According to Ullman’s POST, CCDC officials met with the three Commishes looking for some bucks to make bond payments on the Courthouse which just happens to be owned by Boise City’s urban renewal agency. The county owns the dirt, but the CCDC owns the building.
The financing was done without voter approval and included a lot of “projected revenues” which have since gone by the wayside and the county even had to use eminent domain–for some reason–to acquire ground floor commercial space which does not generate revenue for debt service or taxes for the city and county, contrary to original plans.
According to Ullman’s blog, “CCDC wants either increased parking rates (in the nearby garage), or a payment each year from county taxpayers, to make up the deficit. When I asked the amount of the deficit, no one present at the meeting from CCDC was able to answer my question. What we do know, at this point, is that there is a deficit.”
Urban renewal opponents predicted for years that taxpayers would ultimately be left holding the bag, but urban renewal PROponents have always claimed that any default risk would be only on the bondholders and “bond insurance” would protect them.
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