I’m a little confused about the “What & How” this city can hand out taxpayer money without any form of explanation. Allow me to explain the attachment;
The article claims Mr. Carroll (who worth a BILLION dollars) is designing & building a $30,000,000 parking deck on his land across from the baseball field. His design is to house retail space on the lower section and provide 1050 spaces above. All of which by the article was too be paid for by Mr. Carroll. However, in the article the writer (John Brasier) also indicates the annual cost to the taxpayer is $2.5 million per year? The form of repayment to the city is from parking receipts, existing parking fund revenues and the general fund? We both know that a parking deck offers very little ROI from parking receipts, the existing parking fund is negative $600,000 per year, so this only leaves the general fund of which is total taxpayer $$.
In the article the writer mentions a council meeting (May 2nd) in which the council agreed to approve this roadblock. I pulled the minutes of the meeting, which this was pushed through as one single vote of many.
This is where the fun begins…….in the resolution between the city & CHI the taxpayer will build this parking/retail space on Mr. Carroll private land at no cost to Mr. Carroll. The resolution also pays for the design & plans ($2,000,000) already approved by the council. The city will operate & own it for a period of time (only to pay it off) and then Mr. Carroll gets it for free!!
If I use 3rd grade math the $2.5 million x 20 years (which is typical for most leases) equals $50,000,000 not the $30,000,000 Mr. Westmoreland claims. Which would include the cost of building the retail space and maintaining it for Mr. Carroll.
It seems to me the taxpayer is getting hosed…..again. Mr. Carroll is worth a BILLION dollars, his yacht is worth $15,000,000 alone. Is this the way city government works?
None of this has ever been exposed, nor has it been shown to the public.
Thanks for your time,
John Brown
www.johnbrownformayor.com
The article claims Mr. Carroll (who worth a BILLION dollars) is designing & building a $30,000,000 parking deck on his land across from the baseball field. His design is to house retail space on the lower section and provide 1050 spaces above. All of which by the article was too be paid for by Mr. Carroll. However, in the article the writer (John Brasier) also indicates the annual cost to the taxpayer is $2.5 million per year? The form of repayment to the city is from parking receipts, existing parking fund revenues and the general fund? We both know that a parking deck offers very little ROI from parking receipts, the existing parking fund is negative $600,000 per year, so this only leaves the general fund of which is total taxpayer $$.
In the article the writer mentions a council meeting (May 2nd) in which the council agreed to approve this roadblock. I pulled the minutes of the meeting, which this was pushed through as one single vote of many.
This is where the fun begins…….in the resolution between the city & CHI the taxpayer will build this parking/retail space on Mr. Carroll private land at no cost to Mr. Carroll. The resolution also pays for the design & plans ($2,000,000) already approved by the council. The city will operate & own it for a period of time (only to pay it off) and then Mr. Carroll gets it for free!!
If I use 3rd grade math the $2.5 million x 20 years (which is typical for most leases) equals $50,000,000 not the $30,000,000 Mr. Westmoreland claims. Which would include the cost of building the retail space and maintaining it for Mr. Carroll.
It seems to me the taxpayer is getting hosed…..again. Mr. Carroll is worth a BILLION dollars, his yacht is worth $15,000,000 alone. Is this the way city government works?
None of this has ever been exposed, nor has it been shown to the public.
Thanks for your time,
John Brown
www.johnbrownformayor.com
