Cha-ching! Another $50 million of debt on tap for SoWhat
The City of Portland recently played its annual check-kiting game with some of the taxes it collects for the scandalously unfunded police and fire retirement system. In the course of borrowing money on a short-term basis to pay this year's benefits, the city disclosed in this document that it's got two more bond offerings planned for this summer: a $450 million whopper for the sewer system, and another $50 million of "urban renewal" debt for toys in the SoWhat District.
That "urban renewal" IOU is likely to be a spendy one. When the city borrowed for the Lents neighborhood "urban renewal" boondoggle earlier this summer, it got whacked for interest rates that run as high as 6.284% on a 14-year term loan. Who knows what the banker gods who now own our city will be charging for another piece of the financial black hole known as SoWhat?
Comments (9)
I think the voters who keep these morons in office need legal name changes to Ben Dover.
I note that page 22 of that document mentions the city's "debt management policy". I'm guessing our policy is something along the lines of: "borrow more money to cover the interest payments on previous debt."
Or maybe you look in the place where the policy is supposed to be and there's just a note saying "I.O.U. one debt management policy."
I wish they would kill the Milwaukee light rail project. The state and Portland localities will pay something like 800 million dollars to invest in this thing, after federal (shell game) dollars. So each person in the affected areas will incur something like a thousand dollars of new public debt (not even considering the urban renewal hoax that will undoubtedly follow); but for a family of three this works out to three thousand dollars. And of course, it's property owners who'll get tagged with most of the cost. I doubt very much I'll ever ride this leg. (I cringe most every time I ride the Max to Lloyd Center from downtown. If it weren't for security officers on board, I would be too creeped out to ride it anymore.) It would be better to re-direct these funds to something like the Sellwood bridge replacement, instead of jacking up car registration fees. Buses can use the Sellwood Bridge whereas the economics of bus transportation in the area takes a hit with the light rail project.
The city had a mass of consultants and urban renewal "experts" swarming SoWhat a few months to figure out if the district really could generate the huge property tax revenues they have been promising.
I wonder if what the consultants found matched what they wrote in their reports ...
Garage Wine, it is unlikely that the SoWhat URA can generate the revenues promised.
In the past ten years of existence, the amount of property that can be taxed has diminished. Schnitzer's 35 acre property now given to OHSU is off the tax roll. Block 49 with low income housing is off. Two blocks of 33 is off the tax roll. OHSU's newly built health club building of two blocks is mostly off the tax roll. PSU has several blocks, and more, they are considering that will be off the tax roll.
And now there are several more properties being considered for tax relief or no property taxes. Plus, we have the Transit Oriented Development properties that are and will get tax abatements because of the new trolley line, and MAYBE the Milwaukie Light Rail line.
When will the public figure out that all the tax burden is being diverted to all the rest of us with our little homes on small city lots?
LucsAdvo; I don't neccessarily see it as "subsidizing the rich" with a broad brush. It's only a select few of the rich like developers Homer Williams, Mark Edlen, Dike Dames, then their builders like Hoffman and Walsh Construction, then their architects, engineers, attornys, and planners request and expect the "subsidizing". Most of rest of the rich are tired of the pols and others giving subsidy to the few. Time for a change.
We pay their salaries and time after time the public interest and financial accountability are not even their concern.
It is like they are on a drive to drive us to bankruptcy. This may seem unbelievable to some, however, what are we to think?
They act like they are playing Monopoly; in this case it is the citizen's money and bailout if there is anyone or anything left to pay. As we have heard many are planning to leave, as they want no part of this demise. This is rampant throughout our country, so where to go? Perhaps in smaller communities a closer eye can be kept on shenanigans?
Are the corporations standing in line to collect our assets?
What is wrong with these people who either do not have a conscience are inept or corrupt?
Charamba, Douro 2008
Horse Heaven Hills, Cabernet 2010
Lorelle, Horse Heaven Hills Pinot Grigio 2011
Avignonesi, Montepulciano 2004
Lorelle, Willamette Valley Pinot Noir 2011
Villa Antinori, Toscana 2007
Mercedes Eguren, Cabernet Sauvignon 2009
Lorelle, Columbia Valley Cabernet 2011
Purple Moon, Merlot 2011
Purple Moon, Chardonnnay 2011
Abacela, Vintner's Blend No. 12
Opula Red Blend 2010
Liberte, Pinot Noir 2010
Chateau Ste. Michelle, Indian Wells Red Blend 2010
Woodbridge, Chardonnay 2011
King Estate, Pinot Noir 2011
Famille Perrin, Cotes du Rhone Villages 2010
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14 Hands, Hot to Trot White Blend
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Terrapin Cellars, Pinot Gris 2011
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Campo Viejo, Rioja, Termpranillo 2010
Ravenswood, Cabernet Sauvignon 2009
Quinta das Amoras, Vinho Tinto 2010
Waterbrook, Reserve Merlot 2009
Lorelle, Horse Heaven Hills, Pinot Grigio 2011
Tarantas, Rose
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Nobilo Icon, Pinot Noir 2009
Lello, Douro Tinto 2009
Quinson Fils, Cotes de Provence Rose 2011
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Buenas Ondas, Syrah Rose 2010
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14 Hands, Pinot Gris 2011
Conundrum 2012
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Columbia Crest, Walter Clore Private Reserve 2007
Penelope Sanchez, Garnacha Syrah 2010
Canoe Ridge, Merlot 2007
Atalaya do Mar, Godello 2010
Vega Montan, Mencia
Benvolio, Pinot Grigio
Nobilo Icon, Pinot Noir, Marlborough 2009
Portuga, Rose 2011
Revelation, Chardonnay, Pays d'Oc 2010
Beaulieu, Cabernet, Rutherford 2005
Monte Alto, Tinto Reserva 2005
Chateau Ste. Michelle, Cabernet, Indian Wells 2009
Espiral, Vinho Rose
Vin-Koru, Pinot Gris 2011
14 Hands, Hot to Trot Red 2009
Rodney Strong, Cabernet, Sonoma 2009
Abacela, Vintner's Blend #11
Portuga, White 2010
La Bourgeoisie, Red 2009
Januik, Red 2009
Three Rivers, River's Red 2008
Kirkland, Alexander Valley Merlot 2008
Muga, Rioja Rose 2010
Quinta das Amoras, Vinho Tinto 2009
Mauro Molino, Barbera d'Alba 2009
Garda Chiaretto Rose
Columbia Crest, Two Vines Vineyard 10 White
Chateau Ste. Michelle, Pinot Gris, Columbia Valley 2009
L'Hortus, Rose de Saignee 2010
Maculan, Pino & Toi 2008
McKinley Springs, Bombing Range Red 2008
Trader Joe's Pinot Gris 2009
Montes Alpha, Cabernet 2007
Gran Sasso, Sangiovese, Terre di Chieti 2009
Garda, Classico Chiaretto Rose
Beaulieu, Cabernet, Rutherford 1999
Picos del Montgo, Tempranillo 2008
Chateau de Montmirail, Vacqueyras 2008
La Granja 360, Syrah 2009
Montgras, Carmenere Reserva 2009
Lange, Pinot Gris 2009
Columbia Crest, Horse Heaven Hills Cabernet 2008
Kirkland, Pinot Grigio 2010
Trader Joe's Coastal Syrah 2009
Columbia Crest, Horse Heaven Hills Merlot 2008
Trader Joe's Coastal Chardonnay 2009
Vieux Papes Red
Domaine de l'Aujardiere, Chardonnay 2009
Santa Rita, Cabernet, Medalla Real 2007
Penfold's, Koonunga Hill Shiraz Cabernet 2008
Guild, Red, Lot #02 2008
Dievole, Dievolino Sangiovese 2008
Laforet, Burgogne Chardonnay 2009
Columbia Winery, Merlot 2007
Bonterra, Cabernet 2008
Elk Cove, Pinot Gris 2009
Maquis Lien 2006
Scott Paul, Pinot Noir, Le Paulee 2007
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J.D. Salinger - Franny and Zooey
Charles Dickens - A Christmas Carol
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Deborah Eisenberg - Transactions in a Foreign Currency
Kurt Vonnegut Jr. - Slaughterhouse Five
Kathryn Lance - Pandora's Genes
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Fyodor Dostoyevsky - The Brothers Karamazov
Jack London - The House of Pride, and Other Tales of Hawaii
Jack Walker - The Extraordinary Rendition of Vincent Dellamaria
Colum McCann - Let the Great World Spin
Niccolò Machiavelli - The Prince
Harper Lee - To Kill a Mockingbird
Emma McLaughlin & Nicola Kraus - The Nanny Diaries
Brian Selznick - The Invention of Hugo Cabret
Sharon Creech - Walk Two Moons
Keith Richards - Life
F. Sionil Jose - Dusk
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Mark Herrmann - The Curmudgeon's Guide to Practicing Law
Barry Glassner - The Gospel of Food
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Evelyn Waugh - Brideshead Revisited
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Madeline L'Engle - A Wrinkle in Time
Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
Jonathan Schwartz - All in Good Time
David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
James McManus - Positively Fifth Street
Jeff Noon - Vurt
Road Work
Miles run year to date: 21
At this date last year: 52
Total run in 2012: 129
In 2011: 113
In 2010: 125
In 2009: 67
In 2008: 28
In 2007: 113
In 2006: 100
In 2005: 149
In 2004: 204
In 2003: 269
Comments (9)
I think the voters who keep these morons in office need legal name changes to Ben Dover.
Go by corruption...
Posted by LucsAdvo | July 28, 2010 6:11 PM
I note that page 22 of that document mentions the city's "debt management policy". I'm guessing our policy is something along the lines of: "borrow more money to cover the interest payments on previous debt."
Or maybe you look in the place where the policy is supposed to be and there's just a note saying "I.O.U. one debt management policy."
Posted by Snards | July 28, 2010 7:27 PM
I wish they would kill the Milwaukee light rail project. The state and Portland localities will pay something like 800 million dollars to invest in this thing, after federal (shell game) dollars. So each person in the affected areas will incur something like a thousand dollars of new public debt (not even considering the urban renewal hoax that will undoubtedly follow); but for a family of three this works out to three thousand dollars. And of course, it's property owners who'll get tagged with most of the cost. I doubt very much I'll ever ride this leg. (I cringe most every time I ride the Max to Lloyd Center from downtown. If it weren't for security officers on board, I would be too creeped out to ride it anymore.) It would be better to re-direct these funds to something like the Sellwood bridge replacement, instead of jacking up car registration fees. Buses can use the Sellwood Bridge whereas the economics of bus transportation in the area takes a hit with the light rail project.
Posted by Bob Clark | July 28, 2010 7:31 PM
The city had a mass of consultants and urban renewal "experts" swarming SoWhat a few months to figure out if the district really could generate the huge property tax revenues they have been promising.
I wonder if what the consultants found matched what they wrote in their reports ...
Posted by Garage Wine | July 29, 2010 7:07 AM
Garage Wine, it is unlikely that the SoWhat URA can generate the revenues promised.
In the past ten years of existence, the amount of property that can be taxed has diminished. Schnitzer's 35 acre property now given to OHSU is off the tax roll. Block 49 with low income housing is off. Two blocks of 33 is off the tax roll. OHSU's newly built health club building of two blocks is mostly off the tax roll. PSU has several blocks, and more, they are considering that will be off the tax roll.
And now there are several more properties being considered for tax relief or no property taxes. Plus, we have the Transit Oriented Development properties that are and will get tax abatements because of the new trolley line, and MAYBE the Milwaukie Light Rail line.
When will the public figure out that all the tax burden is being diverted to all the rest of us with our little homes on small city lots?
Posted by lw | July 29, 2010 9:46 AM
They are living it up as if they believe in the Mayan Calendar theory...
Posted by lie2me | July 29, 2010 9:54 AM
lw... excellent points and one reason getting the hell of PDX dodge is on my plans.... I don't like subsidizing the rich...
Posted by LucsAdvo | July 29, 2010 12:43 PM
LucsAdvo; I don't neccessarily see it as "subsidizing the rich" with a broad brush. It's only a select few of the rich like developers Homer Williams, Mark Edlen, Dike Dames, then their builders like Hoffman and Walsh Construction, then their architects, engineers, attornys, and planners request and expect the "subsidizing". Most of rest of the rich are tired of the pols and others giving subsidy to the few. Time for a change.
Posted by lw | July 29, 2010 2:15 PM
Why are our officials determined to have us join the list of debt swamped cities?
http://www.allvoices.com/news/6121242-downturn-and-debt-swamp-cities
We pay their salaries and time after time the public interest and financial accountability are not even their concern.
It is like they are on a drive to drive us to bankruptcy. This may seem unbelievable to some, however, what are we to think?
They act like they are playing Monopoly; in this case it is the citizen's money and bailout if there is anyone or anything left to pay. As we have heard many are planning to leave, as they want no part of this demise. This is rampant throughout our country, so where to go? Perhaps in smaller communities a closer eye can be kept on shenanigans?
Are the corporations standing in line to collect our assets?
What is wrong with these people who either do not have a conscience are inept or corrupt?
Posted by clinamen | July 29, 2010 3:48 PM