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The city council of Escondido needs to take a math lesson. Then they need to take a course in common sense.
Last night they voted to spend $18 million to INVEST in HOPES of gaining $28 million--over 55 years. Not a typo--they hope to gain $10 million over 55 years.
This at a time they are looking to fire cops, cutting libraries, not repairing roads.
Their excuse? Well, this is redevelopment money and has to spend it like this.
Now you know why government is collapsing in California--spending money as if they were Warren Buffet.
Since when is a city the investment banker? This is a terrible return on money. Worse, this is NOT their money, it is our money.
Shame on Escondido--especially Marie Waldron. When she ran for Assembly, she ran as a conservative--but obviously she is a city council member in the Gavin Newson, Ron Dellums, Villaraigosa tradition.
"Councilwoman Marie Waldron enumerated the financial benefits of the project, which are estimated to include nearly $28 million over the next 55 years. That number, which is expressed in 2006 dollars so it can be weighed against the city's investment, would include lease payments from the developer plus hotel, property and sales taxes.
Waldron also addressed concerns that there was little demand for upscale hotel rooms in Escondido by contending that the new hospital, the Cruisin' Grand classic car shows and a bolstered convention business would generate more demand than people realize."
She is gambling with the people's money.
Besides this being a bad deal, it looks like the only people who favor it is the Marriott Corp, and the "business community" who might want the city to invest tax dollars in their businesses as well. The people of Escondido made it clear they oppose it. Well San Diego County has had a run of Recall elections, maybe this town is next?
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Last night they voted to spend $18 million to INVEST in HOPES of gaining $28 million--over 55 years. Not a typo--they hope to gain $10 million over 55 years.
This at a time they are looking to fire cops, cutting libraries, not repairing roads.
Their excuse? Well, this is redevelopment money and has to spend it like this.
Now you know why government is collapsing in California--spending money as if they were Warren Buffet.
Since when is a city the investment banker? This is a terrible return on money. Worse, this is NOT their money, it is our money.
Shame on Escondido--especially Marie Waldron. When she ran for Assembly, she ran as a conservative--but obviously she is a city council member in the Gavin Newson, Ron Dellums, Villaraigosa tradition.
"Councilwoman Marie Waldron enumerated the financial benefits of the project, which are estimated to include nearly $28 million over the next 55 years. That number, which is expressed in 2006 dollars so it can be weighed against the city's investment, would include lease payments from the developer plus hotel, property and sales taxes.
Waldron also addressed concerns that there was little demand for upscale hotel rooms in Escondido by contending that the new hospital, the Cruisin' Grand classic car shows and a bolstered convention business would generate more demand than people realize."
She is gambling with the people's money.
Besides this being a bad deal, it looks like the only people who favor it is the Marriott Corp, and the "business community" who might want the city to invest tax dollars in their businesses as well. The people of Escondido made it clear they oppose it. Well San Diego County has had a run of Recall elections, maybe this town is next?
More...