Sunday, May 6, 2012

Local CPA, independent of COAST, studies Streetcar and concludes $50 M funding gap

Last week, COAST was approach by a local CPA and corporate CFO who had taken his time to study the City's streetcar proposal and financing scheme.  He spent the better part of the first quarter of 2012 researching the plan and its financing, and made a starting conclusion:

The City has commenced construction of the project 
with a gap in the financing of some $50 million.

He has written a series of letter to Mayor Mallory and the Council, to which he received only a few pithy responses.  The Mayor and City Manager won't respond at all.

So, we hate to say "we told you so," but this Council and Mayor are Bat Shit Crazy, and this plan is doomed to fail (i.e., require endless unannounced taxpayer subsidies to be built and operated).

You can read this expert's work here, here, here, here, and here.

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