Where's the new PDC debt?
According to this report from the Portland Development Commission from last October, the city has a bunch of temporary lines of credit, for "urban renewal" projects, that are going to expire later this month. The plan was to issue new short-term bonds, in the forms of new and expanded lines of credit, that would replace (and greatly increase) the expiring ones. We haven't heard much about this refinancing since then. Does anyone out there know whether it's still on track? And if so, where and when are the offering documents for the bonds going to hit the airwaves?
| Posted at 8:56 AM | Permalink |
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Comments (3)
Almost 12 hours have passed since Jack asked "where's the new PDC debt?". The SoWhat URAC has asked the same question and others about the budget for over three years. The PDC can't account for the revenue stream nor the debt for all the identified projects per the Agreement. Jack's question is a good one to add to the PDC pile.
Posted by Lee | December 4, 2007 6:15 PM
Most people think these local government agencies actually are required to track, account for and report expenses.
They don't and the PDC may be the worst as they continually conceal where millions go and have been caught, red handed, entering prior estimates in place of actual costs.
Lee's right, the PDC has refused requests for accurate and complete budgets for years. Many individual PDC employees have been questioned and it appears most of them don't know how to get info as they have not the slightest idea where or who keeps the accounting.
Posted by George | December 4, 2007 8:49 PM
The remedy for this is simple.
Demand that any city incumbant running for relelection, or election to another position such as Adams, to provide a complete accounting for every dollar spent in SoWa.
He will do everythihg possible to avoid doing so, exposing himself and the city for the sham they are.
When election time comes he'll be severely tainted enough to lose.
The next mayor and city council can then begin demanding, getting and revealing what Sam and the current bureaucracies have been hiding.
So as the mayoral campaign gets underway everyone needs to trumpet to Sam that we don't want to hear anything till he provides ALL of the accounting.
He will delay, refuse, claim he can't, re-distribute the PDC imitation budgets filled with holes and changing line items and throw a tantrum.
Posted by William | December 4, 2007 8:59 PM