Remember the Skyway to Nowhere?

I voted against the skyway because:

  1. It was $1.25 million to cross an easy to cross street.
  2. It degraded a street that the master plan called to be pedestrian friendly.
  3. In addition to paying 1/2 the city was also asked to loan City Center there half.

What could possibly go wrong?

City Centre owes $441,498.49 in back taxes, special assessments and penalties for 2011 and 2012.  Joe had agreed to pay his ½ of the bridge costs ($616,397.54) as an assessment over 7 years at 6% interest.  There is no TIF of development agreement on this property so we don’t have any leverage.  My guess is that the property will either be sold or go back to the bank.  We may eventually be asked to participate in some type of a work out.  We should be very reluctant to do that. sold the seller – either the bank or Joe, will have to bring the taxes and specials current.

On the positive side, Joe does have the IRS and Mayo taking space in the building so the long range prospects are good.

Thank you to Mark Bilderback for also opposing this.  Ed Hruska did vote for the skyway, but against the loan.  Randy Staver was not yet on the council.

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