The basis of the current PLAN is to have 1000s of condos built paying
taxes to the City. In anticipation of that the City increased its
budget year after year.
The condos have not materialized, hense no anticipated taxs paid and
the city has spent more that it has in revenue for several years.
Leading to the current $13M deficit
Development of the Boardwalk was never expected to provide for the
financil needs of the City. It was an amenity to the residential
development which has not maerialized. The current activity, as good as
it appears to most folks, will not ever supply the financial needs of
the City.
The intrinsic failure of the current PLAN and the economic fallicy its
based upon should be apparent.
Lets have a serious discussion of the economic state of the kingdom
instead of how pretty things are and how much better it is from a year
ago.
Werner
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