hairdog

iTrader: (33)

When I was at the shop this afternoon I heard Mike got his offer today from the state. By what was being said it wasn't an acceptable offer for Mike. Typical state deal not wanting to give the property owner what is fair for property. Sounds like it's far from over.

hairdog

iTrader: (33)

As far as practicing on Sunday goes. NO THANK YOU!!! I don't mind the kids when they are at least trying to go the right way on the track. It's the ones that think it's cool to jump the pipes right in front of you when your wide open down the straight or the ones that go the wrong way and hit you head on. I have too much money in my race trucks to have them torn up because of this behavior. That's why I don't mind spending the $5 on Monday nights to practice. Just my $.02.

MeanTT

I don't know. I am sure it is considered an eminent domain action and the land is as good as gone. I am not sure if it has been before the courts but it would be expensive to fight and may result in a marginally better offer based off of an expensive market analysis. That isn't my field but i know it's a very slow process... :-/

hairdog

iTrader: (33)

Eminent Domain is a load of crap. All it is is legalized stealing. From the sounds of it they want to buy just the portion they need and stick Mike with a useless piece of property with what's left. It's not like they can take down part of the building and use the rest. The whole structure has to come down. Total BS.

MeanTT

Agreed, but it is what has gone on forever. If Mike owns the land, he can sell off the remaining piece to a new owner, but I understand your point. These things are always messy.

lbenton

iTrader: (48)

The state should have to purchase the whole property at a fair value + a bit if the current owner does not wish to hang on to bits and parts. I know this is not the rule and Mike has to work within the rulebook of the the organization that is not looking after his interest at all.

When I was at the shop yesterday I did see a small group of new faces that looked like they were from the state there with a portfolio full of paperwork. But when I asked "not Mike" about the offer they were not sure of the status.

I know Mike is not keeping any secrets and we will all learn soon enough what the status is first hand.

One thing I did hear about a week back was that he might sell what is left to a business behind the shop so that he could expand and claim an I-35 frontage road address increasing his existing property value a lot in the expansion.

So, honestly things could be going just fine despite all that we hear about partial offers from the state. Could be going either way?

matt_is_superco

iTrader: (75)

Property costs are very reasonable in Tyler TX... Maybe Mike needs to consider relocating

We sure would appreciate a decent hobby shop and a race track.

yeah right...

JLock

iTrader: (4)

Dreaming aren't we...................

lbenton

iTrader: (48)

FWIW, this is what Mike had posted on his own message board on 1/27

"We got the offer and it is not what we expected. The lawyers have it in their hands now. As of right now we are doing business as usual. "

I know he is not happy with the state based on a brief conversation I had at the shop a couple of days ago. But I will add that Mike does know what he is doing, and I think if there a maneuver he will find it. In the meantime if you live in the area just support his business, go play on the track, keep the place busy.

I do not know for a fact, but suspect that he may only be weeks away from having a business impact from the imminent domain ruling that he is contesting. He does not stand a chance of stopping the I-35 construction project that will require a chunk of his building and most of his parking lot to be torn out. But there is a chance he can shake a fair deal out of the state.

BillyT.

iTrader: (4)

That April date is pretty firm, too...

Something is happening in 60-75 days, for certain.

OFNA_RACER

With this whole expansion of I35, which up here in denton my dealership is only losing 75' of our property. I think it is the same way in carollton also. I was in there today and I faintly heard some people talking about it, but it didn't seem like they were talking about a move. I know that they will be losing all that parking next to the frontage road but they have all that parking on the side of the building also that they can use.

BillyT.

iTrader: (4)

That plan loses the outdoor track to parking... which blows. Indy is great, but Mikes is 10 min from my office...

JLock

iTrader: (4)

From what I understand talking to some of the workers in Mike's, it will not be feasible for them to stay there. If you have been in Mike's, he was told that the building from about the glass doors entering the track area to the service road is what is needed for the project. That means all the pit rooms, the deli, the Computer Corner, the store's office as well as the parking lot in the front will be gone. Even if Mike agreed to that (which is not going to happen), he would have to build a new front to the building after that front section is ripped away, having to shore up the remaining roof, etc. Not worth the cost of trying to save a build once the front is ripped away (structural integrity issues). He is still looking for a site big enough to move the shop, but it will cost him some due to the state may not give fair market value for what they are taking from him for the expansion project.

lbenton

iTrader: (48)

The state early on left an impression that an offer would be made for the entire property, he just had to come up with a fair-enough value. Now, as you stated they want to do a partial payout and leave him about 3/4 of the building, but not just the office space and smaller retail shops up front being an issue, that is also where all the building utilities are.

The loss of parking alone is a deal breaker to Mike, so he now has this battle. Being in the lawyers hands now I doubt many real details will be made public during this negotiation until they become agreed on by both sides. Really no point in that speculation I guess, the broad strokes are all we can expect for the moment.

JLock

iTrader: (4)

I know what you mean by speculation. I deal with the same state agency that Mike is dealing with now but on a daily basis. When all this first came up, I told a few in the shop that what is going on now may happen. No one wanted to believe me even though I deal with those folks from the state every day of the year. Unfortunately, these types of circumstances happen in the name of progress with the resident/business/businessman on the shorter end of the stick.