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Monday, August 9, 2010

More on the Salem condo stinker

The Daily Journal of Commerce takes a look at the "urban renewal" boondoggle that we blogged about last week. You talk about good money after bad -- the least they could do is draw up an eco-roof.

Comments (4)

To the best of my knowledge Salem sports four such condo turkeys and to some degree the City has their finger in them all. What a fine mess they have the taxpayers in.

Best use here is low cost housing for Oregon Health Plan club members who are streaming in by the hundreds every week.

"Salem Mayor Janet Taylor supports both of the requests."

“The misfortune of this project so far is a direct product of the recession, not the project itself,” Taylor said. “It’s a beautiful building, has wonderful views and is in a great location."

Wonderful Janet,

Now go be a developer and invest your own damn money.

Janet probably isn't worrying much about it, its not her problem after this year. The new gal will have to deal with it.

Since the project covers three adjectives, "beautiful", "wonderful", "great", then a bank naturally would lend the developers the money. Right? Salem and Mayor Janet are doing the same thing that got us into the "misfortune...recession";lending money without fuduciary responsibility.

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