Alderman stand firm! From the Call article by Mr. Evan Young (Please click here for the story.)
A great big bunch of KUDOS to the four Aldermen who stood firm to oppose this corporate give away. I also would like to congratulate Alderman Foote for having the courage to abstain, thus canceling any further chance of "His Honor" voting in favor of it.
I noticed that Alderman Pickel feels "we" have duped a business developer. Just who is "we" Alderman Pickel? Who, if anyone told this developer that this was a sure thing? Please give us the name or names of the City officials who "promised" this would go through? And why that was said in the first place?
I also happened to notice the not so thinly veiled threat of legal action by the attorney for the bank, and I wonder what he knows that would have caused him to make that statement? One thing is for sure if a lawsuit is forthcoming, we will find out exactly what happed, and I hope why.
As the Bard may have said if he had seen this, "Oh what a tangled web we weave, when first we practice to..........."
Tom Ford
NO. 819
I noticed that Alderman Pickel feels "we" have duped a business developer. Just who is "we" Alderman Pickel? Who, if anyone told this developer that this was a sure thing? Please give us the name or names of the City officials who "promised" this would go through? And why that was said in the first place?
I also happened to notice the not so thinly veiled threat of legal action by the attorney for the bank, and I wonder what he knows that would have caused him to make that statement? One thing is for sure if a lawsuit is forthcoming, we will find out exactly what happed, and I hope why.
As the Bard may have said if he had seen this, "Oh what a tangled web we weave, when first we practice to..........."
Tom Ford
NO. 819
posted by Crestwood Independent at 16:15
13 Comments:
The development is obviously not sustainable and the risk assesment by Pulaski Bank was poor.
Why should the City of Crestwood act like the federal government and suppliment bad business investments. The city does not and cannot fund bailouts. Why should we ask taxpayers to bail the banks out of trouble for their investments.
Pulasky Bank and Kevin King take your licks. learn a lesson, take responsibilty for your poor risk asssesment and go home. Thats what the banks are telling the homeowners they foreclose on. Sorry about that.
Didn't the Mayor appoint Mr. King to a committee not to long ago?
11:01 PM Blogger: Yes he did. Seeing as how Mr. King is a RESIDENT of Crestwood it seems rather odd that he is on the banks side.
I guess politics and finance make strange bed fellows.
Tom Ford
"Didn't the Mayor appoint Mr. King to a committee not to long ago?"
Yes indeed Kevin has been appointed to one committees during the last two years. First try was on Civil Service Board while attempting to ram through the changes Jim Ekrich wanted and failed. He lasted about 6 months and then resigned. I am not sure what board or commission he is on now.
Why doesn't the bank ask for federal stimulus money??? Seems the president has been going around saying that money is available for small business growth.
Pulasky Bank is not classified as TO BIG TO FAIL. Thus request money from another tax payer source. I know that I will not purchase anything where I have to pay 1% tax for the privilege of shopping at the specific location.
Kind of reminds of the days the feudal lords in Europe that tax everything that moves.
I believe the development was deemed substantially complete on July 31, 2008 (per the original CID development agreement) due to the developer's failure to submit a certificate of substantial completion prior to that date. The developer also failed to submit his reimbursable costs before that date. Again, according to the agreement, no reimbursable costs could be submitted after June 31, 2008, which begs the obvious question: Why is the Sappington Square CID district still collecting the additional 1% CID sales tax if, as a result of the July 2008 expiration date, there will be no further development costs for the district to reimburse?
Martha Duchild
Correction: No more reimbursable costs could be submitted after July 31, 2008 (not June).
Martha Duchild
Is the developer failing to notify the Missouri Economic Board in Jefferson City or the City of Crestwood?
Has anyone notified in writing the St. Louis Circuit court since this was created and approved by a St. Louis County judge?
Has anyone notified MSD since the CID was for the sewers?
All these questions, exactly where is our brilliant City Attorney. Surely there is a precedent or at least common determinationon this sort of thing.
To my knowledge, there is no precedent. The city, counsel for the CID, and Pulaski Bank are in uncharted waters.
One irksome aspect of this situation is the fact that a bank (Pulaski) that received $32 million in federal stimulus money is seeking to change the terms of a contract to allow another bank (5th/Third) that received $2 billion in federal stimulus money to build a new structure at Sapppington Square. To achieve this, Pulaski would like to continue the added 1% CID sales tax at this location until the year 2030 or 2031.
In essence, shoppers at Sappington Square would end up paying a regular sales tax and a CID sales tax, (on top of the federal taxes they already paid which were used in part to fund the federal stimulus program) just for the pleasure of having 5th/Third Bank at that location. Viewed from this perspective, the taxpaying public would have to wonder whether financing the construction of another bank on Watson Road is really worth the additional tax burden.
Martha Duchild
3:01 PM blogger: Martha, right you are, enough of the welfare for the developers, banks, and whomever else would take our tax dollars to shore up their inadequacy's!
Pulaski bank blew it when they failed to grasp the economic woes this Nation is in, and still gave the loan. Is that to be our fault? Heck no it isn't, they took the risk, let them bail themselves out!
Why would anyone of us want to place another high price shopping plaza in Crestwood? Haven't we enough "extra" taxes as it is?
Un-charted waters, you bet it is, so let the court's battle this one out, and next election please remember just who got us into this situation!
Tom Ford
You want to understand why I do not shop in Crestwood?
Purchases at Walgreens, Shop and Save, etc in Crestwood are at least 1% more than the same stores at other locations that are equally close to my house.
I patronize Schnucks because I do not have to pay 1% (CDD Tax)for the priviledge of parking in the lot at many of the businesses.
I say no to Applebees.
Since the politicians and businesses do not want to listen to the tax objection I will vote with my dollars at other locations and communities.
Ain't America great!!!!!!!!!!
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