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Wednesday, October 28, 2009

A Very Costly Shell Game





















PLEASE CLICK HERE TO READ ORDINANCE 50-09 

The discussion of Ordinance 50-09 reveals some interesting things:

South Euclid taxpayers have paid approximately $60,000 per year for the past 3 years on the original $1.8 million borrowed for the Greenvale 9. None of that money has gone to the principal.

Mayor Welo callously spoke that the foreclosure crisis didn't yeild the opportunity to acquire more real estate: “Everything changed. When this first happened the market was quite different. We had two developers looking at it. However, at the time we weren’t sure if we really wanted to turn it into housing. A lot of the residents liked the openness of it. We had hoped that we could maybe even get the rest of the homes. We thought maybe with the foreclosure process, you know, pick up a couple. But um, it just… You know the more and more you look at it, it might be our only last opportunity to enlarge one of our parks. And with Lowden School closing I’m sure someone’s going to be snatching that up. So I personally, you know my feeling is, and I said it last year is, I think maybe we need to have a discussion and see about making it parkland.”

<><><>INTERESTING FACT<><><>
Here's a link to the original legislation to purchase the Greenvale 9:


Please click on image below to view full size. 













<><><>MUST SEE RELATED POST<><><>





2 comments:

Anonymous said...

What horse shine madam Mayor!
$60,000 Interest.
+ $40,000 Negative Property Tax.
+ $5,000 Estimated Maintenance.
-------------
= $105,000/yr. Less in
Capital Improvements.
Oh yeah, $1.8 million in Debt to top it all off.
Would somebody wake up the Sun Messenger?
Greenvale, the name is Greenvale!

Anonymous said...

Please forgive my ignorance on this seemingly complex "issue",or as I would call it "boondoggle".
Let's see,the city took these properties by emminent domain,(yes/no?)razed the properties,was hoping the economy would worsen and they could grab more properties,but that didn't happen,so now they are stuck with 9 scattered pieces of property that add up to nothing,and the mayor is worried that some investors will buy the Lowden school property and develop it?The Mayor squandered an opportunity to take advantage of a crisis?Is my understanding somewhat close?And now after 3 years wants to sell 1.8 million dollars of bonds,in $100,000 graduations w/8% interest(not bad,payable when?).
That's $200,000 per property,without the interest payback.
Am I at least "warm"? The Mayor is going to try to con investors into buying bonds,to build a scattering of homes,or parks,or vacant lots,at around K200+ ea.
In an area that is obviously not the most attractive,upscale,safe,neighborhood that attracts the young,affluent,professional that can afford a k250 home.
I know one thing fer'sure,whatever the hell,however you want to explain it,a pile of crap smells the same no matter how ya' try to dress it up.
Thank God for November!Please,vote!Get rid of some of these clowns.I wish they were all up for reelection at the same time!
What a beautiful fantasy.Give each politician the boot.A clean sweep.All new council,new mayor,new law director,new school board.And every 2-4 years we keep on bouncing the bad,incompetant,ineffective elected officials until we get the people in office that respect the citizens,truly work for the interests of the citizens,driven by the duties and responsibilities of their elected positions.
Am I dreamin' or what? That will never happen,will it?

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