Industry asking for HUGE loan

Posted on December 17, 2008 by Ben Baeder

The city is asking its 82 registered voters to give the city permission to borrow $500 million.
On Jan. 20 – the same day Barack Obama will be inaugurated – the city will hold a special election in which voters will decide whether to let the city sell bonds, which would be repaid by property taxes.
Mayor Dave Perez said most of the money would probably go toward widening Grand Avenue and doing other infrastructure around the proposed NFL stadium/retail center project.
In a story about the project, experts said the loan amount sought is uncommonly large.
Voters will also vote on five other amendments to the city charter, including one that would limit who can vote and another that would give the City Council complete discretion over who gets city public works contracts.

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  • Taxpayer

    It would be shocking if this very small constituencey votes down the bond.

    City of Industry should have been more forthcoming on these projects and no wonder why there was no money on the table…UNTIL NOW with strings attached: if the voters of Industry votes for this sham.

    VOTE NO…SAVE TAXPAYERS from THE HEADACHE OF HIGHER TAXES.

  • Just the Facts

    It is for Industry taxpayers only, the prior blogger didn’t list their city. The article states no matter which project goes forward the amount of infrastructure needed is the same and the City of Industry committed to that on their land. Remember there is a project already fully approved which needs the same infrastructure even if the Stadium doesn’t go forward. The bonds get paid from the new property taxes created by the development. The City of Industry owns the land in which the infrastructure improvements are being made. So they are improving the land owned by the same taxpayers who will be voting on this. It’s like fixing up your own house that’s normally good to do and will improve your property value long term. It also helps the City of Industry better utilize their investment in a reclaim water system that is still not operating at capacity.