Monday, January 26, 2015

City of Amarillo official statement on Wallace-Bajjali shutdown

The city of Joplin is not the only one that is being affected by the sudden collapse of Wallace-Bajjali Development Partners.

The following news release was issued by the City of Amarillo, Texas, where Wallace-Bajjali had been the master developer of a downtown project, backed its way out of most of it and was still supposed to be building a $14 million parking garage with city money.

Based on the developments regarding Wallace Bajjali Development Partners, LP vacating their offices in Joplin, MO., and related information gained throughout the day, the Amarillo Local Government Corporation (LGC) is in contact with its legal counsel to determine a proper response. The LGC anticipates meeting as early possible to address these concerns.

In the meantime, the LGC wishes to confirm that the contract related to the development of the Convention Center Hotel is with Newcrest Image and construction will proceed as scheduled. The recently approved contracts on the Convention Center Parking Garage allow for the continuation of the construction of the garage so that it will be open in time to support the hotel.

The construction and prompt completion of the Multi-Purpose Event Venue (MPEV) – commonly referred to as the ballpark – remains a priority for the LGC. The Amarillo LGC remains committed to all three projects and looks forward to their successful conclusion.

1 comment:

Anonymous said...

David Wallace offers partner Costa Bajalli 200,000 to buy his share of Wallace Bajalli and Bajalli says no so Wallace resigns? Then Bajalli resigns a few weeks later. This story smells bad.