Let me get this straight
Categories: Banana Republican
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So at around the 7:04 p.m. mark of the Miami-Dade County Commission's nine-hour bull session to approve the Florida Miami Marlins' new stadium, Commissioner Sally Heyman posed a rather simple business question.
She asked what would happen to the ballpark's projected $1.9 billion cost if the municipal bond interest rates went up half a point when the county actually issues the bonds?
County Manager George Burgess, who's been heralded as a financing guru, replied: "We're not going to know what the discounted rates and what the cost will be until the bonds are actually issued. It is a question that cannot be answered in my judgement."
Burgess then deferred to the county's financial advisor - Sergio
Masvidal, whose dad Raul, in case you didn't know, is one of the
well-connected developers who is awaiting trial on felony charges for
allegedly stealing money meant to build affordable housing. Lil
Masvidal was just as stumped as Burgess. "The manager is correct," he
said. "We don't know what the rate will be. I haven't run the numbers
on what a half base point change would do."She asked what would happen to the ballpark's projected $1.9 billion cost if the municipal bond interest rates went up half a point when the county actually issues the bonds?
County Manager George Burgess, who's been heralded as a financing guru, replied: "We're not going to know what the discounted rates and what the cost will be until the bonds are actually issued. It is a question that cannot be answered in my judgement."
The inability to get an answer elicited the following snarky response from Heyman: "Thank you. I had trouble figuring it out so I'm glad you can't tell me either."
And there, in that short exchange, summed up just how bad Miami-Dade taxpayers are getting hosed on this deal.
And WTF is up with Dennis Moss making everyone who speaks preface their comments by stating "through the chair." He'd correct anyone who forgot to pay him homage. I swear county government is more ridiculous than Benny Hill.
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