On Sunday night, I found out about Granite School district's foray into real estate development.
I guess that I have been out of the loop and I had not heard about this project.
If you haven't either - go here. http://www.sltrib.com/news/ci_7982282
Can someone please explain to me why a developer would need to raise capital from a school district? Perhaps it is because no one in the traditional financing world wanted to touch the project? Can anyone say 'sub-prime'?
Second, can anyone explain to me who at GSD's district office is qualified to evaluate this type of investment? The beauty of the article is that it talks about a string of payments being made back to the district for 20 years, but never asks the question, "what if the project fails?".
Next we are going to find out that the districts are out playing the commodities markets or speculating on foreign currency exchanges. Pork bellies, OJ, and the Thai Bhat.
Can we please tell them to stop focusing on trying to raise more money and just be smart about how they spend what they already have?
http://www.graniteschools.org/C17/C19/Board%20contact%20information/default.aspx?Mode=Edit&PageView=Shared
Here are the idiots (except for Bawden) that voted for this disaster. They all look like very sophisticated investors - regular Donald Trumps!
I just wonder how many meals, kickbacks, and / or contributions were made by General Growth Properties (GGP) to the simpletons from the board that voted to approve the project.
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2 comments:
Good job, Ross.
As long as you don't rant about Emery School District, I guess I'm okay with this.
Of course, I haven't been making partnerships with the local malls here in Emery County either.
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