We can ignore reality,
but we cannot ignore the consequences of ignoring reality.
Ayn Rand
Hotel project can't move forward without firm financing
A key Guilford County board won’t let a proposed downtown hotel move closer to federal stimulus financing without more information on its viability…
…George Brumback, chairman of the Guilford County bond authority board… said he doesn’t want to see the project “get crucified” by the Local Government Commission. If that commission rejects the hotel project, the allotted bond money sanctioned by Greensboro and Guilford County — $27 million — would revert to the state and not back to Guilford County.
…But representatives of the project at Wednesday’s meeting were reluctant to provide much more information than they already have.
Eric Pristell , a lawyer representing the project…said there was no need for the county bond authority to scrutinize the project…“You’re not an underwriter,” Pristell said to the authority board. “That’s not your role.”
…Mary Nash Rusher, a lawyer representing the authority on the bonds, said…revealing financial backers and proving a project’s viability is a standard the authority uses in most industrial development bond cases.
Rusher said the caution was not unusual given that Guilford could lose any financing set aside for projects that don’t pass muster with the commission.
Joe Killian
Greensboro News and Record, January 25, 2010
1/27/10
Why would the downtown hotel principals not want to disclose the identity of the entity who intends to bear the risks of failure after origination fees are withdrawn?
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We now have two governing avenues to travel. One is the diminishing traditional “admire and applaud” system, the Ayn Rand side, and the other, from the Old World, is the growing “envy and punish” system. President Obama favors “envy and punish” and pursues legal means of justifying them both, beyond the limits of our Constitution, which is based upon defending the “admire and applaud” concept. The recent vote in Oregon to tax the small business person out of existence reflects the Obama side of governance, promoting an Old World mercantilist model of government partnering with large business to act as one, leaving the individual pebble dropper out of the loop. Claysamerica.com.
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