The Morning Report
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Wednesday, July 26, 2006 | After losing $176,000 through his district’s office, and after a brief absence from City Council meetings, Councilman Jim Madaffer is once again pursuing creative financing in the name of Grantville redevelopment.
Yesterday, Madaffer, with the help of six of his council colleagues, passed the $1 million Housing Enhancement Loan Program (HELP) to benefit homes in Tierrasanta and Navajo. The creative part of this is that the Grantville redevelopment project area itself does not contain any residences, and Tierrasanta and Navajo, obviously, are not in Grantville. In spite of this, HELP would use Grantville tax increment to finance home improvements in these outlying areas. This further ignores the fact that the Grantville redevelopment project technically does not exist and may never exist, because the county has brought suit to stop it.
Just like he ran his District 7 office into debt to promote Grantville redevelopment, Madaffer will now run Grantville into debt to promote his agenda in other areas. The best we can say about this is, at least if it does not work out, our fearless councilman has experience with bankruptcy.