City Of Portsmouth: Suit Filed Against McIntyre Development Partner

Press release from the City of Portsmouth:

In response to the draft pro forma and for due diligence purposes, the City retained a financial expert in real estate development, RKG Associates. Their work was to review assumptions of revenue projections and anticipated costs in the Developer’s draft pro forma. RKG produced a new pro forma that reduced the City’s $80 million contribution to approximately $6.5 million. This pro forma included the City’s proposed profit sharing commensurate with its percentage of the contribution to the project. RKG’s work spoke directly to the City’s concerns that the previous pro forma was not in its best interest. However, the Developer declined to entertain the City’s request for profit sharing and disputed numerous assumptions in the pro forma.

This press release was produced by the City of Portsmouth. The views expressed here are the author’s own.