4 (01:56):
In your boat, why don't one of my Limburgers is old?
Maybe they could trade her in for a new Limburger
production for the limb because I groomed them yesterday. It
cost me a boatload of money. But I was just
thinking about who turns what and what kind of car
is it that you turn into cars for kids? Because
(02:18):
it's gonna be you know, a royal piece of crap.
Speaker 2 (02:21):
I mean, I don't know.
Speaker 4 (02:22):
I could tell you, yeah, I tell you what, Well, here,
here's your receipt for the for the for the nineteen.
Well I can't actually, if I go too old, it'll
be an antique car that might be worth something. But
let's say you turned in your you know, your two
thousand Kia that's worth one thousand dollars or eight hundred dollars,
and you get an eight hundred dollars tax deduction. Now,
to take the benefit of the eight hundred dollars tax deduction,
(02:45):
you've got to be in that category where you're itemizing
your deduction.
Speaker 2 (02:49):
Otherwise you can't.
Speaker 3 (02:50):
Turn it off, right right, Yep?
Speaker 5 (02:53):
Well, I gotta say, is JFR gave me way more
than cars for Kids.
Speaker 4 (02:58):
Than Now that's the point. See, that's the new tagline
for JFR. Just just tell your friends that JFR the
new tagline is we'll give you more than cars for kids.
Speaker 5 (03:08):
I really hope Cars for Kids is not listening.
Speaker 4 (03:11):
I just don't see the problem is it's all me
is not gena. Cars for Kids is upset. It's Michael
Brown Michael Brownliartmedia dot Com. I don't care anyway, thanks
for coming back. I forgot that you could hear out
there while you're doing it.
Speaker 3 (03:25):
We're not in the trailer park station anymore.
Speaker 4 (03:27):
We're on the big front, the big station, where they
actually where they actually listen to what we're saying out
there in the pit. Oh wait a minute, they're listening
to what we say out in the pit.
Speaker 3 (03:37):
Don't worry. The bosses aren't listening. Well, of course. Why
there's a Broncos game this weekend. Two inches out of
town three. It's a Friday, and it's kind of it's
kind of a nice day out now. I did see
Jessica here. Jessica's here. She's always here. That's right, she's
always here. But the pit was empty when I came
in this morning, totally empty. Temper's not listen.
Speaker 2 (03:59):
Well, he may be, you.
Speaker 3 (04:00):
Might be listening, but he's still laying in bed, right,
he's a night out right, he's still laying in bed.
Get those emails, some Temper. At eight thirty at night.
It's like, dude, I'm already in bed.
Speaker 4 (04:07):
I actually felt badly the other day because I had
a little vacation screw up on work. They imagine that
a app having a problem, and I hesitated for just
a second about.
Speaker 2 (04:19):
Emailing him that I thought, screw this.
Speaker 4 (04:22):
If I email him at eight o'clock in the morning,
he's going to be pissed off. If I email him
at eight or nine o'clock at night, he's gonna be
right away.
Speaker 3 (04:29):
And he's probably here at eight o'clock exactly exactly as
opposed to dirt bags like you.
Speaker 4 (04:35):
By the way, Dragon really pissed me off yesterday. Dragon
really pissed me off yesterday. So I have a little
routine that I do after the program. I am just
in this kind of mood today. I'm just in this
kind of mood. So this may be one of the
first fridays where the new audience goes, what the hell
is going on? And you know what, don't do not
(04:57):
worry about it, don't try to fight it, because we
don't care.
Speaker 3 (05:01):
And sometimes you just need to just let it go.
With everything that's going on in the world right now,
you just gotta.
Speaker 4 (05:09):
I So I I keep my I use my MacBook Pro.
It's sitting right here in front of me. I've got now,
of course, here we've been reduced from two monitors to
one monitor, so I've got my phone, my MacBook Pro,
and then the one monitor which I've got about three
windows open on it, but anyway, it's close enough to
(05:30):
me for all my notes and show prep that as
I talk I tend to spit on the monitor a little.
The monitor, so I go over to my little cubicle
when I finish the program and I and I turn
it off, lit it cool off for just a second,
and then I have some you know, some Apple approved
(05:50):
you know spray to clean the you know, so you
don't screw up the the whatever they coat the screen with.
And then I very carefully wipe it off, and I've
got an all piped off and I'm just about ready
to put it back to my backpack, and the dirt
bag Dragon Redbeard walks by and takes his greasy fingers
where he's been picking his nose throughout the program and
just runs his fingers across my screen.
Speaker 3 (06:12):
Yes's great, but he's so. You had the wipe in
your hand. I wasn't sure if you had just started
or had just finished.
Speaker 2 (06:20):
You hope me I had just finished.
Speaker 3 (06:21):
The fact that you just finished made it so much.
Speaker 4 (06:23):
And you were hoping I'd just finished. But that's not
the part that really irritates me. The part that irritates
me is that we know each other so well that
I finished.
Speaker 3 (06:34):
And I was walking by because I was going from
this show to the other show and I just needed
a real quick restroom break. So I'm walking past your desk,
see that you had finished and took off walk into
the bathroom.
Speaker 4 (06:47):
Right and then so I had to redo it. And
then I put it in my backpack and and didn't
zip up the backpack. And then I went to the restrooms.
Speaker 3 (06:55):
And then we cross paths, so I see that he's
left his desk alone. I walked past the open backpack
and go I didn't.
Speaker 4 (07:06):
And for one time in your life, one singular time,
you made the professional decision not to take my laptop
out of my own backpack and open it up and
smear your greasy little fingers all over my screen again.
But the sad part is this, This is the saddest part.
I come back from taking a whiz and I think, this,
(07:29):
son of a bitch, he's walked past here, and I
bet he's taken my laptop out and he's done it again.
So I pulled it out and opened it again to
check to see if you had done it again.
Speaker 2 (07:42):
Oh, that's glorious.
Speaker 4 (07:45):
What's sad about it is is we know each other
way too well.
Speaker 3 (07:49):
I really thought about it. I knew you thought about it,
and I.
Speaker 4 (07:52):
Thought you had done it. In fact, there was a
little part of me that was kind of disappointed that
you hadn't done it.
Speaker 3 (07:57):
I didn't have the time. I had to start the
other show.
Speaker 4 (08:00):
Since when do you care about starting a show in time? Well,
not this one, all the others, all the other programs,
all the other programs. All right, so let's get started,
because say, oh, today's Friday. Let me just give everybody
a warning. So at eleven am, we do taxpayer relief
shots and I just loaded them into Adobe Audition, or
(08:22):
I just opened Adobe Audition. Dragon actually loads them into dough.
Now then we get two technical here, but I just look. Yes,
some award winners. We got quite a few. We got
more than we can probably get done today. So get
ready for bear. We're going to talk about We're going
to listen to people in the defensive use of firearm.
Speaker 3 (08:40):
And Michael practices his double click back and I practiced
my double click.
Speaker 4 (08:44):
Oh I seem to be doing slightly better over here
than I was over.
Speaker 3 (08:48):
There, it's only been three weeks over here. It's you
can't compare years over there to just a handful.
Speaker 4 (08:54):
No, no, maybe it's because I'm actually uh one. The
mouse is you can still read the serial number and
everything in the back of a mouse, so the mouse
is still relatively new. It's actually a fairly good mouse.
It's very sensitive, operates very well, and if I just
happened to touch it, it doesn't screw what's going on
(09:15):
the on the screen. So there's that going too. I
for those of you that did not know, I did
this before I came over to KOA. When I was
over at khow kh Ow, I had canceled my subscription
to the Denver Post years ago. I mean I'm talking
probably ten years ago. I just canceled it. I couldn't
(09:39):
take it anymore then. They because every once while they
send me an email. You know, hey, we got a
special going on. We got a special going on. I delete, delete, delete, delete.
I get an email that says we're offering you a
one year subscription for one dollar. One dollar, So I thought,
you know what, I'm going to do it now. It
(10:01):
says that automatic three news unless you cancel before so
I have on my calendar four days before the expiration
date a note in my calendar to cancel my Denver
Post subscription. Now, if they offered it for a dollar again,
which about is what it's worth a dollar a year,
that comes out to what the dollar divided by three
(10:24):
hundred and sixty five.
Speaker 2 (10:24):
Is what I mean.
Speaker 4 (10:25):
I don't what it is, but whatever that is, you know,
for a few pennies, then it might be worth it only,
and it's only worth it because, for example, when I'm
doing show prep yesterday, I run across the story that
catches my attention. Here's the headline, affordable housing developer in
final stages of converting the former Johnson and Wales dorms
(10:47):
into apartments. Here's the subheit. Archway Communities is converting two
former residence halls in South park Hill into fifty eight
apartments as part of a forty five million dollar development
in Denver. And I thought to myselfself, Wait a minute,
(11:10):
who's making money on this? Nobody does anything for free,
even the little pittance, I mean, even the pittance that
I get paid to do this program. Till means I
don't do this road program for free? Dragon who gets
paid twenty times more than what I do. Doesn't do
his producing for free. Nobody does anything for free. And
(11:35):
when you got a so called public private partnership, somebody's
making a boatload of money. So I read the story
and then did a little background check. Let me just
tell you a few highlights from the story. Two local
income restricted housing developers. Wow, you're a housing developer, but
(11:58):
you focus on income rey restricted. So how do you
make your money?
Speaker 3 (12:04):
Now?
Speaker 4 (12:04):
It's pretty obvious. We'll get into the details in a minute.
You can be any kind of developer, you can call
yourself anything you want to. But if all you builds
are income restricted housing, then that means you're getting money
from somewhere. And if it's income restricted, it means you're
not getting any, if very little, money from the people
(12:25):
who actually live in reside, rent own or whatever the
housing that you develop. So where's it coming from? Then
all of a sudden you hear about something called Archway Communities.
And here's the second paragraph. Archway Communities is turning two
(12:47):
former residence halls just off the corner of Quebec Street
and seventeenth Avenue on the campus into fifty eight apartments.
The four other dorms on campus already have been converted.
Oh so this drift has been going on for quite
some time. You finally get to the third paragraph of
(13:10):
the story and it hits you. Development costs are estimated
at forty five million dollars. Archway Communities submitted its development
proposal to the City and County of Denver last month,
according to Archway CEO Laura Brazinski, and she told Total
(13:32):
told Business den which I guess is part of the
Denver post, I don't know.
Speaker 2 (13:36):
Quote.
Speaker 4 (13:38):
There are major renovations that are needed to modernize these
buildings that were built in the nineteen thirties, to bring
them to current code requirements and current needs, but also
to ensure that we're aligning the appropriate layout for one,
two and three bedrooms. The redevelopment is the latest effort
by whom who. The redevelopment is the latest effort to
(13:59):
refashion twenty five acre campus, which was purchased for sixty
two million dollars in twenty twenty one by local nonprofit
Urban Land Conservancy after Johnson and Wales closed it. Urban
Land Conservancy, which purchases and preserves land for income restricted development,
(14:22):
immediately turned around and sold some of the land to
the Denver Housing Authority in Denver Public schools, was a
lot of transactions going on here. In just the short
to see one, two, three, four, five, six paragraphs, I
think I've counted probably five or six different transactions where
(14:48):
deeds of trust and cashier's checks or cash or money
have changed hands. Every time somebody enters into a transaction
and you handle over something and the cash comes back somewhere,
where's that cash go? Where'd that cash come from? Who's
paying for that cash? Whose cash is that?
Speaker 3 (15:12):
Uh?
Speaker 4 (15:13):
Then you get into the deeper in the story. Now
let's do something to hide what we're doing. So now
they say these groups which I take to mean Johnson
and Wales who close the campus, the Urban Land Conservancy,
and of course whatever entities are involved that are the
(15:36):
government entities like the Urban Development Program, the Archway, the
city in County of Denver, the City Council, all of
those the groups that I just have listed have renamed
the site Mosaic Community Campus.
Speaker 2 (15:57):
Didn't that sound good?
Speaker 4 (16:00):
Three point three anchor portion where the two dorms sit
is now owned by the Denver Housing Authority, which purchased
it for nine and a half million dollars. In twenty
twenty one, Archway is purchasing or is pursuing. Archway is
pursuing low income housing tax credits through the Colorado Housing
(16:24):
and Finance Authority to finance the project. Then for Housing
Authority Development Manager Sean Gary said, the Housing Authority will
lease the ground to the nonprofit builder for a quote
nominal fee for ninety nine years and give the buildings
to Archway for free.
Speaker 2 (16:44):
So they spend.
Speaker 4 (16:46):
Nine point five million dollars of taxpayer money to purchase
the land, and they they lease the land. If a
ground lease is what you would call it, they do
a ground lease. So we're going to lease you the
ground where the building's sent for a nominal fee, you know,
let's usually.
Speaker 2 (17:03):
Like a dollar a year for ninety nine years.
Speaker 4 (17:05):
So they've leased it for ninety nine dollars and then
you got the buildings for free. So I'm curious about something.
Do you think whether do you think Denver taxpayers are
in any way funding this project and how do you
think the developer makes money from this type of arrangement.
(17:28):
I think this story is a great story in being
deceptive if you're trying to follow the money.
Speaker 2 (17:36):
So let's enter into.
Speaker 4 (17:37):
A little game and let's follow the money. Because we're
told that, oh, we need affordable housing. But okay, that's great, Well,
who's paying for the affordable housing? Because the people who
need the affordable housing obviously need affordable housing, so therefore
they cannot pay for the affordable housing. So somebody's got
to be paying for it. The money's got to be
(17:57):
coming from somewhere. Nothing is free. Well, hold on your hats.
Denver taxpayers are helping underwrite this campus wide development through
the city's Housing Authority, toogls, dedicated bond programs, and housing vouchers,
but the specific Johnson Wales's mosaic deals are structured so
(18:22):
that the nonprofit developer's profit comes from fees and long
term cash flow, not direct developer checks out of the
city's general fund. The Denver Post story is incomplete because
it implies there's no public subsidy or that the quote
money trail stops with the land purchase. Because the real
(18:45):
economics of this whole development are in tax credits, blow
market land, and voucher streams. So where's the taxpayer money
come from?
Speaker 2 (18:57):
That's next? Will not take boats and property and an
unwanted spouse if you're happy, but they don't.
Speaker 4 (19:06):
They don't take dogs and unwanted spouses. Well, dragon, I
know where you're going. What are the cars for kids?
A lot somewhere?
Speaker 3 (19:19):
I'm a catch to somebody.
Speaker 4 (19:20):
The sad part is you are both going to be
there because both of our trouses would like to get
rid of us, So we'll both end up at cars
for kids. So where does the where does the taxpayer
money come in on this development going on in in
the park Hill area because of the taxpayers? But the
(19:41):
Denver Post never spells that out. And you have to
understand all of the credits and the voucher system and
everything else to understand that, oh, taxpayers are actually paying
for this and the developers are making money on it. Now,
don't get me wrong, I'm not opposed to developers making money.
Speaker 2 (20:04):
That's that's their job.
Speaker 4 (20:05):
They want to go build something, there's a market for it,
and so they're gonna get They're gonna get paid for
doing what they do, building so called low income housing
or affordable housing. But what I don't appreciate is the
Denver Post trying to make certain that all of their
useful idiots that still.
Speaker 2 (20:24):
Read that wait a minute, I still read it.
Speaker 4 (20:28):
All the useful idiots is still read the Denver compost
to realize that the taxpayers are the ones that are
on the hook. So the Mosaic Campus, the former Johnson
and Wales campus, got bought in twenty twenty one by
the Urban Land Conservancy, Denver Public Schools, and the Denver
Housing Authority. They all bought it with the Denver Housing
(20:49):
Authority South Campus acquisition financed using about oh ten point
nine million dollars from its Denver Housing Authority delivers for
Denver D three Permanent Supportive Housing partnership with the City
of Denver. You see the tentacles go everywhere, but they
(21:10):
always end up tickling your little genitals in your pocket
because they're looking for your money.
Speaker 2 (21:17):
Now.
Speaker 4 (21:18):
D three is a dedicated voter authorized so you dummies,
and Denver authorize this a funding mechanism in which the
city pledges future property tax or other revenue streams to
back the bonds. So while the bond debt sits on
the Denver Housing Authorities books, the underlying repayment capacity ultimately
(21:38):
comes from Denver taxpayers rather than from any private philanthropy.
Because oh, I just want to provide you know, low
cost housing. The Denver Housing Authorities role at MOSAIC is
to hold the land and the ground lease it in
long term for the developers like Archway Communitors Communities, which
(21:59):
lets the projects qualify for Denver supported permanent affordability requirements,
project based vouchers, and what's called permanent supportive housing PSH.
Those are subsidies that get paid with a mix of local, state.
Speaker 2 (22:14):
And federal money.
Speaker 4 (22:16):
So everywhere you turn, it's taxpayers paying for this, but
you'd never know that reading the Denver Post. At least
forty percent of the new Triangular and Gabe Hall apartments
that are going to be in the next phase are
required to be supportive housing that uses vouchers for people
exiting homelessness and other voucher payments often sourced through the
(22:38):
Denver Housing Authority and the Housing in Urban Development and
is a direct public operating subsidy to this project, which
means that not only are if you think that I'm
just you know, lumping on and just really pounding on
Denver taxpayers right now, those of you outside the area,
(22:58):
in fact, those of you living out of the state
ought to be paying attention, because I just pointed out
that all of these subsidies are sourced through not just
the Denver Housing Authority but Housing and Urban Development. Oh
you don't know about HUD. Oh that's a federal agency
(23:19):
that gets federal tax dollars. So we're all paying for this, hellelujah. Now,
Archway Communities, as I said earlier, is a nonprofit developer,
but it still earns development, construction management, and asset management fees,
which obviously get paid by the housing authority or the
people running it. And it can generate net operating income
(23:42):
from rents once the project actually stabilizes. Now, but think
about that now that let me just repeat them. Here's
what I wrote. It can generate net operating income from
rents once the projects stabilize. Where do you think the
rent come from? From the vouchers that people get that
(24:07):
are paid for by the City and County of Denver
or HUD, which come from the taxpayers. So it's you
and me getting fleeced again. Now, Archway has said it
intends to use nine percent low income housing tax credits
for this new upcoming phase, in addition to the federal
(24:29):
and state historic tax credits that are already reported on
the initial one. Hundred and fifty four unit conversion. So
in addition to direct cash payments, then they're going to
get tax credits, which means that's a loss of revenue
to the city and county, or to the state, or
to the Feds, because now those tax credits go against
(24:49):
any taxes owed, so once again taxpayers are paying for it.
I'm just pausing for a moment to let you sip
your coffee and think about all of the You see,
when I talk about advocating your compassion to the government,
here's an example of it, because I imagine most of
you will see some homeless people and you'll feel sorry
(25:10):
for them, and you'll think, gee, you know, maybe I
should get some money to my church, Maybe I should
get some money to you know, the Colorado Coalition for
the Homeless or some other you know, supposedly nonprofit private organization.
Speaker 2 (25:23):
But no, no, you're you're already paying for it.
Speaker 4 (25:26):
So I would suggest you just get your guilt feelings,
put those in your back pocket, and go about your day.
The public communications about Mosaic this project emphasizes preservation, community benefits,
and affordability, but they do not foregram that the land
was effectively assembled and discounted with a taxpayer based acquisition
(25:49):
program that's the D three bonds, and that long term
operating revenue is heavily supported by voucher and those permanent
subsidized housing dollars. And they also tend to frame Archway,
and particularly in the stray is what this really bugs
me about this story. They frame Archway purely as a
mission driven nonprofit and they don't make it clear that
(26:11):
its business model absolutely depends on stacking all of this
long term housing equity. The historic credits the project based
subsidies and soft public loans structures that routinely produce millions
in fee revenue across a large portfolio, even though no
single project looks profitable on paper, meaning that oh, there's
(26:36):
profit being made everywhere.
Speaker 2 (26:40):
You know.
Speaker 4 (26:40):
Once again, maybe a quick reminder that nonprofits doesn't mean
that you're not making a profit. Nonprofit simply means that
you don't have dividends to distribute to shareholders. And it
doesn't mean that your C suite, like your CEO, your CFO,
your chief technology offer, your officer, all of the people
in the C suite, that doesn't mean that they're not
(27:01):
being paid high salaries. Oh yeah, they're getting paid high salaries.
It's just that they're not accountable to the shareholders. So
put bluntly, Denver taxpayers are paying on the front end
bond back acquisition and soft financing, and on the back
end through vouchers and supporting services funding, with the developers
(27:21):
upsite coming through fees and long term cash flow supported
by those same public subsidies, and the tax benefits sold
to private investors. So the Denver post framing around following
the money is therefore best partial, and I think at
worst it's misleading because I think it leads people reading
(27:45):
that story thinking that no tax dollars here simply because
there isn't a direct line item city check labeled profit
for archway. Oh it's there, all right, It's absolutely there.
So Denver taxpayers are indeed quietly bankrolling the transformation of
this old Johnson and Wales campus into affordable housing apartments,
(28:07):
despite what the headline claims, and through the Denver Housing
Authorities D three bonds back by city revenues, the Denver
Housing Authorities snapped up the land for a ten point
nine million dollars then ground leases a cheaply at you
know what, I don't know what it is, but it's
probably you know, like this dollar a year for ninety
nine years. So when you read the Denver Post and
(28:29):
you think about follow the money, the Denver Post is
actually covering for tax for all of the taxpayer money
that's being spent on this project.
Speaker 3 (28:41):
Hey, Mike, I have proof that inflation isn't that bad.
My wife and I got a great deal on a
venezuela and fishing trip.
Speaker 2 (28:54):
That's a good goober right there. Uh do you where?
Where's your protocol? Is it? Uh?
Speaker 4 (29:03):
Is it Key West? Or is it Caracas? Are you
coming or going? Either way you're going, But I'm just
curious where you're gonna start.
Speaker 3 (29:11):
Don't you have a trip coming up next next October?
Speaker 2 (29:15):
Yeah? Yeah, we're going to the Greek Isles.
Speaker 3 (29:17):
Yeah yeah, Michael trip dot com.
Speaker 2 (29:19):
Michael trip dot com. That's it. You gotta go check
out right now.
Speaker 3 (29:25):
You know who was actually talking to me about that Wednesday?
About the trip. Yeah, he really wants to go, but
he's he's worried because it could be hoping fingers crossed
Rockies playoffs.
Speaker 2 (29:44):
Wow, they're they're really desperate.
Speaker 3 (29:48):
Jesse Thomas. Jesse Thomas was very interested in Michael trip
dot com.
Speaker 4 (29:52):
I'd love for Jesse to gold one and see that
that that right there, give me, give me a handful
of goobers and Jesse, Thomas and me, and we got
a party.
Speaker 2 (30:02):
We got a damn party.
Speaker 3 (30:03):
He slightly nervous because the trip's in October. He's like,
that could be Rocky's playoff time.
Speaker 4 (30:08):
I think he's a little overly optimistic. I mean, I
think maybe in a year or two, but I don't
think this first season, I don't. I mean, Moneyball Guy's good,
but or it could be. Also, you know, I've heard
this enthusiasm before. Maybe I should invest now in renewing
(30:33):
my ten year old season tickets that I haven't had
for ten years. But then I'm afraid there'll be one
of those things where it'll be like you know, Crypto
where you know, this week it's just been plummeting, like
I don't think I will. I don't think I will.
But Jesse, you'd love to have you come along. So yeah,
rather have you, Jesse than you know, well not not missus.
(30:57):
Redbeard would be great, but mister Redbeard, eh kind of
a party pooper, party pooper. I'm not surprised by this
I'm disappointed by this. A federal grand jury has rejected
the Department of Justice attempt to re indict the Attorney
General of New York, Letitia James. And this new attempt
(31:20):
came after a judge dismissed the previous mortgage fraud prosecution.
It was over a technicality. It was anything great, just
a technicality pertaining to the appointment of now former entering
US Attorney Lindsay Alligan. Prosecutors went back to the grand
jury following the judge's disqualification.
Speaker 2 (31:39):
Of this acting US attorney and saw a new indictment.
Speaker 4 (31:43):
Now Letitia James was initially indicted back in October on
charges of bank fraud and making false statements related to
a home she purchased in Norfolk, Virginia, back in twenty twenty.
The prosecutors alleged that she had rented out the property
after signing a document that says, you know, if you've
done a whole loan, you signed the same thing where
you agree to use it as your personal residence. You
(32:06):
affirm under penalties of perjury that you're going to use
it as your personal residence. Well, that allows you to
get the most favorable loan terms.
Speaker 2 (32:16):
When you call.
Speaker 4 (32:17):
American financing as you should then for zero three six
ninety five seven thousand that you should do that, but
you're going to sign a document at some point. This
is your primary residence, indeed, if that's the loan that
you're looking for. She denied the allegations. She called all
the allegations politically motivated. But in response to the grand
(32:38):
jury's decision, she says, this it is time I want
you to This is the woman that went after Donald
Trump because he told the bankers, why I think marl
Logo is worth you know, a bazillion dollars, And the
banker said, that's fine, we'll do our own due diligence,
and we think it's worth half a bazillion dollars. And
(32:59):
so the negotia back and forth, they come to terms
for the loan, they come to terms, they sign the
promissory note and all the documents that go along with it,
all the disclosures, and then he pays the loan back.
Speaker 2 (33:13):
No harm, no foul.
Speaker 4 (33:16):
But she says that because he claimed that mar Logo
was worth more than the banks ultimately made the loan
for this timehow that was mortgage fraud. And then she
says this, This really does take Tony's It is time
for this unchecked weaponization of our justice system to stop.
Speaker 2 (33:35):
Now.
Speaker 4 (33:36):
Her lawyer happens to be Abby Lowell, who represents, among
other Democrats, Hunter Biden. And then she said, if they continue,
undeterred by a court ruling and a grand jury's rejection
of the charges, it will be a shocking assault on
the rule of law and a devastating blow to the
integrity of our justice systems.
Speaker 2 (33:53):
No, it won't, No, it won't.
Speaker 4 (33:56):
It'll just be further proof that the rich and powerful,
like Hulity James, get by with things that as little
people would never get by with.
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