Wednesday, April 23, 2014
Media Borough Council Considers $850,000 Bond to Repair Olive Street Garage
The multiple bids that came in to fix the Olive Street Garage turned out to be twice the amount of the original projection of $350,000. Last week, Councilman Davidson at the monthly council meeting asked the financial procedures for leveraging a $850,000 bond.
Subscribe to:
Post Comments (Atom)
Where to begin. Here we have a governmental entity sitting on roughly $4 million cash according to the last audit published on their website. And now they want to finance a project with a bond deal that likely will cost a quarter million in closing costs and interest. What's wrong with this picture?
ReplyDeleteIf they pull too much out of cash reserves it lowers the borough's bond rating - which according to the current 'fiscal management' (sarcasm) should be in the toilet anyhow! I wouldn't lend them money for nothin'! (and no 'chicks for free...." LOL)
DeleteMedia residents got exactly what they voted for. Councilman Davidson talked about "floating" a bond for the 3rd Street Bridge, if we didn't get money from the state. No surprise here. The public is a ass.
ReplyDeleteWho did the original engineering estimate? A 10% or even 25% error might be understandable. Even 50% could be forgiven. But a 100% error?! No. This is not acceptable.
ReplyDeleteMedia Borough Council spending money like the Obama Administration. But fear not sheep who voted for them this $850,000.00 bond to fix the parking garage will feel like a massage at at high end spa compared to the bond they are going to have to float to fix Third St. and the Dam/Bridge once the Borough Council gets schooled in Court on May 9th.
ReplyDeleteI'd wait if I were them - after May 9 court date y'all be 'floatin' an additional 3.4 mil (or more!) for the bridge. These people have NO IDEA how to run a town! I agree w/Anon 12:07 - the Media public IS an ass - when are people going to wake up and clean these clowns out of office! Who in Media is in support of incurring almost $5M in debt?!?!?
ReplyDeleteThe answer is to add more of those urban terrorist FROGS to council. Clearly they know what they're doing.
ReplyDeleteNOT!
DeleteDoes the latest chapter on the Wawa / MRE offer kill the possibility of a Media super-Wawa?
ReplyDeleteHere's an idea for a better quality of life for the residents of Media and a revenue generator. Resident parking up to 8th street, which would force "visitors" to pay for parking and residents to pay for permits. Tedman, if you could get this going I'll for for you early and often if you decide to run again.
ReplyDeleteIn all sincerity, you really have to question the intelligence and planning of an elected official who waits until bids are opened and contract(s) are about to be awarded to ask about how the project is going to be financed. Even members of his own party have to be scratching their heads.
ReplyDeleteAmazing. The annual debt service on $850,000 at 3% for 20 years is roughly $60,000 ... exactly what the borough has been overcharging us and budgeting as "contingency" for so many years.
ReplyDelete$4 million in the bank plus a $60,000 contingency every year raises questions about legitimacy of expenditures... corruption??
ReplyDeleteNot so much corruption, but does remind one of the days when legislators had WAM (walking around money). I mean... a $60,000 annual operating contingency basically means that the community thinks it is OK for our elected officials to spend $60,000 on anything they want at any time, with no budget revision required. Seems to defeat the purpose of a budget, no?
ReplyDeleteLooking at the budget posted online, looks like they have almost $40,000 budgeted for a "public information officer" in the police department. That's the first place I'd start looking for money to pay the debt service on this bridge/dam and garage. With a PIO, don't you think they could have done a better job communicating about the manhunt for those drug dealers a little while back?
ReplyDelete