According to new public records, the recent financial purchases of Parramore land brokered by Orlando Mayor Buddy Dyer are even worse than first suspected. For starters, City Clerk Alana Brenner admitted that the terms of purchase have “not been established yet” despite the mayor making multi-million dollar deals. So the city has purchased land on behalf of taxpayers and we don’t know the terms of purchase? Not what tax payers like to hear.
The funding source used by Mayor Dyer was the “internal loan fund.” The internal loan fund means a conduit financing device to distribute proceeds of debt into loans to various operating funds of the City, and carries with it an interest rate and administrative fees.
That means the City of Orlando is currently using loans off of their already existing debt to purchase the land, instead of revitalizing that land or helping turn it over to private homeowners or small business in Parramore. The City of Orlando is also now costing tax payers more than the advertised public “purchase price” as the interest rate will be around 4.5%, or at least $200,000 taxpayer dollars on the mayor’s $4.3 million purchases, in addition to the administrative fee on top of that.
The City of Orlando is rushing into these purchases without even having the terms laid out for proper oversight and accountability by the citizens. While this may be a “done deal” per se, it is very telling that the process included no set terms, no public hearing, no public input, and now against our city’s current debt, more risk and more cost to taxpayers thanks to the actions of Mayor Dyer and City CFO Rebecca Sutton.
City Clerk Brenner insisted there is no need to worry, saying in an email, “they [the terms of purchase] will be set in such a manner to not increase the overall debt service cost of the General Fund (i.e. the repayment schedule will match drop offs from previous internal loans in order to keep the overall total debt service payment constant).”
Right, we heard similar statements from the banks in 2007. Without any real citizen oversight, Orlando tax payers have no assurances. And now, due to the complex city financing system of shuffling debt from one project to the next, it is difficult to answer the basic question of “where’s the money?”
Shell game. Remember how those worked when you visited the old time square? Somewhere there is a “chart of accounts” for the City. It would be great to map them out and let citizens see the flow through these “conduits”. The expensive plumbing may lead to the sewer.
Why can’t the soccer stadium be built in College Park?. Why should the College Park Residents get to enjoy the blood, sweat, and tears on the backs of the People Parramore. This is clearly a black and white issue and the People of Parramore must take a stand for themselves.
This would never happen in College Park.
Also, what about the HUD Zone that was established from HWY WEST. 50 straight down Parramore by Daisy Lynum more than (16) years ago. This was done to get families to purchase new homes in the Parramore area.
Our government has been contributing money to District (5) for first time home buyers and businesses for the past (16) years. WHERE’S ALL OF THE HUD MONEY?. Millions of dollars have been given to District (5) from HUD to build it up not to tear it down. That’s why this HUD Zone was established over (16) years ago.
Now there is no money for first time home buyers in the Parramore HUD Zone area?.
I think it’s time for a Federal Audit.
In the words of President Obama, in 2008 and 2012 everyone involved will be held accountable for the People’s Money.
If the People of Parramore are forced to move from their homes then the residents of College Park should be forced to move from their homes as well.
This alone could become a debate on who stays and who goes.
The homes in Parramore are clearly worth more than $15,000.00, and so are the businesses.
What about all of the tenants in the Parramore area?. How many are living in the Parramore HUD ZONE area?.
What about relocation compensation for the tenants in the Parramore HUD ZONE area and their families?. This is federal money.
Someone needs to take a second look at the HWY WEST 50 and the Parramore HUD ZONE area, and why it was established (16) years ago to start with.
What clearly divides the College Park residents and the People of Parramore is HWY WEST 50 and the Parramore HUD ZONE area and how far it goes.
http://www.tampabay.com/news/politics/national/us-rep-kendrick-meek-tied-to-failed-poinciana-park-project-fraud-case/1095113
Read about fraud and corruption with Kendrick Meek in Liberty City in Miami very similar to what is going on in Parramore and the Daisy Lynum situation. Shame on them.
The person who wrote this wouldn’t happen in College Park is right and it wouldn’t happen in Lake Eola Heights Neighborhood because they are looking to increase their property values with the expansion of the land west of I-4. Why won’t the news cover this more? I hope you do more public records requests of Daisy’s communication with lobbiests see who she has been meeting with and you will find the money. Just pathetic- Working class people are too busy working hard to pay the salaries of the politicians who are screwing them out of their homes.
A full investigation of the HUD funding should start immediately I had no idea about that project and the money!