We posted this video Monday February 13th questioning how much the Pa State agency know as the Pennsylvanina Economic Development Financing Authority paid for the "Air Rights" that developer John Vartan (Musalair Trust) optioned for a total of $15 dollars on July 31, 1998 as he sold the Forum Place building for $65,798,830.59 to the Dauphin County General Authority. Information related to the Series 2012 (Forum Place Project) provides the answer_____ $6,450,389.96_______________________________ Air Rights. When the Musalair Trust ("Musalair") sold Forum Place to DCGA, it retained the right to repurchase from DCGA fifteen (15) stories of buildable air space in excess of the then-existing height of the Building, at a price of one dollar ($1.00) per story, for a period ending July 13, 2034, as set forth in the Air Space Option Agreement, dated as of July 13, 1998, between DCGA and Musalair ("Original Air Space Option Agreement"). Pursuant to the Original Air Space Option Agreement, DCGA could refuse to reconvey the Air Space, upon payment to Musalair of a refusal price equal to $667,000 per floor, or $10,005,000. On December 15, 2005, the fund that is the controlling majority bondholder, Forum Place Acquisition LLC, a Delaware limited liability company and an entity controlled by Saybrook ("FPA"), purchased from Musalair, for $250,000, the right to exercise Musalair's air space option for a period of ten (10) years. The exercise price of FPA's option is $2,500,000. The total cost of consolidating complete fee title to the Project Facilities in PEDFA by acquiring and/or thereby eliminating all third- party claims to the air rights is $6,450,389.96. Such amount includes a return on FPA's investment in the 5 air rights, which is in lieu of any restructuring or advisory fees for which Saybrook would otherwise submit an invoice for the work done since 2003.

Photo/Natalie Cake