IDA 4 worthy of praise, admiration

Published 12:00 am Monday, October 21, 2002

Editor, the News Herald:

I’m writing to apologize to the four members of the Suffolk Industrial Development Authority (IDA) who had the intestinal fortitude to stand up to the City Power Bloc that wants to pour more of our money into that Mudflats Money Hole called the Constant’s Wharf Project. I thought it was a done deal.

When I read in the paper that the IDA had been summoned to a special meeting – apparently intended to rubber stamp the back room decision of certain City Council members and the City Administration to effectively finance the entire hotel project with our money. (Remember, the &uot;City&uot; has no money other than which it takes from the taxpayers.)

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I thank the four thinking IDA members for stopping further waste of taxpayer funds — at least temporarily – and I urge those members to Just Say No when the next round of pressure from the Power Bloc occurs.

I also thank Councilwoman Johnson for her lone vote against the stacked deck aimed at using taxpayer funds to benefit private enterprise. At least she understands why the developers aren’t moving ahead – they won’t put any of their money into the project, and banks won’t lend money on the strength of the project itself. Does anyone else understand that means the project just isn’t a sound financial undertaking?

Oh, by the way – I notice City Council approved a change to the project agreement, which included an &uot;improved occupancy rate&uot; for the Mudflats Mansion. If Council can legislate &uot;improved occupancy rates,&uot; shouldn’t it do that for existing hotels in the city, such as the Holiday Inn?

C.L. Willis, PE

Suffolk