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Sunday, May 25, 2008

County Cash Crunch, Job Service Building and No Sale on Jerome Property

It has been reported to THE GUARDIAN the cash flow issues at the county are compounding like interest on a bad debt by the day. The loan sharks may be circling the courthouse. The latest is that they do not have the money to close on the much vaunted purchase of the Job Service building nor is the Jerome property sale expected to close.

Reason number one is they can't seem to close the deal on the Jerome Property with their buyer for the $3.8 Million offered on this deal. The closing of the deal has been set back at least twice in less than a month. Seems the buyer is in foreclosure on a house he bought last year and took out a second and third deed of trust to get the money for the earnest money deposit for the Jerome Property (reads house of cards). It has also been reported to THE GUARDIAN that the unnamed buyer has Action Collection after him as well. Their buyer's credit rating has to be very circumspect at this juncture.

Add to all of this a Vallivue administrator is now telling people that the Vallivue School District had a written earnest money agreement with the State on the Job Service building. The 2C County Deciders started a verbal bidding war with Vallivue and the State people. The Vallivue admin crew still can't figure out exactly what happened when they had a earnest money contract. The State and County Deciders pulled off a fast one. The County Deciders had no written agreement with the state people for the job service building. However, they did have several appraisals that they could pick and choose from to make a legal bid on the property.

Currently, the County does not have the cash to buy the Job Service Building this year given the cash crunch they have created for all of us. Buying jail property, not selling the Jerome property and other things that have created a fiscal nightmare at 1115 Albany Street.

It almost sounds like Job Service property deal have created a liability this year that will have to be paid off next FY. (Could this be yet another violation of the Idaho Constitution Article 8 sec.3 and another citizen lawsuit in the wings.)

Sweet promises from the County Deciders talked too loud when the gavel fell on the sale of the Job Service property. Education efforts at redirecting salvageable teens gets a setback dealt to them by both the state and our 2C Deciders. We all have to be very proud of how our 2C Deciders "saved money" for us on this deal.

With all of the financial mistakes this year the mantra for the Commishes can be summed up: Buy high, sell low, collect late, and we pay when you catch us. They really do need to take some classes in Financial Managment at the CEO/Decider level at the county.

Maybe the State can call in a collection service to get their money from the county?

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