Public-private partnership leads to muni bankruptcy
Not the first time, and not the last.
| Posted at 3:44 PM | Permalink |
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Comments (5)
The City had a material breach of contract. The developer took significant risks, invested capital in good faith that the City would follow through on it's side of the deal.
What is the issue? All developers are not evil. We need the built environment to have structures to live, work, shop, learn and worship.
Posted by Brian | July 3, 2012 4:21 PM
"What is the issue?"
Why the city even getting involved with developers. MOst public employees are absolute idiots at this sort of thing and using other people's (ie the taxpayer) money make the slippery slope even greasier.
Nothing against developers, just they are usually sharper than the publoic employees they deal with.
Posted by Steve | July 3, 2012 6:21 PM
It's classic socializing of risk and privatizing profit. Nobody should get to bet on real estate or business ventures with the public's money. Bet with your own damn money, or don't bet. Cities have real reasons to be in business: parks, police, fire, sewers, water. Those are challenging enough.
Posted by dyspeptic | July 3, 2012 6:56 PM
"""It's classic socializing of risk and privatizing profit."""
~~~>YUP
Posted by al m | July 3, 2012 9:17 PM
We need the built environment
GONG!
Posted by Jack Bog | July 3, 2012 11:26 PM