Conroe, October 14 – Sage Bill O’Sullivan blistered the Montgomery County Commissioners Court on October 10, 2017, for showing favoritism to certain real estate developers over others. Many real estate developers, such as George Mitchell, Danny Signorelli, Mike Stoecker, Bruce Belin, Steve Bowen, and John Femrite have built the “spine roads,” the main roads through their real estate developments or made financing arrangements to do so.
Thanks to well-placed contributions to political campaigns and criminal legal defense funds of Craig Doyal and Charlie Riley, the County Judge and Precinct 2 County Commissioner, San Antonio real estate developer Rick Sheldon and Minnesota-based Varde Partners are getting Montgomery County and Tx-DOT to build their spine road for them. Rather than seeking to build the best developments in a competitive free market, Sheldon and Varde Partners are taking advantage of a Soviet-style centralized planning system where they have behind-the-cloak influence over decisions.
O’Sullivan’s remarks follows:
“It was reminiscent of Groundhog Day watching all of the developments earlier [in the Commissioners Court meeting] with 249. It was just two years ago approximately when we were stopping developers from getting the County to build their spine road to the area west of The Woodlands. Everyone seemed to admit that, since George Mitchell had built his spine road, either from using his own funds from the development company or putting together a RUD to do it, and here we were doing it to the west of The Woodlands, which was known as The Woodlands Parkway Extension.”
“Then seeing the Sheldon people merely transferring it [a right-of-way] to the State and having his spine road built for him by the State of Texas. It’s just wrong. He should build his own darn spine road. If we want to make it into four lanes, then we’ll pay for making it into four lanes.
“I just had a meeting yesterday with Lone Star College and what’s interesting is that they’re not going to be building any more buildings, because so much is being done electronically online by the students. 33% of their students are now totally online. About 85% of Lone Star’s debt is through bonds. The other is through revenue bonds. He [Lone Star’s president] says revenue bonds are a disaster. Their rates are 33% higher. A couple of years ago, Commissioner Noack said let’s do bonds through regular bonds through an election. But that was thrown aside and obviously it’s a problem [because the voters are unified in their opposition to the Tx-249 Tollway]. So you’re going to have to pay 33% more for revenue bonds.”