Ride It Out?

Who will answer the questions surrounding the suspicious circumstances of the Greenvale 9? First; the ill-fated decision was made, at a time when the housing market was already tanking, to borrow $1.8 million and purchase 9 structurally sound brick duplexes for $1.6 million. Next; the remaining $200,000 was used to demolish the homes, instantly reducing them to vacant land. Now; the taxpayers continue to pay debt service with no possibility of ever recouping that money. Public money spent on this venture is at $2 million and climbing.

In the video below are some notable items:

• Jane Goodman, Ward 4 Councilperson is the only city official who was willing to admit responsibility and financial defeat.
• Ed Gallagher, S.E. Director of Public Service/Economic Development responds when questioned on financial fallout of the Greenvale 9 purchase, “I can’t answer that question.” His 2010 salary is estimated in excess of $80,000.
• Joe Filippo, S.E. Finance Director slated to earn $92,106 in 2010 doesn’t offer much to the conversation during public financing discussions.
• Community Services Director, Keith Benjamin is the only city official who steps up with a thinly veiled attempt to paint the picture as rosy.

• time: 4 min. 08 sec.

PLEASE DON'T MISS THESE RELATED VIDEOS AND PHOTOGRAPHS REGARDING THE GREENVALE 9: 

• A Very Costly Shell Game

• Greenvale Houses - Before & After

• Greenvale 9 Review

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More On Ordinance: 11-10

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Please also see:

• Back With A Vengeance
• Mutual Loss Of Respect?
• Another Shot At "Point-of-Sale?"

Count To 10

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CEDAR CENTER - The documents below reflect information "...related to the repayment of the bond issued to pay for improvements to the Stanhope parking lot.  This bond will be totally repaid in 2014."

Let's see if we got this straight...the city borrowed money to do construction at the Stanhope parking lot...(Stanhope = code for Cedar Center project)...those "improvements" were demolished with the rest of Cedar Center...the taxpayers are going to continue to pay for those "improvements" made at Cedar Center until the year 2014...is that right?

How much money was borrowed to make the improvements, and in what year did that occur?