On tommorow night's Renaissance Co-op vote; How did a taxpayer funded, 40 year, zero interest loan get done?

City staff members said the loan is risky.  The city would be the second lien holder, meaning the bank would get paid first if the project failed. And if the city already has more than $1 million invested in the property in redevelopment work done so far.

“It’s a hard-to-develop area,” City Manager Rashad Young said. “Council has to make a decision about what level of risk they are willing to accept to move forward.”

Amanda via Sam

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Vernon Powell contribution to Zack Matheny on 9/15/2011: $100

George Carr contribution to Zack Matheny on 9/19/2011: $200

Macarthur Sims contribution to Jim Kee on 9/22/2011: $200

MacArthur Sims, President, East Market Street Development Corporation which was taken off the loan because of a conflict of interest?

George Carr contribution to Jim Kee on 9/21/2011: $200

Didn't George Carr meet with Jim, Zack, Danny and Bill on 9/21/11?

ROBBIE PERKINS 09/17/07 $100 George Carr
ZACK MATHENY 07/28/09 $100 George Carr III
ROBBIE PERKINS 10/19/09 $100 George E. Carr III
TRUDY WADE 03/20/09 $100 George E. Carr III
TRUDY WADE 01/30/08 $150 George E. Carr III
ROBBIE PERKINS 10/27/09 $100 Geo. Watts Carr III
ZACK MATHENY 11/07/07 George Carr III, Beacon Management
ROBBIE PERKINS 10/28/09 $125 MacArthur C. Sims
JIM KEE 10/28/09 $100 Macarthur C. Sims
ZACK MATHENY 09/21/09 $100 Vernon B. Powell Sr.

Vernon Powell
Managing Member at Carolina Healthcare Initiatives, LLC.

Carr-Powell Properties LLC is George Carr of Beacon Management Corp. and Vernon Powell of Sabre Capital of GSO.
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East Market Street Development Corp. has utilized federal, state and local funding sources while Carr-Powell Properties has “significant experience with private market financing.”

 

Jordan

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When buying and selling are controlled by legislation, the first thing to be bought and sold are legislators.

P. J. O’Rourke