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This profile was last updated on 8/30/12  and contains information from public web pages.

Mr. Ray Park

Wrong Ray Park?

Owner

Phone: (216) ***-****  HQ Phone
I-X Center
One Drive
Cleveland , Ohio 44135
United States

Company Description: For more than 25 years, the I-X Center has been a staple in Northeast Ohio. Entertaining attendees with great consumer shows, education and business solutions...   more
Background

Employment History

6 Total References
Web References
During negotiations to buy the ...
www.clevescene.com, 30 Aug 2012 [cached]
During negotiations to buy the I-X Center - a debacle that ended with the city paying $66 million, twice what the facility is worth - Nance represented the city and Teamor was the point man for I-X owner Raymond Park.
...
Park later denied that Teamor had been involved, though as Scene reported in 2006, according to the FBI affidavit, Teamor was paid a 10 percent fee ($6.6 million).
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And Park got a rent-free, 15-year lease to continue using the I-X Center, which was never torn down to make room for runway expansion, the ostensible reason for buying it in the first place.
In an event called "To the ...
www.cleveland.com, 16 Oct 2011 [cached]
In an event called "To the Next 25," civic leaders and friends gathered over cocktails and hors d'oeuvres to honor I-X Center operator Ray Park.
I-X Center owner Ray ...
www.wkyc.com, 10 Mar 2010 [cached]
I-X Center owner Ray Park had an opening bid of $27.5 million but dropped out near the end of the bidding.
Crain's Cleveland Business
www.crainscleveland.com, 21 Nov 2005 [cached]
I-X Center operator Raymond Park said he intends to approach the incoming Jackson administration about extending the exhibition center's lease beyond its current 2014 expiration date.
'We have to,' Mr. Park told a Convention Facilities Authority committee meeting on Nov. 15 at the I-X Center. 'Otherwise, we should just shut down now.'
Mr. Park said he needs to begin negotiations on a new lease so soon because planners of the kind of megaconventions that use the I-X Center like to look for sites seven to 10 years into the future.
clevescene.com | News | The Sweetest Deal
www.clevescene.com, 18 June 2006 [cached]
According to a confidential FBI source, Teamor "represented" Raymond Park, the I-X Center's multimillionaire owner.
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Half the money was paid up front, and the other $30 million took the form of a lease that allowed Park to keep running the center for 15 years, rent-free.But if Cleveland builds another convention center before that term is up, Park can break the lease, forcing the city to pay him millions of dollars from his unused "rent."
In a normal, well-functioning government, a $66.5 million deal would have been closely scrutinized.
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Seven years later, the only people who appear to have profited are Teamor, Nance, and Park.
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Park was an entrepreneur on his way to becoming one of the richest men in America, according to Forbes magazine.He specialized in buying and selling steel mills and other industrial dinosaurs.In 1976, he bought the I-X Center for $8 million and transformed the plant into a trade show and convention hall.
By the mid-'90s, the center was attracting thousands of people a year, drumming up business for hotels and restaurants, and generating millions in tax revenue for the city of Brook Park.
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Jones Day, coincidentally, was hired to represent Park.
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Ray Park was sitting on gold.
In January 1999, Brook Park's law director, David Lambros, wrote a letter to Park, offering to buy the center.
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The deal essentially paid Park to keep his own property.Since at least 1994, he had publicly stated that he was willing to sell the I-X Center to Cleveland, as long as he could still use the building.That's exactly what happened.
The lease guaranteed him use of the I-X Center for 15 years.Though Park would pay taxes and cover maintenance, he would lease the building rent-free -- a perk both sides valued at $30 million.So for the next 15 years, the city was paying Park $36.5 million simply to have the deed in its name.
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