CORRECTION: The city will GET the $8 million back IF the deal falls thru. BUT, this is interest FREE and NO taxes will be paid on the property for 3 years. I guess my question is ‘Why would we buy property for a project that hasn’t been approved by voters or the council?’ It’s insanity. Usually the city gets approval before they move ahead with an ‘agreement’ with current property owners. Or better yet, why doesn’t Lloyd just sit on the property for 3 years if we waive the property taxes? Or why doesn’t the Development Foundation buy the land? Taxpayers ART NOT speculators. We give you the money to spend on infrastructure and services not to buy a plot of land that may never come to fruition.
The more I look at this ‘deal’ (Item 29) the more it looks like a money scam and NOT an actual Convention Center. If you read the purchase agreement, one thing is for sure; The city is buying the land for $8 MILLION and ‘gifting’ it to the Development Foundation. WHY? Well if you read carefully the purchase agreement you will SEE that the land reverts BACK to the original owners in 3 years if nothing is done, State Partners, LLC, which looks like they are brokering the deal thru Ernst Capital (which one of the partners is Chris Daugaard, yes the son of the former governor and partner Todd Ernst, son-in-law to Craig Lloyd.) It appears they are brokering the deal for Lloyd. Either way, if the Convention Center fails (which it will) the property reverts back to the original owners and they DO NOT have to give that $8 million back. In other words we are GIVING the Development Foundation AND State Partners, LLC. $8 million to play with over the next 3 years. Even if the CC was legit, there is NO WAY it will even pass, we will need a 3rd penny revenue source to pay for this, and I think most people are like, F’ that. If the Development Foundation really wants a new CC why don’t you borrow the money and pay for the land yourself and if the CC passes a vote, then we will buy it from you.
Why is the city in the land speculation business?
This is just a money scam to make a lot of people a lot of money and little else. I encourage folks to attend the council meeting tonight and call out this scam for what it is; A LAND GRAB!