Real Estate

An experienced real estate developer submitted a proposal for a redevelopment project but did not hire a consultant recommended by a City Council member. When the city failed to approve his proposal, he sued the city and its redevelopment agency. It was later revealed that the mayor and two members of the Council had been involved in a scheme that involved the exchange of their votes for money, sometimes involving the same consultant. Based on financial projections and valuations used in connection with the proposal, Bruce L. Ross & Company calculated lost profits on two phases of the proposed redevelopment project, which included an analysis under two different scenarios.