Thursday, October 28, 2010

Zimmerman-Baird Crystal City, Pentagon City, Potomac Yards TIF Makes 2010 Bond Referenda "Extremely Risky".

Hi Yupette,

Do Arlington Voters know what they are really voting for when they/we are asked to approve the 2010 Bond Issues on this year's ballot? The 2010 Bond Referenda are going to be extremely risky to Arlington County's credit rating given that Zimmerman and Baird committed County Government to strip General Revenue funds to provide Zimmerman, Fisette, Tejada, and Favola with between $14 million and $20 million each year for the next 6 years via the Crystal City, Potomac Yards, and Pentagon City TIF to build their pet vanity projects. These projects will be not only very expensive to build but to staff and maintain. Another $14-$20 million a year or more.

Given that County Government will face a $14 million deficit next year, how long can Baird and Zimmerman keep the fiscal mismanagement bubble growing (with tacit support from their Republican pals) before it bursts?

My view - voting for the 2010 Bond Referenda would be extremely unwise.

I no longer wonder why Mike Brown departed the scene. Who wants to be responsible for operating a ship where the captain and crew are fiscal looney tunes?

Ken - 22207


22201 said...

They lied to Mike like they lie to anyone they hire for a management position in the County Manager's office.

2200 said...

The brought Mikle Brown to Arlington to rubber stamp the Crystal City TIF and other self-serving taxpayer rip offs.

Anonymous said...

Wonder why it was put on the agenda as the last item the last County Board Meeting before the elections?

Yom 22204 said...

Based on what was said by the pro- Good Government Activists on Tuesday, no way I am voting for the bond issues. Besides, we would be voting for a Wakefield Recreation Center, not a new High School.

Terri said...

Anyone know who paid for all the campaign signs going up telling us to approve park bonds and school bonds?

Anonymous said...

What happens if Zimmerman does a TIF to East Falls Church?

Larry said...

Zimmerman, Favola and Fisette are carpetbaggers from the Rust Belt. Do a Google search on carpetbagger civil war reconstruction.

L.K. said...

Who is putting up the green signs urging approval of the wasteful and extravagant parks bonds?

Let's Be Free said...

You are right about the risk Ken.

Zimmerman and friends are creating tiered bond tranches, following the model of the collateralized debt obligation mortgage scams that rocked the stability of the financial system and brought the economy down.

Revenue bonds financed by TIF districts (like Crystal City) or the commercial real estate transportation surcharge (as planned for the Col. Pike trolley) are the subprime mortgages of the scam, not qualifying for the County's much vaunted triple A bond rating.

It is a bald-faced lie when Chris Zimmerman and the five bobbleheads claim they are operating responsibly within the constraints of the AAA rating.

Too bad the CB had to replace Mike Brown with a lap dog.

I like good schools, good parks, good public transportation and good neighborhood improvements as mcuh as the next guy, but not when they are financed extravagently and recklessly. I'm going to send a message to the ARLCO government by voting against each bond referendum.

Pikester said...

I saw someone driving a white pick up truck posting those vote for parks bonds signs. Did not see if it was a County-owned pickup truck.

Anonymous said...

Parks bond signs are authorized by "Arlington Citizens for Park Bonds"

School bond signs are authorized by "Arlington Committee for School Bonds".