soundslikemold

soundslikemold t1_je21b5m wrote

I heard on NPR this morning that at the time of the payments the city only had one full time employee in the payroll department and a team of contractors that didn't understand the cities payroll software. I couldn't find the article on WYPR's website, but here is a quote from Fox (I know Sinclair):

"In a response to the report, Department of Finance Director Michael Moiseyev revealed that Payroll only had one full-time employee that was supported by a team of contractors. Those contractors lacked detailed knowledge of the city's payroll configurations, according to Moiseyev's letter."

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soundslikemold t1_j9r60u1 wrote

I really can't say. There are some questions that this raises, but if the alternative is to let the shopping center fail and loose retail for the local community, that's not great. I don't think anyone else is stepping up to revitalize the area.

Getting any investment in many neighborhoods is difficult. Is a less than perfect developer better than no one? Probably, but it is at the cost of 14 million in state and city money. Could that money be better spent to help the community?

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soundslikemold t1_j9mvn7v wrote

I noticed that the developers are putting in just over a million in their own money as sponsor equity and get just about that exact number back as a developer fee. No doubt they have profits on the markup coming out of mark ups to the hard and soft costs. So with little skin in the game and grants from the state and city far out sizing what they put in, they get 51% of the equity.

This is a two person company. No employees to run projects. Likely a well connected contractor gets tossed the contract.

I'm likely just jaded, but I think 95% of these "social good" companies are only in it to get rich and could not care less about the community.

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