Once again Councilor Jeff Gudman has published a detailed article with a specific plan for addressing the WEB building and the massive loss on this investment since the city purchased it without a bond measure as a "unique opportunity" in visionary projects with the approval of Mayor Hammerstad and then Councilor Hoffman. In the article Councilor Gudman presents a very detailed plan which deserves further review.
The article can be found at: Time to Sell the WEB
As we all know the Web was purchased for $20 Million and now has a value that is nearly half the original purchase price. The bank has also forced the city to begin paying principal on the loan after many years of interest only payments. The bank is now dictating terms to a city with a AAA credit rating! Yet Councilors still want to issue hundreds of millions more debt on other projects!
We leave it to individual members, contacts and friends to decide the merits of the approach.
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