WPCNR MR. & MRS. & MS. WHITE PLAINS VOICE. August 15, 2006: A reader examines the Urban Renewal Pinnacle deal issuing bonds for the financing of Martin Ginsburg's affordable housing project on Main Street:
John,
If, as Paul Wood says, only the bond holders of White Plains IDA/Urban Renewal bonds are taking a risk of losing money and, the City, The Urban Renewal Agency, and the Developers are taking no risk whatsoever, why would anyone want to buy White Plains bonds? And if no one bought the bonds, what would happen to our bond rating and credit rating? Would this cost the taxpayer more taxes every time we borrowed money?
The stupidity of the statements and subsequent fiscal decisions by this administration, apparently with the help and wisdom of the planning commissioner and bond counsel, makes one uneasy about who is in charge of spending over $150 million of taxpayers money every year. Taxes and spending are at an all time high for the taxpayers, but profits are at an all time high for the developers. Something is wrong. Where is the taxpayers' profit? As someone recently said at a council meeting," Money talks, and the White Plains administration listens"--to the developer's money. When will taxes decrease?
A WP Friend
