Monday, September 27, 2010
Council Approves Mayor's Budget Amendments/ Richmond Transit Riders Union Urge Implementing Previous GRTC Study Recommendations
Above, is a new feature I call "My 2¢." I will now present my comments to Richmond City Council in digest form, hoping to highlight what I consider to be the most important issues covered at each meeting. This is a first effort. My goal is to eventually figure out a way to edit the videos into encapsulated summaries of the meeting.
I spoke to Richmond, Virginia City Council in support of Ordinance 2010-179 and Ord. 2010-180 which effectively abolished the Broad Street Community Development Authority [CDA] and authorizes the Directors of Finance to sell bonds to repay the initially bond investors.
In 2003 the CDA sold bonds valued at $66.7 million in order to finance tearing down the 6th Street Marketplace, demolishing the parking deck at 6th and Grace and a block of old buildings on Broad Street between 4th and 5th Streets which were replaced by surface parking lots and a restoring the street where the Marketplace once stood between Marshall and Grace Streets.
The ordinances authorized the Director of Finance to make a new issue of bonds for $67.1 million in order to pay off the bond original bondholders. This is $400,000 more than the initial bond issuance in 2003.
Optimistic projections and outright incorrect information were used to support the financing of these projects