On October 22, 2007 after many, many months trying to obtain information from the City of Welland and through letters to the local papers' feedback section along with E mail to the mayor and city council on the subjects listed in this article I exercised the FOI and the appeal system. My findings as the result of the FOI and appeal system covering these subjects were written and sent to both the local paper, the mayor, and city council.The paper will not publish the article nor will the paper give a reason why. Neither the mayor nor any member of the city council offered one comment.This article is a condensed version of the original article.
City of Welland Debt, Debt Interest, and Allowable Debt
The city of Welland's outstanding debt at the original time of the article on October 22, 2007 was $29.6 million and the debt interest per year for 2007 was $1.4 million.
The City of Welland has no allowable debt. The City of Welland has an annual repayment limit a maximum allowable amount the City of Welland may repay to debt holders each year. The annual repayment limit for the City of Welland effective January 1, 2006 was $5.771.348.00. What ever the combination of the number of debentures, the terms, and the interest rates the total amount required to be repaid in any year can not exceed$5,771,348.00 meaning the city can increase its debt up to this allowable interest repayment per year.
HELEMS AVENUE
This writer experienced a great deal of difficulty trying to obtain this information right after this Street from Hell infrastructure was completed well over a year ago. The budget for this project started out at $80,000.00 in 2002. The budget figure was $450,000.00 in 2003 and was increased every year because of the escalating cost until a final budget figure of $3,607,000.00 was set in 2005. The actual expenditure was $3,831,191.00 almost one quarter of a million over budget.
It seems to me there is a noticeable flaw with determining budgets in this city. The Court House was a considerable amount over budget. The Welland Arena new parking lot went over budget because of an assumption. Of course lest we forget the Civic centre was many millions over budget and now Helems Avenue. It will be interesting to know the final cost figure vs the budget figure on the Fitch street project.
The Seaway Mall/Doral Holdings and the City of Welland
On April 26, 2005 Welland City council passed the following resolution 02-97 that council authorizes staff to negotiate a potential public/private partnership for the development of an arena/ arenas on land owned by Doral Holdings Ltd. and the Seaway Mall on Woodlawn Road.
To the best of this writers' knowledge this information was never made public.
One now should ask what happened to this proposed development? This writer tried to find out and hit a brick wall. It seems no one wishes to discuss this proposal considering the City of Welland is contemplating their own 3-pad arena, VERY STRANGE???????
2 comments:
Doral was sold 7.5 acres of WRCC land in 2003 for $37500.00 with the provision they develop a 3P arena/fitness/hotel facility on the site. If Doral did not meet its obligation after three years the City could exercise its right to buy the land back at cost. Doral failed to meet its obligation, yet the City failed buy back the land, rather enacted a vague bylaw that said the land could only be used for recreational purposes.
Now in 2007 Doral has 7.5 acres of prime land which they paid $1,462 million under current market value.
Good for Doral/Seaway, not so good for Wellanders. People should be outraged by this.
I agree people in Welland should be outraged by this transaction but Wellanders are too complacent.The people especially those in Belcastro's ward should be on his back asking why he is not responding to the proposed 3-pad arena Doral was planning
Post a Comment