The 504 Project vis-a-vis the Baseball Stadium disaster As costly and disastrous as the baseball Stadium project to the financial health of the city, this 504 Project threatens to be far, far worse. First off, the Baseball Stadium was in effect a public works project. After the smoke cleared, and after all of the indictments stemming from the widespread graft and corruption that defined the project, the City of Gary owns a minor league baseball stadium. (Albeit the most expensive one ever built in the United States per seat) However, this 504 Project is going to be far, far worse for the financial health of the city. Between Phase I and Phase II of the project, the developers are requesting that the City issue bonds that total approximately 45-million dollars. Many might remember that the projected cost of the construction of the baseball stadium was to be around 25-million; but its actual costs rose beyond 56-million. But again, the Baseball Stadium Project was a public works project; the completed and functional baseball Stadium is now an asset owned by the City of Gary. But not this 504 Project. If everything were to go according to their plan, after the millions are dumped into this building—this privately owned building—it will remain in private ownership. The City of Gary will never have one dollar of equity in the property. This means that even if it were completed, and even if it were profitable—both of which are highly doubtful—the only ones that stand to gain are the private developers. If it made millions, the developers will receive all of this money while the City will be obligated to repay the bonds for many, many years to come. There has never been a deal like this before in Gary. It is outrageous for it even to be proposed even by Gary standards. The cozy relationships between the developers of the 504 Project and members of this administration should be called into question. The City of Gary and its citizens and taxpayers need to be very wary of this deal and other deals modeled like it that serve private interests at the expense of the general public. Clearly we cannot rely on the current batch of elected and appointed public officials to police themselves. Citizens and taxpayers will need to be doubly vigilant in overseeing their activities and actions. Let them know you are sick and tired of being taken advantage of. Don’t be hoodwinked. They are only out for themselves.
Posted on: Sat, 06 Dec 2014 16:30:41 +0000
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