Toll Brothers and BOT?

[TheBigUglies]

Seems like PSU entered into land deal with Toll Brothers to build some more student housing but community is fighting it and asking PSU to think about what could possibly happen to community when water supply gets contaminated by Toll Brothers because the town water shed is right next to this land.

http://www.centredaily.com/news/local/community/state-college/article42917913.html

I am curious to see if there are any BOT connections to Toll Brothers and since this is a public university, doesn't PSU have to take bids on this property? Maybe they did but just asking.

 

[PSU_1991]

I don't think the housing is being built for PSU. I think PSU agreed to sell the land to Toll Brothers provided that the Ferguson Twp board approved how Toll Brothers wants to use the land. That approval was granted. Now, some residents are protesting the sale and the construction but, as I understand it, PSU is legally obligated to the sale because Ferguson Twp approved the project.

 

[Art]

Penn State publicly listed that acreage for sale, so I don't think there was anything untoward in its transfer, unless there was a higher bid rejected for no good reaSON.

 

[voltz99]

Seems like PSU entered into land deal with Toll Brothers to build some more student housing but community is fighting it and asking PSU to think about what could possibly happen to community when water supply gets contaminated by Toll Brothers because the town water shed is right next to this land.

http://www.centredaily.com/news/local/community/state-college/article42917913.html

I am curious to see if there are any BOT connections to Toll Brothers and since this is a public university, doesn't PSU have to take bids on this property? Maybe they did but just asking.

You sound like a conspiracy theorist loon. Toll has ties to Boston College. Maybe you should complain about their BOT.

 

[artsandletters]

Seems like PSU entered into land deal with Toll Brothers to build some more student housing but community is fighting it and asking PSU to think about what could possibly happen to community when water supply gets contaminated by Toll Brothers because the town water shed is right next to this land.

http://www.centredaily.com/news/local/community/state-college/article42917913.html

I am curious to see if there are any BOT connections to Toll Brothers and since this is a public university, doesn't PSU have to take bids on this property? Maybe they did but just asking.

Toll Brothers is Philly. Think Lubert if there is a connection.

 

[Art]

Toll Brothers is Philly. Think Lubert if there is a connection.

There are also a number of real estate developers on the Board. In that business they alternate between cutting the throats and co-operating with (for the ultimate purpose of cutting the throats of) the competition.

Co-incidence is not necessarily evidence of wrongdoing.

 

[Tweedbear]

Think Peete

 

[bwifan]

Hmmm are any of the BOT members a portfolio manager that could benefit from Toll brothers doing well? Or maybe own a bunch of toll brothers stock in their private portfolio?

 

[bjf1991]

Hmmm are any of the BOT members a portfolio manager that could benefit from Toll brothers doing well? Or maybe own a bunch of toll brothers stick in their private portfolio?

Toll Brothers and BNYM have significant relationships.

This has been discussed - wrt this particular deal - for years.

I doubt if anyone here is going to give it the time and "think effort" to arrive at any reasonable conclusions or questions.....whether it is worthy of an "eyebrow raise" wrt the BOT (Peetzie) or not.


The watershed issues are significant.... and there are some good folks who have been taking up that banner.......a couple of them even spoke to the BOT at one of the meetings down in Hershey (2015?), if one wanted to educate themselves a bit, that video should be memorialized somewhere on the Interwebs.
They have also expended considerable effort in the courts - including getting a positive ruling from - IIRC - Kistler..... but I'd have to check my notes to be sure.

 

[Royal_Coaster]

Bony Mellon, or whatever the hell they go by nowadays is the 7th largest shareholder in Toll Brothers. Karen Peetz was at least a VP, if not the President of BNY and was BOT pres when Penn State sold the land to Toll Brothers. Despite the obvious conflict of interest, she didn't take the required walk out to the room where they keep the refreshment cart during the vote.

The purpose is to build upwards of 1600 housing units, mostly for students. Penn State won't get anything out of the deal, but Toll Brothers and BNY will get plenty. BTW, Peetz retired from BNY at the end of last year, but in Februrary was named to the board of Wells-Fargo.

The citizens' concern is not that the water will be contaminated but it will be eliminated. The land is on the headwaters of an exceptional value watershed. Another thing, several of the Ferguson Twp. officials who approved the plan are employees of PSU. So the University is no quite so caring about the planet when large sums of money are involved.

 

[bjf1991]

Bony Mellon, or whatever the hell they go by nowadays is the 7th largest shareholder in Toll Brothers. Karen Peetz was at least a VP, if not the President of BNY and was BOT pres when Penn State sold the land to Toll Brothers. Despite the obvious conflict of interest, she didn't take the required walk out to the room where they keep the refreshment cart during the vote.

The purpose is to build upwards of 1600 housing units, mostly for students. Penn State won't get anything out of the deal, but Toll Brothers and BNY will get plenty. BTW, Peetz retired from BNY at the end of last year, but in Februrary was named to the board of Wells-Fargo.

The citizens' concern is not that the water will be contaminated but it will be eliminated. The land is on the headwaters of an exceptional value watershed. Another thing, several of the Ferguson Twp. officials who approved the plan are employees of PSU. So the University is no quite so caring about the planet when large sums of money are involved.

TY for delineating those issues RC.....I've kinda' "wearied" of the task

 

[Royal_Coaster]

Excellent timeline of the events as they've proceeded, at least into 2015.
https://steadystatecollege.files.wordpress.com/2015/03/3-16-15-working-timeline-draft.pdf

 

[bwifan]

Bony Mellon, or whatever the hell they go by nowadays is the 7th largest shareholder in Toll Brothers. Karen Peetz was at least a VP, if not the President of BNY and was BOT pres when Penn State sold the land to Toll Brothers. Despite the obvious conflict of interest, she didn't take the required walk out to the room where they keep the refreshment cart during the vote.

The purpose is to build upwards of 1600 housing units, mostly for students. Penn State won't get anything out of the deal, but Toll Brothers and BNY will get plenty. BTW, Peetz retired from BNY at the end of last year, but in Februrary was named to the board of Wells-Fargo.

The citizens' concern is not that the water will be contaminated but it will be eliminated. The land is on the headwaters of an exceptional value watershed. Another thing, several of the Ferguson Twp. officials who approved the plan are employees of PSU. So the University is no quite so caring about the planet when large sums of money are involved.

I knew someone would connect the dots that I saw in this ...

 

[BobPSU92]

I assume the new student housing will have Toll House.

 

[Art]

Bony Mellon, or whatever the hell they go by nowadays is the 7th largest shareholder in Toll Brothers. Karen Peetz was at least a VP, if not the President of BNY and was BOT pres when Penn State sold the land to Toll Brothers. Despite the obvious conflict of interest, she didn't take the required walk out to the room where they keep the refreshment cart during the vote.

The purpose is to build upwards of 1600 housing units, mostly for students. Penn State won't get anything out of the deal, but Toll Brothers and BNY will get plenty. BTW, Peetz retired from BNY at the end of last year, but in Februrary was named to the board of Wells-Fargo.

The citizens' concern is not that the water will be contaminated but it will be eliminated. The land is on the headwaters of an exceptional value watershed. Another thing, several of the Ferguson Twp. officials who approved the plan are employees of PSU. So the University is no quite so caring about the planet when large sums of money are involved.

What percentage of those shares are/were beneficially, as opposed to nominally, "owned" by BNY Mellon? I'd venture to guess it's relatively small.

 

[voltz99]

Bony Mellon, or whatever the hell they go by nowadays is the 7th largest shareholder in Toll Brothers. Karen Peetz was at least a VP, if not the President of BNY and was BOT pres when Penn State sold the land to Toll Brothers. Despite the obvious conflict of interest, she didn't take the required walk out to the room where they keep the refreshment cart during the vote.

The purpose is to build upwards of 1600 housing units, mostly for students. Penn State won't get anything out of the deal, but Toll Brothers and BNY will get plenty. BTW, Peetz retired from BNY at the end of last year, but in Februrary was named to the board of Wells-Fargo.

The citizens' concern is not that the water will be contaminated but it will be eliminated. The land is on the headwaters of an exceptional value watershed. Another thing, several of the Ferguson Twp. officials who approved the plan are employees of PSU. So the University is no quite so caring about the planet when large sums of money are involved.

Penn State won't get anything out of the deal??? 1600 housing units for students.

The university is not so caring about the planet but the students who will live in the housing do care?????


According to the article, "The No. 1 potential source of contamination that could harm the water authority’s wellfields was transportation corridors." Do you drive a car?

 

[Art]

Penn State won't get anything out of the deal??? 1600 housing units for students.

The university is not so caring about the planet but the students who will live in the housing do care?????


According to the article, "The No. 1 potential source of contamination that could harm the water authority’s wellfields was transportation corridors." Do you drive a car?

It's fewer than 270 units designed to accommodate about 1,000 residents. No guarantee that all or most of the occupants will be PSU students.

 

[bjf1991]

It's fewer than 270 units designed to accommodate about 1,000 residents. No guarantee that all or most of the occupants will be PSU students.

FWIW:

Toll Brothers, in their presentation, repeatedly referred to the tenants as students, and that their development proposal was to provide housing for students.
And parking/traffic/mass transit issues were all addressed with that assumption.

Not that it's relevant to the question of "did PSU "get anything"....... because we know PSU already "got" somewhere around $14,000,000 from Toll Brothers in the deal (IIRC)

 

[Art]

FWIW:

Toll Brothers, in their presentation, repeatedly referred to the tenants as students, and that their development proposal was to provide housing for students.
And parking/traffic/mass transit issues were all addressed with that assumption.

Not that it's relevant to the question of "did PSU "get anything"....... because we know PSU already "got" somewhere around $14,000,000 from Toll Brothers in the deal (IIRC)

No doubt that the initial target market will be students, but the typical history of private developments like this is that over time the number of occupants who are students diminishes until it levels off somewhere. What "somewhere" is depends on any number of factors.

PSU did or will receive proceeds from the sale of the land. On an ongoing basis, who knows, but likely not much.

 

[bjf1991]

PSU did or will receive proceeds from the sale of the land. On an ongoing basis, who knows, but likely not much.

Yeah, I don't see the "financial benefit" - aside from the initial land sale - to PSU of any off-campus student housing developments (unless the contention is that the presence of that housing allows them to accept more students and cram more dollars into each classroom)

FWIW, there have already been two (at least) recent HUGE developments built out in that part of town - one geared for students, one for "professionals".
You don't have to take a close inspection to determine which is which.
In a college town like State College, it's generally not hard to distinguish what is "student housing"

 

[voltz99]

It's fewer than 270 units designed to accommodate about 1,000 residents. No guarantee that all or most of the occupants will be PSU students.

Does not really matter if it is 270 or 0. PSU gets $14 million.

The conspiracy theorist loons just like to complain.

 

[voltz99]

Yeah, I don't see the "financial benefit" - aside from the initial land sale - to PSU of any off-campus student housing developments (unless the contention is that the presence of that housing allows them to accept more students and cram more dollars into each classroom)

FWIW, there have already been two (at least) recent HUGE developments built out in that part of town - one geared for students, one for "professionals".
You don't have to take a close inspection to determine which is which.
In a college town like State College, it's generally not hard to distinguish what is "student housing"

Can you tell us the financial benefit of not selling?

Who built the other two projects? Who originally owned the land? Do you even care or were you just looking for things to complin about the BOT?

Three different projects, various owners, and various builders but the only one you complan about is tied to the BOT. Hmmm

 

[Art]

Does not really matter if it is 270 or 0. PSU gets $14 million.

The conspiracy theorist loons just like to complain.

Just a correction, asshole.

 

[bjf1991]

Can you tell us the financial benefit of not selling?

Who built the other two projects? Who originally owned the land? Do you even care or were you just looking for things to complin about the BOT?

Three different projects, various owners, and various builders but the only one you complan about is tied to the BOT. Hmmm

Who left the IDIOT BAG open today?

Voltzie is on the loose - and just as short-circuited as always.

The others have nothing to do with these issues ........ you f*ckwad

They were not built on the watershed area (nor did they, TTBOMK, involve Penn State or PSU "leaders" as a party...... though I couldn't say for 100%)

They were only mentioned in reference to the differences between "student" and "professional" housing.

Do you TRY TO prove how inane of a douchebag you can be - - - do you search out opportunities to display your stupidity - - - or does it all come naturally?

Trust me, you can give up the ghost. You ain't never gonna' reach the proficiency level of GMJ and that whole crew.

Why don't you take advantage of the beautiful day to get some time outdoors.......
Beat yourself with a stick........
Bash yourself with some rocks......
And see I f you can knock some of the STUPID out of yourself.

Give yourself plenty of time - I think you're the type of guy who may miss quite a few times before you hit any vital organs.

 

[voltz99]

Who left the IDIOT BAG open today?

Voltzie is on the loose - and just as short-circuited as always.

The others have nothing to do with these issues ........ you f*ckwad

They were not built on the watershed area (nor did they, TTBOMK, involve Penn State or PSU "leaders" as a party...... though I couldn't say for 100%)

They were only mentioned in reference to the differences between "student" and "professional" housing.

Do you TRY TO prove how inane of a douchebag you can be - - - do you search out opportunities to display your stupidity - - - or does it all come naturally?

Trust me, you can give up the ghost. You ain't never gonna' reach the proficiency level of GMJ and that whole crew.

Why don't you take advantage of the beautiful day to get some time outdoors.......
Beat yourself with a stick........
Bash yourself with some rocks......
And see I f you can knock some of the STUPID out of yourself.

Give yourself plenty of time - I think you're the type of guy who may miss quite a few times before you hit any vital organs.

Actually the others were built in the same watershed.

 

[Art]

Who left the IDIOT BAG open today?

Voltzie is on the loose - and just as short-circuited as always.

The others have nothing to do with these issues ........ you f*ckwad

They were not built on the watershed area (nor did they, TTBOMK, involve Penn State or PSU "leaders" as a party...... though I couldn't say for 100%)

They were only mentioned in reference to the differences between "student" and "professional" housing.

Do you TRY TO prove how inane of a douchebag you can be - - - do you search out opportunities to display your stupidity - - - or does it all come naturally?

Trust me, you can give up the ghost. You ain't never gonna' reach the proficiency level of GMJ and that whole crew.

Why don't you take advantage of the beautiful day to get some time outdoors.......
Beat yourself with a stick........
Bash yourself with some rocks......
And see I f you can knock some of the STUPID out of yourself.

Give yourself plenty of time - I think you're the type of guy who may miss quite a few times before you hit any vital organs.

Reminds me......And now for something completely different....

 

[bjf1991]

Actually the others were built in the same watershed.

In your watershed brain, maybe.