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– News and commentary about Quincy from Quincy Quarry News

Quincy Quarry Weekly Fish Wrap: Money pits a plenty on Quincy’s horizon?

Before moving along to the big money worries, Quincy Quarry has to again note that after 14 months of hard hitting exposés into the soft underbelly of the Koch Maladministration, the long knocked sideways street light at the intersection of Hannon Parkway and Hancock Street was finally replaced.

Whether or most likely not the nearby as well as also long ago knocked to the ground trees are also replaced anytime remains to be covered by Quincy Quarry.

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Koch Maladministration Edifice Complex?
An LBC/Patriot Ledger/O’Connell image

And as for the money pits, this week the City Council approved the first of a number of needed approvals to see a 15 story apartment building perhaps built in Quincy Center. 

So what, apparently for the facts that this still pending deal entails ten to fifteen million dollars in incentives for the developer as well as FURTHER behooves that the City of Quincy – meaning local taxpayers – will have to take on at least co-signing on twenty-five to thirty million dollars more in municipal debt.

So what also apparently for the fact that the underlying project itself is likely to only run around thirty-five million or thereabouts to build.

Quincy city hall fortifications construction quincy news photo | quincy news

A City on the Move hit by a fire
An Iconic Quincy Quarry News file photo

That and how the overall publicly-funded financing scheme would appear to possess at least elements of robbing Peter to pay Paul, an arguable Ponzi scheme and a no money down as well as no income verification subprime mortgage underwritten by local taxpayers.

Even more troubling, however, is the arguably even more massive amount of wishful thinking by the Koch Maladministration that things will work out on schedule and on budget in spite of the fact that it has never accomplish either – much less both at the same time – on any of its previous major infrastructure initiatives.

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Manna from Heaven expected?
A danieldervartanian.com image

Oh, let’s not forget that many tens of millions MORE of local municipal debt are slated to follow given currently but hoped for follow on development to actually happen.

What sorts of things could possibly go wrong?

For starters, Quincy is looking at a huge increase in the local supply of higher end rent apartments over the next couple of years just as Boston rents are starting to decline in the wake of massive real estate development in Metro Boston area in recent years.

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Follow the money
A Warner Brothers image

As such, as least some knowledgeable locals most understandably fear as much for the relatively modest lower rental rates in Quincy, but not to worry: per Kochonomics everything will work out just fine. 

For whom, however, is a several hundred million dollars or so question.

Regardless, expect Quincy Quarry to continue to fearlessly follow the money.

QQ disclaimer

 

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