Monday, August 16, 2010

8/16 - Click here for link to live meeting on Beach Casino Building financing - City Commission Meeting

The $6 million bridge loan for the beach is coming out of a "cash portfolio" that the city has in excess cash that it doesn't need right now. This includes utility deposits. The city says that it will pay it back with interest and won't be going out to a bank for a loan and pay them interest. Commissioner Jennings says that it is an investment in the city's own property that it will make money on - Commissioner Maxwell asks what will he tell utility customers who can't pay their bill or who haven't been able to improve their property due to high utility rates. This is option #1 as contained in the staff recommendation on financing for the casino building rehabilitation.

Does this sound odd to you when we are crying poverty to the unions and whoever else will listen?

Commissioner Jennings made the motion, seconded by Commissioner Golden to go ahead with option #1. They are saying we would be saving money this way in the long run.

The Mayor is blaming past City Commissions and praising staff.

Final vote was 4 - 1, Maxwell dissenting.