One who intends to leave others better off for his having existed.

3/3/14

Tuesday's Greensboro City Council Agenda with Attachments; Tanger Center (GPAC) Contract

http://www.greensboro-nc.gov/Modules/ShowDocument.aspx?documentid=23218

Item 22 looks interesting.

The total investment looks like it dropped $1,000,000
.
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Item 23; GPAC;


"CFGG on behalf of the Private Donors" means the Community Foundation will have no financial obligations to the center, but the Private Donors will use the building as collateral.

As more than two City of Greensboro employees have confirmed, this financing arrangement means the City will be responsible for any donor pledge shortfalls, as the Community Foundation will have legally washed their hands of any liability connected to the project.

Multiple City Council Members will not acknowledge this fact, as the Rhino's John Hammer disagreed as of Saturday afternoon at the Guilford County Republican Convention in a conversation with George Hartzman.

My guess is John never bothered to look at the small print, or is unable to discern the contents.

Multiple City of Greensboro executive staff members have not returned inquiries as to the veracity of the issues of the lack of Private Donor backing other than Greensboro's taxpayers, and the potential windfall for the CFGG.

Last year's City Council tried the same thing the day before the new City Council took over on an $8 million incentive for the downtown Wyndham.

Relatively the same thing happened only different on the Aquatic Center financing.

Specifically, I have been most disappointed by City Council member Mike Barber's lack of reply to my inquiries after the Council workshop session on the taxpayer liability on the financing issue and the clause in the memorandum concerning the Community Foundation's ability to acquire the entire $65 million facility at no cost or taxation to the Foundation;


According to the Memorandum of Understanding, the CFGG (Community Foundation) has no obligation withing the agreement, yet stands to inherit the $65 million facility at the behest of a stacked Council and non-profit board within 50 years of the agreement's initiation.

Mr. Barber doesn't seem to mind taxpayers taking a hit for more than the $30 million already pledged within the contract language, even though he is a practicing attorney and should know better.

Mr. Matheny doesn't seem to mind Greensboro taxpayers being liable for donor pledge or interest payment shortfalls, even though the city hasn't seen any legally binding pledges or the donor current investment information, and even though Mr. Matheny used to be a licensed financial adviser.

Mrs. Yvonne Johnson may vote for this structure, supposedly in return for more support of the Civil Rights Museum bailout going forward on top of what has already been improperly allocated via her ill advised advocacy, considering her ties to Skip Alston and Earl Jones.

Nancy Hoffmann appears certain to vote for her friends and her own profitability without telling the truth to her constituents, after taking multiple campaign contributions from some who will do very well as a result of her vote.

The Mayor of Greensboro appears to agree with this scheme.

I have not received any communications from the above City Council members or appropriate city staff concerning these issues, after several inquiries, phone messages and emails.

I believe Greensboro's taxpayers may be betrayed by the above individuals if this contract language is approved.

I believe this financing structure and Walker Sanders' CFGG give away language is blatantly dishonest.

I believe this deal is a potential rip off for Greensboro's taxpayers, with the unwilling or apathetic assent of some prominent local media organizations who have not bothered to find and report the details, or who just decided they want the center more than they feel obligated to tell the public the truth about the implications of some of our elected leader's potential actions Tuesday night.

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