"The fact sheet provided on March 3, 2014 states "The MOU and its financing provisions have been specifically structured so that the taxpayers will not be liable for any shortfalls of private donor commitments."
Please provide where the MOU states "taxpayers will not be liable for any shortfalls of private donor commitments."
The reply from Greensboro City Councilman, Mike Barber in a e-mail forwarded to me by George Hartzman:
"If that was stated anywhere-it is incorrect!!!! See yesterday's email."
From George's blog:
"The City of Greensboro's finance department has not underwritten, reviewed or signed off on the legally binding donor commitments, the potential taxpayer liability above the $30 million City Council authorized for the performing arts center, the private sector lending agreement, a time line of how much of the $35,448,920 is supposed to appear and when, the statistical likelihood of how much of the $35,448,920 in pledges may or may not appear or hypothetical asset return projections concerning the $35,448,920 in private pledges."
These statements are in direct contradiction to the Fact Sheet as released by the City of Greensboro which states:
"The City and CFGG, on behalf of the Nonprofit, are jointly developing a financing structure for the $65 million project, which will involve a sharing of collateral to secure loans to be obtained by each party; the City’s borrowing will be secured over a 27-year period and the Nonprofit’s over a 10-year period. The MOU and its financing provisions have been specifically structured so that the taxpayers will not be liable for any shortfalls of private donor commitments.
It is my opinion that someone is attempting to commit fraud. The e-mail from Mr Barber: Click on the image to view full size:
I'll be expecting a no vote tonight, Councilman Barber. So will the rest of Greensboro.
