Comment 25798

By markwhittle (registered) - website | Posted July 02, 2008 at 15:49:32

The City's share of 22.1 million will have to be borrowed, costing over 20 years an extra $16 million dollars in interest, for a total of $38 millon. We will not invest the $500 thousand a year to maintain the building (2 per cent of the cost of the building according to our staff). Therefore the value of the "asset" once it's paid off is hard to predict. The City Hall has been a poor investment for tax-payers, since at the end of its 40 year life span we are forced to spend upwards of $70 million dollars to refurbish it. Throughout its history taxpayers spent millions to repair its leaky roof, and the support system for the marble slabs, which began falling off shortly after its construction. None of the building's many problems were attributed to the architect or contractors, so it became a liability to the taxpayers. As for the Lister we won't know until October the details of what we have actually purchased, know in construction terms as the "shell building". To purchase land or buldings, the City's acquisition policy requires that a need has to be shown. Compare our direction with today's news from Buffalo, where a private developer will purchase a partially collapsed 1870's stable and turn it into condominiums. You can read it by clicking on this link: http://www.bizjournals.com/buffalo/stori...

Posted by: Bob Bratina | July 01, 2008 at 10:02 PM http://hallmarks.thespec.com/2008/07/lis...

Embrace change ... make it work!

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