}

Tuesday, October 3, 2017

RIPPLES ON THE WATER: Where Are The Details About The Grand Traverse Academy's R. W. Baird-Arranged State Aid Loan, Status Of Mark Noss Demand For Expansion-Related Expense Payment, Traverse City State Bank Line Of Credit?

While readers of this blog have been busy commenting on Grand Traverse Academy superintendent Susan Dameron's “heads are rolling” post, I'm pondering the resolution of the legal battle Mark Noss launched earlier this year.

You remember, don't you?

In a January 5, 2017 letter to the GTA board, attorney Jon Bylsma demanded payment for his client, including all expenses “incurred by Dr. Noss or his entities in reliance on the Academy's assurances, understandings, and written Lease Agreement”. 

Bylsma, referencing the lease for the GTA math and science center expansion (originally set to be constructed by MDN Development, LLC, a private, for-profit entity controlled by Noss), asserted that “Dr. Noss, through his entity, MDN, has incurred several hundred thousand dollars of expenses in connection with the Math and Science Center. This has been done at the request of the Board, and pursuant to the authorized and executed Lease Agreement.”

Well, look here!

The invoice shown below details some of the fees Noss ostensibly splashed out for the new building. But since the deal was signed without any independent legal review by the GTA board, it finally crashed and burned in late 2016.

But what about those bills? 

Did the GTA cough up the cash for Noss, and did its board decide to assume the obligation to repay nearly $900,000 still owed by Mark Noss on a Traverse City State Bank line of credit loan Steven Ingersoll opened in 2007?

Don't know? Well, neither do I!

And what about that PNC Bank loan, huh?

Still nothing publicly announced.

But here's the letter Mark Noss sent to the GTA board back in June, an unsuccessful attempt to maintain his cushy management agreement.

If I hear anything, I'll let you know!




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