EDC failure-again

[taxpayer]

What businesses has the EDC brought into Junction City in the last five years?

[Nobody]

Don't you understand? Nobody is responsible. Not the full-time director who provides information and direction. Not the board who the director answers to. Nobody.

[EDC Vet]

I just listed them. Reread.

[Newby]

yeah wrote:

I just read this article in the paper and I was so mad I had to come here to see if anyone else was talking about it.
So let me get this straight. We have invested $4 MILLION dollars into this company that is now located in Manhattan (and whose employees now live in Manhattan)?????
I am utterly speechless.

The Edenspace development agreement gives Eden various cash incentives totaling $1,387,500 tied to the construction by Junction City of a new building at a cost up to $5 million. The building was to be financed with industrial revenue bonds and then leased to Eden. Junction City is in default under the agreement because it has not been able to find a bank to buy the bonds.

Under a related agreement, Junction City was obligated to buy 410,712 shares of Edenspace's preferred stock. The Daily Union recently reported that Junction City paid about $2.8 million for that stock and has paid $500,00 of the incentives plus architectural fees of about $200,000 for the design of the new building for a total investment in Edenspace of at least $3.5 million.

If Junction City can't fund the building construction, then the whole deal obviously needs to be renegotiated. Any thing wrong with this picture?

[taxpayer]

EDC Vet wrote:

I just listed them. Reread.

Footlocker? Armour Swift? No. List major accomplishments of the EDC in the last five years. Name any projects the EDC rejected, while you're at it.

[TRying]

Helped businesses relocate from one area of JC to another. Paid too much money for buildings as part of incentives.