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Bass Pro Shops True Cost Skyrockets! $70,000,000 MILLION DOLLARS AND COUNTING!
The “net interest cost” of the bonds is more than 5.8 percent. In total, interest on the bonds over 21 years is $24,746,924.22. February 16, 2011-VMS
$31 million in municipal JUNK bonds have now been issued!
Other costs include $3 million for site development, about $2.5 million for public infrastructure improvements, a $300,000 payment to the irrigation district, about $3.9 million for site acquisition and $450,000 in site acquisition related costs.
To pay for the land, 40 percent of the city’s 1 percent of sales tax revenue from the property and 50 percent of the EDC’s 3/8 of sales tax revenue from the property will be used. City Attorney Roxann Cotroneo said with this agreement the city isn’t forced to put any “cash up front.” She also said the property owner and developer, 88/77 Properties, has to bring in additional retailers to generate sales tax for reimbursement. December 11, 2010-VMS
The property owner and developer, 88/77 Properties, sells the land to EDC and takes the $4,000,000 dollars from the sale and completely pulls out of the Bass Pro Project in early December 2010, thus rendering Controneo's statement above null, void and worthless.
The lease provides for a construction period of one year following the Jan. 31 delivery of a site pad, although the city’s Economic Development Corporation said the store is expected to open Oct. 31. The city has agreed to pay escalating penalties for delays in completion of the pad site. For example, if the pad site is not completed by March 2, the city would pay $5,600; if the pad site has not been delivered to Bass Pro Shops by April 2, the city would pay $30,500. January 9, 2011-VMS
The EDC board uses the fear of minimal late fees to rewrite EDC's 21 year old by-laws. They are trashed by the greedy board members with the blessing of the Harlingen City Commissioners and rewritten to maybe save $5,600 in possible late penalties. A mere drop in the bucket. The new EDC by-laws allow for the EDC to hand out non-competitive "sweetheart" type insider contracts to cronies and crooks alike.
In the recent State of The City Address, Mayor Chris Boswell has moved back the opening date of Bass Pro Shops from October 31, 2011 to November 25, 2011.
The Harlingen City Website proclaims that $450,000 was spent for the site acquisition related costs to purchase approximately 22 acres where the BPS complex will be built. The land itself was purchased for $3,938,696 dollars according to the city website for a total of $4,388,696.
That's about $199,486 dollars per acre. An unheard of, obscene, figure by any one's wildest imagination for any land in the Rio Grande Valley or the state of Texas for that matter!
BASS PRO SHOP SUMMARY OF COSTS, NOT INCLUDING $25,000,000 MILLION IN INTEREST ON THE JUNK MUNICIPAL BONDS RECENTLY ISSUED BY CITY, can be
2 comments:
Thank you, Mr. Buckets for the information, I agree, not even in California is an acre worth $199.000.00 dollars, but here in the valley. Somebody, got a really good deal. Who is this Martin guy, that everyone thinks he is the Messiah.
IS it true that land belong to the car retailers, that advertise on Television evey night during the news?? That is the rumor at the coffee shops??? Do any of the Commissioners even read the contracts??? And seriously, can the City can sue someone for not living up to it's contract agreement. Common Jerry, Joey, lefty and Guz, this isn't high school football anymore. This is serious business.
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