Council Director Bill Cook suggests a $.63 million loss is "good news"
Emerald city citizens plead for somebody in local government to behave honestly
By Curmudgeon
Interesting article in this morning's Standard-Examiner. The Ogden RDA [aka City Council] last night sold the city's remaining interest in the Union Square townhouse development for a million dollars to a group intending now to complete the second phase of the town home development. According to the story, the City had fronted the original project about one and a quarter million dollars [not counting a $650 K tax increment bond].
What I found most interesting in the story was this comment by Bill Cook, Clerk of the Council and RDA Administrator: The sale of the RDA's interest in the second phase of Union Square is beneficial because it will recover most of its original investment, Cook said. "It's great news."
What's interesting is this: back when the first phase of the project went belly up, the Mayor kept pointing to the project as a sign of his business prowess and sound business judgment [most people do not point to investments that go belly up as signs of their business acumen but Godfrey did]. Others, myself among them, suggested that the failed original development indicated instead a lack of sound business judgment on the Mayor's part. At which point, in several discussions, the Mayor insisted that once new investors took over, the city had "not lost a dime" on its investment.
Mr. Cook's statement this morning suggests that the Mayor's claim back then was not accurate. Note Mr. Cook says the city has now recouped "most" of its original investment. [We seem to be out about a quarter of a million in public funds, in the end.]
Now, it's good the city got a million back. It's good the new investors intend to complete the project [timed to coincide with the arrival of Frontrunner]. I hope the new project is sold out before completion. That would be very good news for downtown and for Ogden. What interests me about Mr. Cook's statement is that it cannot be true if the mayor's claim [we didn't lose a dime] is true, and if Mr. Cook's statement is true, the mayor's claim cannot be. Or am I missing something?
I think Mr. Cook has the numbers on his side in this, at least based on what the Std-Ex story says. But I have to ask, as so many have asked so many times before, why is it this administration can not speak openly, plainly and honestly about its decisions? Why is it constantly being revealed that this statement, that assertion, the other claim was not, in fact, accurate or complete? Why the endless dissembling?
And it is, usually, all so damn unnecessary. The City uses its development funds much like a venture capitalist does his funds. It makes what it considers prudent investments in development that will pay off in the long run for the city and the taxpayers. Because it is spending public money, it has to be more cautious, more conservative in making such investments than an ordinary venture capitalist would be [who is putting at risk only his own and his partners' money]. Nevertheless, we cannot reasonably expect every city development investment to pay off, to work out exactly as anticipated. Nobody bats a thousand.
An honest statement by the Mayor at the time the original project went under, that it had seemed like a prudent investment for the city,and the Council had agreed, but that it hadn't worked out, that he hoped still to retrieve a major portion of the city's investment from the new owners, but that it was not all going to work out as he and the Council had hoped, would have served him, and the city, better than the usual political "it's not my fault; we didn't really lose anything; you're all naysayers" spin we got instead.
Dear Mayor Godfrey: speak honestly. Speak plainly. Don't dissemble. Even when you or your administration screws up. Build a reputation for your word being good, even if on occasion it turns out your judgment has not been. Nobody bats a thousand. Openness and honesty would serve your city... and you... a lot better in the long term than the endless dissembling you are in the habit of serving up instead.
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27 comments:
During the election we were assured by Mighty Matt that RDA debt was not debt. That the developer bore all the responsibility. Now we have an example of a developer defaulting and leaving the RDA (ie, we the taxpayers) holding the bag.
I'm glad another developer has been found, sorry that we've lost $250K, and even sorrier that the Administration insists on playing shell games with us, with the truth, and with our money.
We've been working on this story ourselves, Curmudgeon, and from our own calculations, and the figures reported by Ace Reporter Schwebke, it would appear that the taxpayers may be out quite a bit more dough than even you contend.
If you add up all the contributions from the RDA, including the $998k loan, $250K grant and $675K bond, you find the Ogden RDA had already kicked in a total of $1,923 million toward this project, even prior to this latest reported transaction.
From there we also need to factor in the value ($400 k) of the 1 acre parcel that the RDA is contributing to the now-announced 25th Street Association buyout, which yields RDA contributions to date of $2.323 million.
Even assuming that the TIF bond is being paid off according to its own terms, with tax increment from the Union square project (thus allowing us to back it out of the grand total), it would appear that the Ogden RDA is invested to the tune of $1,648 million and change.
And when you subtract the $1 mil that 25th Street Associates will pay the RDA to close the transaction once and for all...
That still leaves the Ogden RDA upside down by $648 thousand.
All of the above ignores accrued and accruing interest, of course.
This seems (to us) a far cry from "getting most of our investment back."
Boss Godfrey definitely has some 'spainin' to do, we think...
and he should do it on bended knee.
Rudi, you know that as time goes by there will be more and more revealed pertaining to how stupid following lying little matty's juvenile wet dream visions has and will become. None have panned out yet. Most likely none will.
Some on this forum get upset when it's mentioned what a truely sorry idiotic concept and product the Jackass center really is. This 25th st. revelation will pale in comparrison when that one is finnished.
But thru it all, his cronies, the real beneficiaries, come out unscathed, the tax payers recieve the blow.
All these nocturnal halucinations unvieled with the zeal of a Medicine Show/ Carnivale Barker, with a marching brass band and loud chorus from his Kool-aid embibing inner circle of beneficiaries and self important idiots, with nary a fact figure or stasticic to back them up. Always details to be provided later.
Curm, we don't get the government we deserve, we what tainted money can provide.
Rudi
I'm not sure that your numbers are correct, however they are a lot closer than Cook's. I think the loss was really more like $2 million, which if this is a true deal will lower that to $1 million - out of the tax payers hide of course.
Bill C. is right, nothing this circle of incompetents have touched is even close to being a winner. On top of that they have hocked the best thing they inherited from the prior administration (BDO) to the biggest loser of all - the Mayor's High Tech Rec Center, AKA PeeWee's Playhouse.
Godfrey, nor any of the empty suits he surrounds himself with, could make it as mid level managers at your average "C" Store. They are all big talking losers who are only in the game because they have access to the public treasury - which they are depleting at an alarming rate.
Today's article is the first glimpse we've had, from start to finish, of Godfrey's redevlopment "visions." Depending upon who you believe, Godfrey LOST between a quarter million to a two-thirds-million DOLLARS in the process of "developing" "Union Square."
What's obvious is that Godfrey is a complete business moron, who NEVER ought to have left the business of being a pizza delivery boy.
What's also obvious is that there are 7247 Gondolites, soccer moms and other assorted brain-dead idiots and dumbasses who voted for this numbskull in the last election.
Power to the People!
Right Arm!
AND... Gawd save us from those uninformed folke who voted for Godfrey because "he's our favorite smiling cherub in church."
Yuck!
I wish that the mayor would cut down all the trees on Washington and put up those cool little lights like in front of the high advent center because that is so cooooool.
Well, Rudi, I'd avoid, I think, calling people "brain-dead idiots and dumbasses" merely because they voted differently than I did in an election... particularly if I anticipated having to appeal to those same voters on anything else in the foreseeable future. Sort of like Mr. Byrne, was it, of Overstock.com ranting that the voters who said "no" to vouchers didn't care about their kids, and were too stupid to know what was going on, etc. I suspect people will remember that next time Mr. Byrne appeals to the public on pretty much of anything. Not all of them, but perhaps enough of them to make a difference on a close vote.
Yes, the outcome was disappointing; yes, I wish it had gone the other way; yes, I wish more voters took the time to stay up on issues, study records, and cast votes soundly grounded in their deep understanding of the issues involved. Nevertheless, I don't think it's true --- and just tactically it is not wise to insist --- that everyone who voted differently than I did was a "brain-dead idiot and dumbass."
With this comment you made, however... "Gawd save us from those uninformed folke who voted for Godfrey because "he's our favorite smiling cherub in church." --- I concur completely.
On which topic, I note that Cal Thomas had a a column in today's SE that actually made sense. [Swear to god, it made sense. I read it cold stone sober and itstill made sense. Strange things are happening.]
Curm, Cal Thomas is writing for a primary election office, redublican vs. rebublican. He'll return to consistent right wing family values, God on our side standard right wing rantings when the two parties collide in the real showdown.
They never change.
Rudi, as much as I'd like to aggree with the premice that brain dead idiots put lying little matty back in office, I cant 100% do it. That would let the local rag and editors off the hook too easily. I still hold those brain dead idiots more than common folk. Disinformation, outright lies and lots of ommissions.
A vote for Lying Little Matty Gondola Godfrey categorically classifies you as both a brain-dead idiot and a dumbass; they don't teach this simple strain of logic in doctoral history programs.
To Jason - the repositioner of brain cells inside his head using Gin -
You sure got a way with words boy. Don't misuse your talents in messing with Doctor Curmudgeon. He might tear you a new logical ass!
Rudi:
On the new thread sub head, to wit: Brain-dead Council Director Bill Cook labels a $.63 million loss "good news".
Well, Rudi, more than a little unfair I think. Cook labeled "good news" the city's retrieving $1 million of its investment in a project that had failed. That was good news. He was not labeling "good news" the amount un-retrieved, as your new sub-head suggests. Fair's fair.
Cook's quote: "The sale of the RDA’s interest in the second phase of Union Square is beneficial because it will recover most of its original investment, Cook said. 'It’s great news.'"
You're right, Curm. Cook didn't say it was merely "good news." "Great news" is how he actually characterised it.
I'd assumed that a six-figure income earner like Cook could do the simple arithmetic, just as I did. Of course with "Peter Principle" bureaucrats like Cook, such an assumption may indeed be unwarranted.
I like the new subtitle, and consider it "on the money." If Cook didn't do the calculation it ain't my fault. It's definitely something he should have done, before he opened his mouth and told the Std-Ex that the RDA had recovered "most of its original investment."
In truth, the RDA'a recovery of the $1 mil represents a -28% return on investment over five years. Not exactly great news, in my not so humble view.
Godfrey loses a million here
and a million there
but fear not gentle tax payers
even tho it's your dough he loses
his plan is to make it up in volume
And think of the neat floor tile Lesham will install!
Buy High, Sell Low, Make it up in volume, is that the kind of economics our magnificent leader is practicing?
Godfrey is a shitty lying creep, a piss poor venture capitolist, and has a terrible track record of choosing friends and cronies.
If he was my kid, I'd kick his ass.
Curmudgeon,
Good read. Mayor Godfrey’s grasp of “sound business judgement” became evident when he had the Mall torn down without a plan in place. Handing out no-bid contracts to cronies is also an indicator of his “sound business judgement.” It’s my belief that, for the next four years, pressure should be continuously applied to the mayor so that he will be held accountable for his financial misdeeds. I’m thankful that there are educated individuals (you know who you are) around here that continue to bring the issues out into the open. Again, thank you.
You wrote, Nobody bats a thousand.
You’re an old baseball fan, I think. LA Dodgers isn’t it? What do you think Mayor Godfrey’s batting average is, as of today’s post?
As GW Bush said, - "There's an old saying in Tennessee -- I know it's in Texas, probably in Tennessee -- that says, fool me once, shame on --shame on you. Fool me -- you can't get fooled again." --Nashville, Tenn., Sept. 17, 2002
Cal Thomas made sense? Did the Earth just shift?
BL:
You wrote: You’re an old baseball fan, I think. LA Dodgers isn’t it?
Ahem.
You refer, I believe to the Los Angeles National League Baseball Organization. The Dodgers, of course are in Brooklyn, lost in the BMT from which they shall someday emerge and return to their people. For verily I say unto you that of Ebbitts Field truly it is written, "if we rebuild it, they will come." The Los Angeles National League Baseball Organization is referred to as "the Dodgers" only by the depraved, the deluded and the badly-brought-up.
On a less serious note, I am continually surprised by the apparent belief among elected officials [every level] that they must never, but never admit to error. That the most they should ever do, and then only under immense pressure, is retreat to the passive voice and concede that "mistakes were made." [It was Republican President Herbert Hoover, as the Great Depression deepened around him on his watch, who said "A president must never admit he has been wrong."]
Seems to me elected officials would do themselves a big favor by not pretending what obviously is not so: that a muff is not a muff, that a bad call is not a bad call. I'd have had more respect for Godfrey [and your average president or governor or state legislator in similar circumstances] if he had said when Union Square Townhomes Phase I went belly up "Well, hell. I thought that was a sure fire win for the city. Blew that one. We'll try to get as much of the front money we put in back, but clearly, this one was not a successful use of our development funds. Have to do better next time." Instead we got "we didn't lose a dime; it was not a mistake; y'all are just naysayers." Which statement was (a)manifestly not true and (b) did not serve the city well and (c) did not serve Godfrey well either.
Jeez, not even I'm right all the time....
Here's one thats fallen way off the radar, but just keeps addin up.
Lying little matty's personal vendetta against Bruce Edwards. So far I believe Bruce has won three summary judgements to lying little matty's ZERO.(Ogden City ) I wish the standard would give us a little info. These court battles have been going 6-7 years, thats a lot of lawyer fees. Not much ink since 2002, come on paper.
Republican County Commissions like to play games with taxes. In the book of Mormon this is the sign of the times. Secret Combination will be infested in all politics.
Republican Commissioners have oversight responsibilities of all county operations. So they send the little old lady that is the current County Assessor to go and jack up the entire home assessments in valley, because of most of them don’t vote republican anyway. Then the Republican Commissioners lower the tax rate, for entire people who live below the valley. Knowing that if they didn’t lower the tax rate, their ring wing wacko constituents that live below the valley will revolt against them.
All three Republican Commissioners live below the valley that had their taxes cut also. Talk about divide and conquer? Rob Peter to Pay Paul!
Next they would have approximately 20 more million dollars to play with in 2008, if they had not lowers the tax rate.
Then they claim they gave us a Merry Christmas!!!
Well I get mad when someone pisses on me and tells me it’s raining, and then claims that they prayed and it stopped raining.
Wake up… Vote for the Democrats next time. They won’t lie to you about jacking up your taxes. They’ll hold a truth and taxation hearing before they jack up your taxes. And they’ll tell you why and what the money is for.
Mean while my taxes still went up of a total of $85.00.
Republican County Commissioners Deardon, Bishoff and Zagmaster. I’d hate to be your kids at Christmas time. They see your salary at over 100 thousand dollars a year. What presents do you screw them out of? I guess my kids got screwed this Christmas too.
I wonder what Jesus thinks of your doings?
Just What:
While I thoroughly, enthusiastically and eagerly support your call for the people of Weber County to put Democratic County Commissioners in office, have to tell you calls for folks to vote as Jesus would [or words to that effect] I think are not wise. It's always struck me as... well, downright arrogant [if not blasphemous] for people to claim that they know, they absolutely know what Jesus would think or do about this or that political problem. Man, talk about chutzpah....
There are many and sufficient reasons for voters to put at least one, better two [not three] Democratic County Commissioners in next time without bringing Jesus, the Buddha, Rama, Mohamed or The Great Spirit into the contest.
Why not three? Because it's not good for any legislative, or even quasi-legislative, body to be entirely in the hands of one party. On a three-person County Commission, it would be best for the County if one party held two seats, and the other held one. You always want one person on the County Commission who will ask the questions the other two don't want asked. Always.
Curmudgeon,
Oops, sorry about that baseball error. I thought you were a Dodger fan, but must have mixed up the cities. Darn! Are you okay with the (long gone) Ogden Dodgers affiliation with the, ahem, Los Angeles Dodgers? Here’s a story from Tommy Lasorda, when he managed the Ogden Dodgers in ‘66, ‘67 and ‘68. The Ogden Dodgers won the League Championship each year Lasorda managed them.
In Lasorda's autobiography, he remembered an experience the team had during the 1966 season when they were playing the Magic Valley Cowboys. Since they were an affiliate of the San Francisco Giants, there was an inherent hatred between the teams because Lasorda understood a Dodger rule, "Love the Dodgers, But Hate the Giants." The aggressive and fiery Dodgers were in a close game, and after a couple of bumps and scrapes, an all-out brawl ensued. In Lasorda's words:
"This was one of the outstanding fights of my minor league career. It lasted at least a half hour…. It got so confusing that people didn't care who they were hitting. I remember Charlie Hough sitting in front of his locker after the game complaining, "My hand is killing me. I had some guy in a headlock and I was hitting him on the head with my right hand…" While a few lockers away, our shortstop was moaning, "I was trapped on the bottom of the pile and somebody had me in a headlock and just kept pounding me on top of the head…."
BL:
Ah, that was back when many ball players were still real ball players, hard drinkin' hard playin' journeymen astonished that somebody was going to pay them to play the game. Before they all had personal trainers, steroid sources, press agents, negotiating agents and coiffures instead of haircuts, and wallets instead of portfolios. Baseball As God Intended It To Be Played came to an end of course with the designated hitter, which proves what all properly raised children understand, that the American League is not a major league. [If managers hand lineup cards to the home plate umpire at the start of the game with ten players listed instead of nine, it's not a major league game. That simple.]
As for the Raptors.... I like minor league ball. Prefer it to what is laughingly called "major league" ball now. The players don't want to be there on that minor league field, and so you get, every game, everything they've got. Sometimes that isn't much, but whatever they have, you get because they want to move up and stop riding buses to Idaho for the next series.
I rooted for the Raptors of course when I first moved here and they were an affiliate of Milwaukee. But when the owners proved themselves so abandoned to all decency and honor [Republicans no doubt] as to affiliate with the Los Angeles National Baseball Organization, it became necessary for me to root --- loudly --- for every visiting team. Yes, even Provo when it had a team. A man's gotta do what a man's gotta do.
Someday, we can only hope, the scales will fall from the eyes of the Raptors' owners, they will see the error of their ways, beg forgiveness from a just and merciful God, and sever their relationship with the Spawn of Satan and O'Malley and I can root in good conscience for the home team again.
[I do note the Raptors wedded themselves to the Los Angeles National League Baseball Organization during the administration of Matthew Godfrey. Coincidence? I think not....]
Curm, you are absolutely correct, O'Mally was the spawn of Satan. But even while residing in the borough of Brooklyn, they was BUMS.
Dodgers from any era have been the of baseball, if not humanity. It is totally appropriate to project genuine hatred towards them, and always will be.
Say hey, Curmudgeon, say hey.
Damn, forgot one word, should be, Dodgers from any era have been the BANE of baseball, if not humanity.
Say hey
Bill C.
Bane of baseball? The Brooklyn Dodgers were the first team that had the stones to break the color barrier. Jackie Robinson started a whole new era of baseball. Willie Mays, Hank Aaron, Frank Robinson, Ernie Banks, Bob Gibson etc. etc. might have gone unappreciated.
Sandy Koufax, who pitched for the Brooklyn and Los Angeles Dodgers, may have been the greatest pitcher of all time. He retired real young, without steroids, so we'll never know. He walked away from baseball, because of severe arthritis, when he was only 30 years old.
Say hey
Say hey, indeed. Here’s a quote from the “Say hey” kid himself.
"Sandy would strike me out two or three times a game. And I knew every pitch he was going to throw -- fastball, breaking ball or whatever. Actually, he would let you look at it. And you still couldn't hit it," says Hall of Fame center fielder Willie Mays about Sandy Koufax
Bums is bums, yeh they were first to break the color barierbut it was an inevitable that was coming within a couple years.
Not to take anything thing away from Jackie Robinson, but he wasn't concidered even the best player on his own Negro league team.
One of my fondest memories of the Dodgers is the one time a batter was smart enough to go directly to the source after being thrown at. I still chuckle when a batter drops his bat and charges the mound. Juan Marichal knew that Johnny Roseborro called for that pitch and took the bat to him.
Ah yes, dem bums. Actually, Roseboro is the one who threw the ball too close to Marichal's ear....Twice. Koufax refused to throw at anybody's head, so Roseboro decided to act. I had forgotten about that rhubarb. That was the biggest one I ever saw. They played it over and over on TV.
Roseboro and Marichal became good friends, eventually. Here’s an account of the fight, and the aftermath: "40 years later, The Fight resonates in a positive way"
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