Request should be studied
Published 10:04 pm Friday, September 19, 2008
The request by developers that the City Council authorize a Community Development Authority to issue bonds should be carefully studied before any C.D.A. is approved. This C.D.A. would allow developers of large projects to sell tax free bonds in the city’s name in order to get the money they need. Shouldn’t they just go to the bank or other lending organization and borrow the money just like any other business?
This request never mentioned the proposed 800 acre Center Port Project off Holland Road for the cargo container transfer project, but it is a likely candidate.
The City Council should ensure that the taxpayers will not be responsible in any way for the repayment of these bonds or of the project.
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We still remember the Hilton Hotel project. The Economic Development folks stated we taxpayers would not be financially liable for that project. It was stated at a Council Work Session that we owe a million dollars a year for the next 27 years. How did this happen?
Any proposal before City Council that sounds too good to be true most likely is.