Every truth has two sides; it is as well to look at both, before we commit ourselves to either.Is Palmetto Bay on schedule to deplete our reserves in 5 years? Comments were made at the special council meeting held just prior to the regular scheduled February council meeting from 2 residents (the only speakers) who were concerned about the process and how money is being spent. The financial model still has yet to be properly presented.
The answer appears to be that there is a slide show of renderings, which is a sort of dreamer's recitation of what could be, but no hard numbers. Neither private investors or a bank would lend money based on renderings. They want to see a solid business plan with credible, objective numbers before they would invest money. Why should Palmetto Bay taxpayer dollars be spent based upon a much lower standard? After all, it is our money.
The following was taken from the official village web site (as of Feb 6, 2014):
BLOG #2 - Sept. 5, 2013
Downtown Outlined to Local Business Association...When it comes to the future of Palmetto Bay, there is little doubt that the finances of the Village need to change. Several independent studies estimate that within five years, Palmetto Bay will have no reserves and will be forced to raise taxes and cut services. So, right now is the right time to face facts and plan for fiscally responsible change. No matter what side of the political fence you sit on, the adage "You’ve got to spend money to make money" rings true... And that, plus a grand plan, may just be the saving grace for Palmetto Bay. (Emphasis added)
View the actual website comments by CLICKING HERE.
It is one thing to take action on redevelopment because you think it is the right thing to do, but it is shameful to raise support based upon a threat that Palmetto Bay will fold financially if we all do not support this ever-evolving plan.