The movie studio has been sold!
https://www.mdjonline.com/neighbor_...gn=blox&utm_source=facebook&utm_medium=social
https://www.mdjonline.com/neighbor_...gn=blox&utm_source=facebook&utm_medium=social
Finally!
- Thread starter Guard Dad
- Start date
Far West
Pursuit Driver
WOW... ( sarcasm)
They built it in 2012 dollars for 5.5 million, paid other monies to keep it going, and sold it for 4 million... NOW does anyone see why government should help make an economic environment to encourage entrepreneurs to invest in the county, not try failed experiments with taxpayer funded bonds... there will be more to the story I am sure.
Can a county authority formed to recruit new industry legally use the money from a sale of a building if someone else has been repaying the loan used to build it?
Or must it give the money to the governing body which backed the bond financing used to build the facility?
Paulding County owes more than $6 million on the original $7.9 million bond, which included $5.5 million to build the studio. The remainder was for construction of a water tower and hangar at Paulding Northwest Atlanta Airport.
County finance director Tabitha Pollard said Paulding County still owes more than $6 million on the bond issue.
The building authority made the payments on the bonds from 2011 until early 2015, when it began making only partial payments and the county filled in the gaps, she said.
https://www.mdjonline.com/neighbor_...cle_e208d160-ae67-11e9-8aaf-f337f21c24a5.html
They built it in 2012 dollars for 5.5 million, paid other monies to keep it going, and sold it for 4 million... NOW does anyone see why government should help make an economic environment to encourage entrepreneurs to invest in the county, not try failed experiments with taxpayer funded bonds... there will be more to the story I am sure.
Can a county authority formed to recruit new industry legally use the money from a sale of a building if someone else has been repaying the loan used to build it?
Or must it give the money to the governing body which backed the bond financing used to build the facility?
Paulding County owes more than $6 million on the original $7.9 million bond, which included $5.5 million to build the studio. The remainder was for construction of a water tower and hangar at Paulding Northwest Atlanta Airport.
County finance director Tabitha Pollard said Paulding County still owes more than $6 million on the bond issue.
The building authority made the payments on the bonds from 2011 until early 2015, when it began making only partial payments and the county filled in the gaps, she said.
https://www.mdjonline.com/neighbor_...cle_e208d160-ae67-11e9-8aaf-f337f21c24a5.html
lotstodo
aka "The Jackal"
It should be illegal for an unelected board to issue obligations in the name of the taxpayer's of a county period.