Project Arena, Part I: How much time does Sacramento really have?

[JB_kings]

Wow. I didn't even know that a city could legally do that. I've never heard of such a thing. In effect, then, they probably end up lowering the value of private land that heretofore may have been able to have partaken in building parking structures. Oooo. That sounds pretty dicey on a lot of levels.

Leaving aside the legalities, let's say the city of Sacramento promises such a thing. The city of West Sacramento isn't part of the agreement, right? So what's to prevent them from permitting a ton of parking structures to increase their own revenue (and eventually reach economic equilibrium)? Those structures wouldn't be in as close proximity, obviously, but if the price is lowered to account for that, I would think people might want to take a short bus ride.

See why hiring a consultant is worth doing? Chicago didn't and they screwed up big time.

 

[Capt. Factorial]

See why hiring a consultant is worth doing? Chicago didn't and they screwed up big time.

But wait, hiring a consultant is a bad thing and would be a waste of money and cause the city to lay off policemen. I'm sure I read that somewhere in the unimpeachable Bee comments section.

 

[Kingster]

See why hiring a consultant is worth doing? Chicago didn't and they screwed up big time.

I sure do. And I hope those consultants have a top-notch legal team.

 

[kennadog]

See why hiring a consultant is worth doing? Chicago didn't and they screwed up big time.

Chicago really did blow it and is totally different from what is porposed here. Chicago city council only saw the billion dollar proposal 48 hours before thay voted on it. No due diligence.

What was even worse though is that they spent all of the $1 billion on city operating expenses to plug the gaps (police, fireman, other city services). They spent none of it on capital improvement items. What happened, the billion dollars was gone through very fast, they have nothing to show for it and it only delayed the inevitable need to fix the city operating deficit. Really, really stupid thinking.

And that's exactly why things like this or bond funds or lomg term loans should never be spent on operating expenses.
It only allows a city to keep spending more than the actual revenue it receives.