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Some discussions have occurred with a couple of friends. One had some strong thoughts on the Harris Bank Building Project.
The Times lacks some depth in their reporting, but we all know they are in bed with Jr until he does a Philpot on us.
Some net research reveals Madison Construction is the parent of Three Corners LLC. Now it rumored that they are going to get $3,000,000 in TIF money to spend on their $5,000,000 Harris Bank Building renovation. NICE!
Now some questions arise, first the least important, whom in this administration will write the bond for the $3,000,000? Eddie, Kevin or a new more flavored contributor? Eddie seems to need the money lately, back property taxes and all, just saying.
The issue is once the bond money has been given to the Harris building buyer are there any controls and/or consequences to assure the $3,000,000 in bond money and the additional $2,000,000 (self funded) will go into the building? NOPE
Just like Potash given $10,000,000 with absolutely no spending requirements, assuring the $$$ will go back into the property.
Now on to the real issue, let's say for example, an unethical contractor, and no one is saying the buyers of this building are unethical, but just for example, an unethical contractor just might take the $3,000,000 in TIF bond money, put let's say $1,000,000 into the project, bill $3,000,000 and then use the excess $2,000,000 towards their portion of the the unfunded $5,000,000 renovation. The taxpayer pays for everything, including their profit margin. NICE!
If this happens, in the end, you the taxpayer gets screwed two ways to sunday. Another TIF contributing no money towards police, fire and schools.
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XMPT wrote in Dermott Minions now stating No Sweet House? Posted: Sat Mar 12, 2011 9:04 am. Hammonite you might want to say a prayer to your God for freetime. She got back what she dished out.
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