Some facts behind the Nissan site and Theory R rezoning request

This information is excerpted from http://www.ocregister.com/articles/daichendt-605652-city-mailer.html 

Joe Daichendt, CEO of Theory R Properties bought the Nissan site a couple years ago at about a quarter market value, knowing full well the site was zoned for auto and auto related use.  Joe always had the intention to get it rezoned, he has stated this publicly, he just figured he could make it happen and turn it in to yet another strip mall, but then he ran in to reality and couldn't force his will on the city.

Joe has threatened lawsuits against the city and is now working on a petition to get a zoning change on the ballot.  He has vowed to sue the city if he fails to get it on the ballot.

When the Nissan was operating, it generated about $500,000 per year in tax revenue for the city.  Under the Theory R plan, at maximum projected occupancy, it would generate about $60,000 per year.  "The city council this week added $225,000 to its 2013-2014 budget to cover the legal costs related to the zoning change request.  A portion of that - $128,669.03 - will pay for what's already been spent through December.  The rest includes legal fees related to the ballot initiative and an anticipated lawsuit by Theory R."

What that means is that Theory R has already cost the city what it projects 2 years of tax revenue would be, and possibly costing it 4 or more years through litigation.  Joe says he will sue the city within a month, but he'd drop the suit if voters approve the zoning change.  He is effectively holding the city hostage to get what he wants.  As of this writing, Theory R has no one signed up for the property even if he gets it rezoned, so it would probably sit empty like so many other strip mall offices in our town.  This man doesn't care a whit about the good of our city.  He's had multiple offers on the property and hasn't even bothered to respond to any of them.  They didn't come here as an honest broker and they should stop tearing our city apart.