Here are some “dots” to connect. The future of Base Village and our national debt. Neither are going to be solved quickly, or need to be. By re-electing President Obama, the Americans are saying “get me out of my economic pain.” We want jobs; the economy needs “people income” for necessary, and not so necessary, spending.
The “jobs bill,” as well as other government programs, can spark the economy by putting fresh money in circulation. However, that will cause an increase in our “debt.” But, who cares? The rest of the world is worse off. We are still the “gold standard,” even though we are broke.
The Base Village project, while well conceived, was killed, not by Related, but by the “meltdown” that destroyed real estate values. Of course, there was the “greed” factor by SkiCo. They got the community to issue $50 million of bonds to a “hocus pocus” Metro District tax to be repaid in the tax bills of the present and future Base Village owners. For what? The SkiCo infrastructure that they never paid for, but sold to the first buyer of Base Village. So when the SkiCo sold for $160 million, $50 million cost them nothing. Absolutely nothing. A $50 million windfall profit on the backs of the property owners, never disclosed in detail — at least not to me in April 2006. When I bought I was told it was a “minor” fee. Minor? I don’t call 60 percent of my tax minor. If this was New Jersey, somebody would be in prison.
However, to clean up the economy and get Base Village moving we need “people income.” To hell with the debt.