WPCNR MR. & MRS. & MS. WHITE PLAINS VOICE. August 26, 2006: The former Mayor of White Plains observes a possible pitfall if Urban Renewal Agency "bonds for Ginsburg" should end in default:
John,
What Mr. Randy Mayer should have also told the common council is that should the Municipal Revenue Bonds default, the bank underwriting the Ginsburg bonds and its insurer will take over the property with no guarantees that it will remain affordable housing, that is, unless the city steps in with taxpayer's dollars to save the project. Then what? Will the city be able to get back the zoning and dollars already invested?
When Cappelli and Ginsburg started out to discharge their responsibility for affordable housing in exchange for many taxpayer "incentives" the city had no involvement or responsibility for securing the project. After Cappelli and Ginsburg got their "incentives" granted to them, the council allowed them to renege on their affordable housing commitment and the city is taking responsibility for getting the project started. It was a done deal. What short memories we have.
Alfred Del Vecchio
