Obama has decided to make a little rain for DeKalb county, in the form of $90 Million of stimulus funds intended to redevelop areas suffering from poverty, unemployment, or forclosures:
The bonds come in two forms — $36.3 million for projects in a so-called Recovery Zone — and $54.5 million for bonds that can be used to build or renovate certain types of private property in those areas, county spokeswoman Kristie Swink said.
The federal government has provided little detail as to how the bonds can be used, however, they cannot be used to build or renovate golf courses, liquor stores, massage parlors or race tracks, Swink said.
Meanwhile, the Sembler company’s request for the DeKalb County Development Authority to buy their white elephant Town Brookhaven project and lease it back to them, sans property taxes, has been “indefinitely postponed“.
Sembler has indicated that they may be willing to accept less than 100% of an abatement. My, how nice of them. But with $90 Million falling from a clear D.C. sky, I can’t help but to think of the contortions the guys who are heavily invested with Republican capital will be going through to try and get a share of some Democrat stimulus money.* And I really can’t wait for the presentation on the poverty surrounding this site. I hear some local residents occasionally eat at Longhorn’s instead of Chops. Oh the humanity!
*total speculation on my part, but hey, it’s a blog. It’s what we do.
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> “indefinitely postponed“.
Every time I see or hear those words, I think “wait around until the public isn’t paying attention and then sneak it through quickly.”
I truly am amazed at the gall of Sembler to ask the taxpayers of DeKalb County to bail them out. This is especially ironic considering Sembler founder Mel Sembler is a top Republican donor (it’s actually quite fitting as Republicans started the bailouts).
Even more ridiculous are Jeff Fuqua’s statements about the surrounding “blight”. Blight?!?!?! The only blight that has been in Brookhaven was the apartment complex that Sembler leveled for this project. Even if Sembler walked away from this project now, the area is better off. Blight?!?!? Yeah, there’s a lot of blight in an area surrounded by Capital City Country Club and Peachtree Golf Club. Does Jeff actually believe this nonsense he is spouting?
The fact of the matter is that Sembler overpaid for this parcel (they paid approximately $70M for 50 acres) and now want others to pay for their risky undertaking. Does anyone honestly think that if Sembler fails that this project will sit dormant for years? Absolutely not. Some other developer will come along and get the site on the cheap and finish the project. 90% of the value in a project like this is in the zoning and entitlement process. Most of the heavy lifting is done. Since Sembler has no intention of sharing its profits with me, I see no reason why they should share their risk with me.
The real story here is that public pressure forced CEO Ellis, DeKalb Council members Messrs. Rader and May, the DeKalb County Schol Board to ALL decree this a foul deal. Who organized public outcry is the real question.
Mr. Walker, FINALLY recused himsel from this decision, citing the potential for a conflict of interest since he pocketed $18K from Sembler last election cycle. Now, the DeKalb Development Authority is going to operate with the understanding that they are under public scrutiny. The Board is comprised of an interlocking group of folks with strong resumes’, but little public oversight.
All respect, Icarus, picking on Sembler is simplistic, it could have been another developer. When a system allows for an impropriety, an impropriety will occur. This is a story about how DeKalb citizens, sick and tired of pre-CEO Ellis shenanigans, chose their right to organize and protest in a peaceful manner.
I wrote early on that either CEO Ellis was going to be more of the same or truly signal fresh air in Dekalb political administration. Gladly, CEO Ellis is a fresh start, from the Police department to the Development Authority.
I agree with Aubie’s statement, yet as long as the info ‘machine’ continues to operate, there will not be any shadows for the roaches to hide out in. Who runs the ‘machine’ ? *
Frankly, I am pleased that there is good news coming from DeKalb.
*The Ga Gang should tackle that question! That is the story.
“I can’t help but to think of the contortions the guys who are heavily invested with Republican capital will be going through to try and get a share of some Democrat stimulus money.”
Funny. So the premise here is that because someone is a Republican, they should not benefit from money printed up by the US Treasury, since it was printed due to a Democratic policy. One must agree with the policy to benefit from it? What a wonderful country.
Tolerance, love, inclusion, and respect for everybody is so clearly a Democratic ideal, isn’t it?
@Josh Kumbaya, man!
I think the political arena is less forgiving than Rome’s Coliesium [sp].
No Josh,
My premise is that some people’s political party is money, and sometimes it’s just convenient to put one of the traditional labels on it, usually the one in power.
And BB,
You’ve met me. You should know that simplistic is the best I can do.
I meant that in a supportive and postive way. LOL
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