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Ambrose Property Group said Wednesday it declined a paltry $6 million offer from the city of Indianapolis to buy the former General Motors stamping plant site on the southside of Indianapolis, with both sides completely at odds over what the property is actually worth.
Ambrose founder and CEO Aasif Bade said in a written statement that he believes the property is worth more than $65 million when accounting for its development value.
The city of Indianapolis wants to acquire the land through a voluntary sale by Ambrose or by force through eminent domain. Ambrose wants to find another buyer for the site and claims the city is violating the project agreement by pursuing ownership under eminent domain.
WIBC host Tony Katz agrees with Ambrose.
“Here’s what I know for fact: it’s worth more than $6 million, and the city of Indianapolis is full-on engaged in extortion. This is good ole’ boys thuggery going on by Mayor Joe Hogsett and his henchmen. ‘Luca Brasi’ wasn’t as violent as Joe Hogsett is. If Joe Hogsett took on potholes like he takes on Ambrose, we would have the smoothest roads in America.”
Click the link below to hear Tony’s full commentary.