Dreams of the Food Network riding to Copia’s rescue have been officially dashed, though a new suitor, The Coalition to Preserve Copia, is on the horizon.
The Napa Valley Register reports that a group of investors and business folk have banded together to propose a joint venture with the ACA Financial Guaranty Corp. (Copia’s current bondholder). The Coalition would manage the space, lease to tenants and help raise capital for the space. However, ACA would still have full ownership of the property and fund operating costs.
The deal would potentially be a sweet one the Culinary Institute, which has expressed interest in Copia, but (like most sensible suitors) seems leery of taking on the entire fiscal responsibility for what’s become a financial White Elephant.
The paper reports that the Food Network has officially denied any interest in the building. Reports the Register: “This story is not true,” said Lisa Krueger, director of public relations at the Food Network. Damn.
Officially, all bids for the complex were due on November 12, thought ACA has not officially released any details on the proposals. The company is not obligated to take any of the offers.
But what’s even more entertaining than the story are the comments (don’t I know it)…
wined0wnnapa wrote on Nov 25, 2009 11:01 AM: ” why not turn it in to a roller rink and have sockhops there for the youth of napa? “
Bill wrote on Nov 25, 2009 11:56 AM:Can any of you spell corporate welfare? A holding corporation and a
group of local business people are looking at a special tax district
for this thing. Where is the outrage or do free markets only work in
the either of the new economic metaphysics as applied to my money not
corporate money. Do the Uncle Milty metaphysical dogma mongers only cry
serfdom when there is an actual physical benefit but go blind when
corporate insurance and holding companies reach into the pockets of the
serfs they would free?
crooked6pence wrote on Nov 25, 2009 3:53 PM:” Who cares? This place was built at the end of an era where money flowed like water – that era has since passed.And will most likely not be seen again for a long while.Napa is not the Mecca it once was… think early 1990′s 
“
nhs67rules wrote on Nov 25, 2009 8:33 PM: ” I have the solution — a “medical” marijuana center.
Read more at the Napa Valley Register (including some tasty comments)…
Want to follow the saga? Read BiteClub’s ongoing coverage…
- Copia to become Food Network West
- Food Network Chef Says Copia Not A Contender
- Chefs Take Over Copia Garden
- Copia’s Long Strange Saga Continues
Why not a culinary cheese institute? And no admission.
Why not a culinary cheese institute? And no admission.
I liked the skating rink idea.
My .02 is that Copia should have ALWAYS been a sort of food Disneyland where anyone could come and have food adventures. From a delish sandwich or salad from the gardens to really wild and unusual foods you could buy from around the world.
I would have loved to see daily exotic tastings and more interactive exhibits about food, chefs and food personalities.
THe whole thing was rather elite and hard to wrap your head around.
Or, you know…a skating rink is fine.
why not turn it into something everyday Americans will use instead of another monument to the elite. most could care less where these people elevate their little fingers. maybe they should look to this present version of congress, surely they would be willing to throw large sums of taxpayer dollars into this pit, likely with few to no questions asked.