John ‘Vague’ Paulson wants to win this time . . .
The problem is he using the same old fundraising letter where he explains everything he wants to do but offers few solutions. Maybe he has a magic wand?
The problem is he using the same old fundraising letter where he explains everything he wants to do but offers few solutions. Maybe he has a magic wand?
While it is fine to get excited about a new $50 million dollar, 120 room, 13 story hotel downtown, that excitement quickly deflates when you consider the private developer is asking taxpayers to pony up $21.3 million toward that figure for 525 public parking spots.
While there is nothing wrong with a public/private partnership, we are definitely getting hosed.
Stalls in a typical parking ramp range in value from $20-25,000. Paying $40,570 per stall is freaking ridiculous if not ALMOST criminal. The airport recently proposed a parking ramp in front of their terminal that came in at that $25,000 stall range.
I’m curious if we are paying for a parking ramp or a hotel? This wreaks of corruption from the developer who toppled the Copper Lounge.
https://www.youtube.com/watch?v=uKw0FMSEavA
Boy, the man can spin.
Recently the city re-financed the Lewis & Clark bonds with a supposed $25 million in interest savings. But how this was accomplished was under the guise we were paying higher water/sewer rates for infrastructure upgrades.
We have been told over the past 7-10 years that we had to increase these rates and turn them into their own fund (enterprise) so we could upgrade our aging water & sewer infrastructure.
Sounds reasonable . . . if the city was telling the truth.
They actually have been putting the money in a savings account, $25 million to be exact. In order to save the $25 million in interest for the L & C bonds we had to make a $25 million principal payment. That money came from the ‘savings’ account.
During the Listening and Learning session the mayor justifies the $25 million dollar admin building because we saved $25 million on the L & C bonds. What a stretch.
Okay, let’s break down his illogical argument;
• We never needed the $80 million dollar hookup to L & C. In fact we only get about 10% of our water from the pipe (contract requirement) while we continue to buy land for more wells. I believe all along that we bailed out L & C and if they would not have gotten the $80 million from us they would have struggled to stay afloat. How was that the responsibility of Sioux Falls taxpayers? Our genius DC reps should have stepped up, I guess they were busy trying to get $27 million for Warren Buffet.
• We were lied to about increasing water rates. We were told this was for fixing infrastructure. It was never mentioned to us at ANY TIME over past 7 years that this money was going into a savings account, let alone a savings account to pay for an administration building.
• We didn’t need an administration building. In fact it would be more fiscally responsible to continue to lease property instead of adding more capital that we have to pay off and maintain. We essentially traded a $100K a year lease payment for $1 million dollar a year mortgage payment. There is nothing in the charter that says the city needs to own it’s own office space for employees. Even our finance director said over 2 years ago it made more sense to lease. The city should also concentrate on using more technology to reduce the number of city employees. They should also work on home work spaces.
Like paying for the indoor pool with a Federal levee bond repayment the mayor has justified an unneeded city building by overcharging us on water rates.
Always on the spin cycle.
Here are photos I shot in 1964 of the downtown Sioux Falls rail yard. I was in 9th grade at the time. These were shot with a Kodak Brownie Starflash 127 so the resolution is not real good. The rail yard was a busy place in those days. Watching the action was exciting. At this time there was only the 10th street viaduct. – Charles Luden