Thanks to the miracle of e-mail . . . I just received a really great press packet from the folks against even more taxpayer money being paid to local real estate developers. Or . . . Yet another metro TIF fight.
Check out NoBailout4RED.com for a full rundown of the situation.
Here's a snippet:
Following a vote by the city’s Mayor to break a deadlocked city council, the City of Lee’s Summit is poised to lend nearly 10% of the City’s reserve fund or roughly 9 million dollars of taxpayer money to a private developer who is building a new shopping center.They even have a 10 minute documentary . . . All things considered, they're making a pretty good case online.
RED Development is the developer involved in building the Summit Fair shopping center at I-470 and Highway 50. In October of 2008, RED Development said it couldn’t finish the project unless the city agreed to an early issue of $23million dollars in TIF revenue bonds. The developer then came back to the city and said it still couldn’t finish the project unless the city agreed to underwrite a loan on the project of up to $9 million dollars. The city council was split on whether to give preliminary approval to the bailout. Mayor Karen Messerli broke the 4-4 tie and voted to have city staff go ahead and draft an ordinance that would provide for the loan to RED Development.
If there is not enough revenue generated by the shopping center, the city will be forced to make an annual appropriate pledge to make up any shortfall on the debt service payments on the bonds.
The City Council is expected to take a final vote on the RED Development loan on Thursday, May 14th. Citizens concerned about giving public tax dollars to a private developer are encouraged to visit www.NoBailout4RED.com to learn how the Council members voted on drafting the bailout ordinance and find contact information for their Council representative.
The Lee's Summit City Council should check out Dan Lowe, RED President, when he get off his private jet, hops in a limo and heads to City Hall to ask for a taxpayer bailout. Let him put in his own money, not our tax dollars. RED doesn't even have the stores leased. This deal will go bust. Karen Messerli, we are all watching you.
ReplyDeleteouch.
ReplyDeleteDevelopers don't put their money in risky propositions. They put lendors and taxpayers money into their projects. They get by with it because the stupid little councilpeople like the attention. Makes them feel important when they go to ribbon cuttings. Now that its all falling down around them they want to throw good money after bad. Get used to seeing this, its only the beginning.
ReplyDeleteI am appalled that the City of Lee's Summit would even consider using more tax money to bail out the greedy developers for the Summit Fair Shopping Center. In the present economy, it is totally outrageous!! Also the fact that RED Development is bringing in out of state contractors to do the job that local people could do is also a slap in the face of Lee's Summit.
ReplyDeleteAre you kidding me - bail out Red Development is the dumbest action the City of Lee's Summit could take. Even considering this proposal is an insult to we citizens of this suburban city. Why the City Counsel did not approve this project WITH the stipulation of using ONLY local employees is beyond comprehension and to think we trusted them w/our vote.
ReplyDeleteWhy isn't anyone questioning how much the carpenters union has spent on its anti-RED crusade, and why they haven’t funneled those dollars to the out of work carpenters. They have hired a pretty heavy hitting political consultant/marketer, who probably does not come cheap, nor does the advertising space they have purchased, the printing and postage costs, video production, voice talent and the time and energy their staff has spent on this project. Wouldn’t that money be better spent on helping those misplaced workers find construction jobs?
ReplyDeleteAre you kidding? Thank God the carpenters are doing what they are doing. Someone has to hold these developers accountable. I'm sure those that are in favor of this bailout would like to see the carpenters shut up about it, but I for one wouldn't have known about it if they didn't advertise this travesty. I don't think its a coincidence that this issue is being discussed in "Special Meetings" instead of regular council business.
ReplyDeleteI would rather be working here in
ReplyDeleteLee's Summit at Summit Fair. Than
at home in Ga. raking leaves. Wishing
for a job
Her Highness Messerli must've gotten a few extra bucks for that vote to give away the citizen's money--the other female on the council is a brainless slug as well.
ReplyDeleteAt least we don't have to have a sign that says "Leesummit--home of LEGOLAND" which is the second-place dumbest idea to ever hit the council docket.
The beauty of our great country is that we can all disagree, but at the end of the day we all go home and start fresh the next. Whatever you feel; outrage or pleased with the final vote at the council......we all should be glad because in other areas in the world, may find death and destruction; which would be against the continuity of our constitution.
ReplyDeleteI my self take the stance that demorcracy was at work on 5/14/09; it was inevitable that someone would be disappointed. But this is why I believe we have a great and beautiful country. I believe that the Carpertners union miss represented the issue with spin and now may planning a new strategy, 'Plan B'.
Seeing the signs out front of the shopping center and wondering who they were; someone told me that they were from a labor company sitting in front of the shopping center (I personally do not know if this is true, but they have a right to protest even if some are misguided by questionable loyalty). The failure to give the entire story for the people to decide leads to wondering why the union is not protesting the Federal Goverment's bailout of the auto industry, hummmmmm.