BajaNomad

Loreto Bay is indifferent to its city debt

wilderone - 12-11-2007 at 11:36 AM

Latest news. Sounds like the town is fed up with LB. LB risks the entire project by not paying their taxes and fees. Of course they paid themselves first, and now want to walk away. Wonder if the ink is dry on the Replay Inc. deal.

http://www.oem.com.mx/elsudcaliforniano/notas/n521359.htm

"Loreto Bay no ha pagado impuesto al gobierno municipal"

"Loreto Bay has not paid its municipal taxes"

Loreto, Baja California Sur- Its been a week since the municipal government sanctioned the work at Loreto Bay's golf course in Nopoló, the directive of this developer has shown total indiference in its obligation to pay taxes.

This was indicated by the secretary general of the fifth municipal government of Loreto, Flavio Davis Higuera, who commented that the debt Loreto Bay has to the government has escalated to almost two million pesos, of which they derive from not paying for construction licenses, tax over aquisition of real estate (ISABI), and late charges.

He declared that the government of Loreto has never been against the development of the investors, but to the contrary as long as they complete the rules and pay their taxes like the rest of the citizens.

The functionary also espressed that it is regrettable that besides these irregularities, the Loreto Bay group simply does not voice an opinion and instead of looking for solutions they demonstrate total indifference.

Davis Higuera also suspects that besides putting aside all differences between them and all the government, timely payment of taxes benefits all society, like their project, public services and aid to distinct sectors.

Sharksbaja - 12-11-2007 at 01:35 PM

See,there IS a god!

Al G - 12-11-2007 at 01:45 PM

I don't want to say "I told you so" yet...yet it is getting close...:P

Phil S - 12-11-2007 at 01:49 PM

Or is it possible that there is another reason why they are paying these taxes. Maybe something like "gov't" changed the rules along the way, and non payment might be to force the "issues"????????? I hope it's that simple. Was just there last week, and don't see the number of workers as there was in August when I was last there. But there still is building going on and workers everywhere. And the huge structure that might be the "club house" moving right along, and I noticed businesses in the commercial spaces that before were vacant!!!!!!!!
Plus read the other day that Citibank received a huge billion dollar 'kicker' from some gigantic lender somewhere. Anyone have any further info on that one????

wilderone - 12-11-2007 at 02:45 PM

I hardly think that LB has any leverage in the situation. They have to build 250 homes that they sold. I wonder if they told the buyer when they took their money that all they need is a building permit.

It wasn't a Citigroup lender, it was an investor.
Nov. 27, 2007. Citigroup announced last night that it was selling a $7.5 billion stake to a Middle Eastern sovereign fund in the latest bid to shore up its balance sheet. The fund, the Abu Dhabi Investment Authority, has agreed to buy a 4.9 percent equity stake in a complex transaction that has been approved by federal regulators. It will have no role in the management or governance of Citigroup, nor any presence on Citigroup’s board. Abu Dhabi’s 4.9 percent stake will make it Citigroup’s single largest shareholder, overtaking Prince Walid bin Talal of Saudi Arabia. He has owned close to a 5 percent stake since the early 1990s, when he made a similar investment to bail out the company. Together, their holdings will mean that nearly 10 percent of the Citigroup will be owned by Middle Eastern investors.
Flush with cash from its oil exports, Abu Dhabi turned to Wall Street, using a complicated transaction late Monday to buy 4.9 percent of Citigroup, acquiring high-yield, convertible stock that must be exchanged for common stock between March 2010 and September 2011. Another move by the Arab-Muslim world to replace our need for oil with another form of economic dominance.

nnnnnghhhh

gibson - 12-11-2007 at 03:10 PM

Quote:
Originally posted by Sharksbaja
See,there IS a god!


wrong... savage desert tribes made it all up in response to not being able to understand nature. It helped them explain the then unexplainable (and gave credence to their genocidial raids with neighbouring tribes). wake up :lol::lol:

Minnow - 12-11-2007 at 03:20 PM

Gibson, I guess people that believe as you have nothing to offer mankind. 67 posts and not a single one of them has anything helpful, let alone positive, to say. It must be a very deep dark place you live in. Poor thing. Lets all give him a group hug.:lol:

haha

gibson - 12-11-2007 at 03:50 PM

Quote:
Originally posted by Minnow
Gibson, I guess people that believe as you have nothing to offer mankind. 67 posts and not a single one of them has anything helpful, let alone positive, to say. It must be a very deep dark place you live in. Poor thing. Lets all give him a group hug.:lol:


heehee I gots way more than grab-ass priests to offer ol' :lol::lol:man

Al G - 12-11-2007 at 04:26 PM

I am surprised few of you remember what I said before...this is a standard tactic of developers that never intended to abide by their agreements...period. The grift...use your marketing leverage to sell a bunch of units you don't intend to build in the manner you agreed to with the powers that be...when they don't expect it (even if they do). change who they were dealing with...declare you no longer agree to what the other people agreed to and stop all payments to leverage the inexperienced bureaucrat to buckle under...I told you before this is a standard strategy of developers in the third world.
What makes it work are the trusting gringos with enough money to act stupid...hate me or not, you should at least start legal action. The self sufficient clauses are the main asset to your home...they intend to sidestep it and they do not give a ratsass about you...period.

Al G - 12-11-2007 at 04:30 PM

Quote:
Originally posted by gibson
Quote:
Originally posted by Minnow
Gibson, I guess people that believe as you have nothing to offer mankind. 67 posts and not a single one of them has anything helpful, let alone positive, to say. It must be a very deep dark place you live in. Poor thing. Lets all give him a group hug.:lol:


heehee I gots way more than grab-ass priests to offer ol' :lol::lol:man

Gibson...listen we already have a resident 12 year old...are you asking us to accept you as a second...:P:P:lol:

Slowmad - 12-11-2007 at 05:25 PM

Join us next week for the exciting conclusion of...
Threadjacking with Knuckle Dragger and Mouthbreather!

Minnow - 12-11-2007 at 05:27 PM

Look at the positive side Slow. It gives you something to focus on.

rob - 12-11-2007 at 05:39 PM

OldHippie - where are you when we need you?

BajaWarrior - 12-11-2007 at 05:59 PM

Ya, where did he go? Last post in July, non confrontational.

Give us a sign OldHippie.

Minnow - 12-11-2007 at 06:00 PM

They put him on time out and he got mad. What a quitter.