Sappington House Barn get's a new roof!
We now know that the Sappington House barn has a new roof
that is being paid for by the Sappington House Foundation. This is interesting on many fronts as the City shows $533,000.00 as a trust fund for the Sappington House that cannot be touched for anything other than the Sappington House.
So what you say? Well if the roof, (and any subsequent renovations) to the property are paid for by that trust fund, the City is going to have to change the amount it shows on the balance sheet, and that may effect any outstanding loans if that amount is shown on the loan application. By the way, if we show that amount on our "cash reserve" sheet, and we can't use it, what do we have here?
My question is why(this goes back a while,)did the City agree to "escrow" the Sappington House foundation funds in the first place?
I am told that there is a work in progress to separate the Sappington House trust fund from the City balance sheet, and that's a good thing. However I have heard this for quite a while now, and nothing has happened so far.
We have a new trustee of the foundation, a Mr. D.E. Jones (replaced his Mother on the board who has retired,) so I hope that we will see some movement to change this as it is uncomfortable to say the least.
Mr. Jones, the ball is in your court as they say. When can we expect some positive results reference the separation of your funds and the City of Crestwood's?
Tom Ford
NO. 1056
that is being paid for by the Sappington House Foundation. This is interesting on many fronts as the City shows $533,000.00 as a trust fund for the Sappington House that cannot be touched for anything other than the Sappington House.
So what you say? Well if the roof, (and any subsequent renovations) to the property are paid for by that trust fund, the City is going to have to change the amount it shows on the balance sheet, and that may effect any outstanding loans if that amount is shown on the loan application. By the way, if we show that amount on our "cash reserve" sheet, and we can't use it, what do we have here?
My question is why(this goes back a while,)did the City agree to "escrow" the Sappington House foundation funds in the first place?
I am told that there is a work in progress to separate the Sappington House trust fund from the City balance sheet, and that's a good thing. However I have heard this for quite a while now, and nothing has happened so far.
We have a new trustee of the foundation, a Mr. D.E. Jones (replaced his Mother on the board who has retired,) so I hope that we will see some movement to change this as it is uncomfortable to say the least.
Mr. Jones, the ball is in your court as they say. When can we expect some positive results reference the separation of your funds and the City of Crestwood's?
Tom Ford
NO. 1056
posted by Crestwood Independent at 20:31
7 Comments:
Why is the Sappington house trust putting a roof on a building that is old, beyond usefull life, and not owned or run by the trust.
The trust was designed to take care of Sapinngton house. This house requires some urgent attention.
Any plans?
10:17 PM Blogger: A good question my friend. The Sappington House was built in 1808 by slaves for a Mr. John Sappington and family, and as such is a National treasure.
However, the barn was built in 1966, so it enjoys no such protection or reverence by history buffs.
It is my understanding that every restaurant venture that has tried to make a go of it there has failed.
Now, once again we have a proposal before the board for yet another restaurant which due to the limited parking, seating and banquet facility room may also suffer the same fate.
The building will need yet more renovation to accommodate any new renters and that seems to be a case of "throwing good money after bad." (no matter whose money it is.)
I would hope that the Board of Aldermen will see this as well and move to refuse all RFPs in order to eventually remove the building and return the property to it's original state.
Tom Ford
Eliminating the buildings that require more money to refurbish than they are worth would seem to be the most logical progression. These buildings have existed past the original lifespan intended for these cheap structures.
I guess when it is someone's else's money (taxpayers) logic does not prevail.
How is it that a private trust controls a public property?
How is it that the money of a private trust is mixed with the taxpayer money and yet is controlled by the trust?
8:33 AM Blogger: "How is it" may be the catch phrase of he day here (if not the week!)
How indeed? If anyone reads who this, is an acquaintance of Mr. Jones (Sappington House Trustee) perhaps they could ask him for some clarification on the state of the building and report back to us.
Now as to the "intermingled funds," they are and they aren't as the City cannot touch the $533,000.00 (how's that for a silly scenario?)
Make sure you call your Alderman and mayor Schlink, tell them what you think of his idiocy, and then tell them what you want done about it!
Tom Ford
Humm, nothing from the trustee's on this important matter? Interesting.
Tom Ford
This is a great idea... !
If we rename the mall 'Sappington Mall'
we can get a complete renovation...with no TIF money required..
7:41 AM Blogger: Run that by Mr. Jones and see if he will include the mall in the barn project.
The least we can get out of it would be a new sign and light bulbs!
Tom Ford
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