How I lost thousands trying to build single family homes on the Hill

My name is Rio Vitale and I am a former resident of the Hill.  Here is an article about the home I restored.

At Home With Rio & Marianna Vitale

I also had a contract the to purchase the 2 1/2 acres at the corner of  Daggett and Ragazzi Place.  My group was going to build single family homes with detached garages.  We were also talking to a builder about putting up a small 32 unit building for Independent Senior Living.  This was back in Feb. 2014.  Most Hill residents were not aware of this project.  Why?  I don’t know.  I was seeking help from the Alderman but not sure why so little was done.  I had many meeting with the Alderman and he told me he like the project and  would work on helping with sewer or taxes for new homeowners.

My group applied for a loan at Lindell Bank and a few days before closing the bank called the Alderman.  The Alderman told the bank the he liked the plan but could not promise it would pass the Board of Alderman.  With that said the back called back declining the loan until I receive city approval.  I could get the loan if I agreed to guarantee it with my own assets which I refused.

This situation put the owner of the property into a financial bind, however we talked them into giving us another two week to apply with Enterprise Bank and our  group spent the additional money to do that.  Before the two weeks had ended, Flynn had another deal with the White Development company and rescinded our agreement.  However, that never worked out either.

This is why I take it so personally when I hear “You Don’t Live Here”  Many of us who invest in the Hill, do not live there.

As proof please see the attached.

addendum-to-sale-contract-dated-november-5-1

environmental-report

mvhs

site-plan

soils-report

survey

 

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