R-25 Correspondence – Melinda Cotton
From: Melinda Cotton [mailto:[email protected]]
Sent: Tuesday, February 1, 2022 11:50 AM
To: Mayor <[email protected]>; Council District 1 <[email protected]>; Council District 2 <[email protected]>; Council District 3 <[email protected]>; Council District 4 <[email protected]>; Council District 5 <[email protected]>; Council District 6 <[email protected]>; Councilmember Roberto Uranga <[email protected]>; Council District 8 <[email protected]>; Council District 9 <[email protected]>; Tom Modica <[email protected]>; Laura Doud <[email protected]>; CityClerk <[email protected]>
Subject: The "Civic Center Mid-Block" Item #25 on Tonights Agenda seems a Very Bad Deal for the City and Taxpayers
-EXTERNAL-
Mayor Garcia, Vice Mayor Richardson and Councilmembers,
I urge you to withdraw the "Civic Center Mid-Block" Item from the Feb. 1st Agenda and at minimum have City Auditor Laura Doud go very over it carefully.
These new units are NOT designated for housing disadvantaged, lower income, and poor among us. And in reading through the 52 page Staff Report, on Page 32 one comes across the Table below... showing the cost per unit at $846,143!!! And it appears that the City might be stuck with paying off the Bonds, as the Staff Report warns:
"The City is at the bottom of the sale proceeds distribution waterfall." All together this sounds like a very bad deal for the City and Taxpayers, and should not go forward.