Henry Rifle Forums

I mentioned a couple of days ago that I was at an important crossroad but I wouldn't talk about
it quite then. OK, here goes.

I am a member of the VFW and American Legion. Both do community work that I see as essential.
My American Legion Post had a bar and grill. A large one if fact. For various it went broke.

The Post however owns four acres of prime real estate just a couple blocks south of the Minneapolis border.
We are trying to partner with a large company to build a "Veteran's Village". We are a few minutes
from the VA Hospital and the International Airport. We want to set aside a lot of apartments for Vets
and Disabled vets.

We met with the main financier today. He is a three tour Vietnam fighter pilot who has done well
in real estate. He and his corporation own and operate 35,000 apartments across the US. It is his dream
and our hope to build this complex in the next couple of years.

Money is tight but it his, (and our thought), that with Federal and State help this can be accomplished.
He is going to crunch numbers and put together a plan.

It's difficult to get people to take the time and work on this type thing. There are a lot of unpaid hours
involved. I was asked four years ago to be a member of the Post Holding Corp that in actuality owns the
land and property.

My Wife has been the attorney for the American Legion Gun Club also owned by the Holding Corp,
(a bit awkward), anyway the two of us were designated attend this planning meeting along with the Post Comptroller.
She is contributing her time and knowledge Pro Bono. (free).

The meeting went well and I have hope that this can be accomplished. The financier said he would
go back home and crunch numbers and draw up a plan and contract that my wife and the comptroller
can review.

This is a 70 to 80 million dollar project.

The old financier and I both look at this as a final contribution to our country in trying to help our veterans.

Best of luck on such a wonderful endeavor!!!

Ditto, what Ozark said.

RP

Hats off to you and your wife and the other people involved! Viet Nam 67' 68' 7/13 th Artillery

Good luck to you. Tina and I ran a 501c3 Chapter of a National Charity that took veterans kayak fishing for about six years. We coordinated with the local VA hospital and Never regretted the time and effort. We also were heavily involved in a fly tying and fly fishing charity with the VA... again, time well spent. When I look back on all the things I have done, the folks we have met in our lives together... some of the best come from that volunteer work.

BrokenolMarine wrote: ↑

Tue Dec 05, 2023 12:54 am

When I look back on all the things I have done, the folks we have met in our lives together... some of the best come from that volunteer work.

I have to agree but getting this together has involved years of meetings that amounted to trying to herd cats and running into brick walls. We now have a good plan but it needs financing and we are now in that phase. I have high hopes but with the economy right now there is reason to worry. The Financier yesterday described the current financial climate as dreary. Most projects right now are being abandoned due to the short money supply and interest rates. Our only crutch is we can use govt assistance because or it being for veterans. He told us that next year when the current projects are finished there will be many in the trades out of work.

Very commendable. I wish you success.

I commend and respect your endeavor.

We promised to take care of our troops, and no one told us our responsibility was over when we received our DD214.

How can any of us help?

A wonderful and very worthy venture, best of luck with the financing. Similar to the set up I see on the Tunnels to Towers commercial. Wonderful.

FormerParatrooper wrote: ↑

Tue Dec 05, 2023 8:21 pm

We promised to take care of our troops, and no one told us our responsibility was over when we received our DD214.

How can any of us help?

I guess that at this point it's in the hands of God, but thanks.

Just a little background, the financier is an Air Force Academy graduate who flew three combat tours in Vietnam.
He was shot down twice. He looks you in the eye and says exactly what he's thinking. I have met him twice and
have much respect for him. He wants this project to complete as much as I do.

We had a board meeting and it is looking promising. The Architects have rendered drawings of the proposed complex and it looks good.
If all this come to fruition the American Legion Post will own 51 per cent of the enterprise and the financers will own 49 per cent.
The proposals right now feature 180 apartments, 40 percent to be Veterans Preference, underground parking, and a large post with a banquet
room. It will be run by professional contractors.
Things are moving fast and we should know one way or another in a week or two.

Last evening we held a zoom meeting of the board and a representative of the financier. Things seem to be falling in place but
I'm still apprehensive about the outcome. There are board members who seem easily influenced with ideas that simply cannot
happen. We have one member who tells the rep that he is simply thrilled with what's happening. He seems to have no idea that
this is still a bargaining situation. It could still fall through.

Right now it looks like it will be about a 51 million dollar venture breaking ground in late Summer, but it's still fluid. My term on
the board runs out in March and I have said I am done, but the Comptroller asked me to find a replacement for myself and I can't.
I'm not saying there are not more talented folks who could take my place, they don't want to. (They're smarter than I am).

Tomorrow the head man himself flies in from St Louis and we meet with him and his crew after lunch. I would guess that we'll
get some final numbers and then see if it works for us.

We simply cannot go to the membership and tell them we lost the land to someone else without proper compensation.

Well, that was quite a meeting. Of course our Prima Donna did his crying for sympathy jag, but was ignored.
I came away disappointed, but after some thought I reconsidered and think what's proposed is really a good
deal for the Post.

When this was all proposed the post would own 51 per cent so we could get govt funding as
a non profit. That's been rethought. Now we would own 1 per cent but have offices and a banquet room compete
with a kitchen provided in perpetuity for one dollar a year. No taxes to pay and no upkeep to pay.

There would be around two hundred apartments in four stories, with forty per cent veteran preference, two gyms,
two computer rooms, and facilities for physical therapy if a vet needs it. Two levels of heated underground parking with four
elevators.

The Post would get a substantial amount of cash as well that would allow them to do the community work they're
known for.

Of course there's much more to it than that, but briefly that's what I know for now. This has to be fleshed out and
put on paper, and then the membership needs to be briefed and then vote on it.

Thanks for keeping us updated. Bummer you didn’t get the 51%. At least you got something and what you got isn’t chump-change.

No matter how it's packaged, it's a noble gesture for the 40% who will gain housing there. The amenities sound nice and the club makes out pretty well.
I hope it works out for all of you.

Beware of time limits on the 40%. There will always be veterans.

Sir Henry wrote: ↑

Sat Jan 06, 2024 9:44 am

Thanks for keeping us updated. Bummer you didn’t get the 51%. At least you got something and what you got isn’t chump-change.

At first I thought that as well, but then I realized that until the complex is fully rented out it would take substantial cash to
sustain it, and we don't have that money. As it is, we end up with a post and banquet room free of charge, (well for one dollar a year),
and we have to pay no upkeep or taxes at all. The more I think about that, them more I like it. Did mention that we also get a very
large sum in cash as part of the deal.

Yesterday Carol and I along with the Chairman of the Holding Corp searched the old Legion building for records of capitol gains that will help with taxes when we do get it sold. It was just above zero and the building was only partially heated, (just enough to keep the bathrooms and such from freezing). We brought hone several boxes of receipts to go through when we get time and about froze my ass.

Tomorrow we meet with two different parties who are interested in purchasing the property. One to make a Veteran's Village, the other who would just purchase the property and develop it at a later date.

I sure hop something concrete happens. This has gone on too long.