Thursday, April 15, 2010
THE GUARDIAN fired off an email inquiry to City Finance Director and CEURA Chairman, Eljay Waite yesterday for clarification on why Caldwell urban renewal agency is now looking to borrow another million dollars for "tenant improvements" to the TVCC project in downtown Caldwell. No answer has yet been received. It has been reported to THE GUARDIAN TVCC got their Oregon budget cut and can't come up with the $1 million necessary to furnish the building. Now Caldwell taxpayers are going to foot the bill.
TVCC originally was going to occupy the building rent free for the first two year and put up the million bucks now they are offering to pay the interest on the "loan". Mayor Nancolas and Mr. Waite have now put Caldwell taxpayers on the hook for the extra million.
The following is a quote taken from the UR minutes from the April 6th meeting of the Urban Renewal agency:
"Chairman Waite introduced a financing proposal from ICB for the tenant improvements andequipment for the education building. The proposal is for $1,000,000 @ 3.6225% for 5 years."
CEURA will repay Oppenheimer Development Group $9.5 million for this building and now they need another million to finish the job! We can only guess a serious component of the building was not figured into the cost of the project. Could it be TVCC now wants Caldwell Urban Renewal to pay for all the furniture like desks, chairs and lab furnishings on top of the already heavily subsidized rent and other accommodations ?
Oregon based TVCC is leasing the project for $350K/year. This works out to a lease of $8.74/square foot per year. All of this is subsidized by Caldwell property taxpayers without any voter input or oversight. Urban Renewal in Caldwell is running like a big slush fund with taxpayers footing the bills.
Posted by Paul Alldredge at 10:16 AM