John Wright's article in today's Standard-Examiner fairly well encapsulates what has been said re the Rec Center project, in Wednesday's article, as updated, here on Weber County Forum. For those who missed it, you can read today's John Wright's article here.Just to simplify matters, I've put together a series of tables, to show what the proposed upcoming refinancing and new financing looks like. You can check out my tables here.
The truly bizarre fact of these transactions, as has been pointed out preciously in our reader comments sections, is that the whole "house of economic cards" depends entirely upon the financial capacity of the Gold's and Fatcats' principals. No lender seems to have confidence in them. That's why the Gang of Six is forced to give them the taxpayers' public guarantee.
In the event of their default, the Rec Center will become a purely public project, funded by every last penny of tax increment and lease revenue that flows into our city projects, for quite a long time to come. 20+ years, to be exact.
As the Std-Ex article points out, public comments on this topic will be entertained in upcoming days, both in regular council sessions, and special citizen forums. If you give a half a damn about this city, I trust you'll all be there, speaking your minds.
The notoriously mendacious and oleaginous Comrade Jorgensen says we still have time to put the brakes on this madness:
Councilman Kent Jorgenson noted that while the public hearings are required by law, the open houses are not. He also denied that the rec center proposal already has been decided.
"Each council member has their own opinion of the project. However, it has not been formally put to a vote," he said. "Therefore, the issue has not been predetermined."
We should avail ourselves of every opportunity, I think, fellow citizens, to prove Comrade Jorgensen right for at least one time in his life. So please attend these meetings, and tell the reckless folks in city hall that we won't have this recipe for bankruptcy deftly shoved down our throats.
Failing that, we can always vote these bums out in November, I guess.
In the meantime though, we need to put our objections loudly on the record.
Comments, anyone?
