Image via Flynn Auctions

— News and commentary about elsewhere covered by Quincy Quarry News 

 

Land shark, candy gram — whatever …
A file photo

Late in the week the Koch Maladministration rolled out is plan for the City of Quincy buying the former Eastern Nazarene College campus for redevelopment.

The plan is about what was to be expected, especially in the wake of a social media fear campaign which was rolled and poses an unlikely potential of outside sinister interests surely lurking about and at the ready to buy and then exploit the property such that the neighborhood would be overrun by development full of problematic residents.

Truth be told, it is local insiders who pose greater to far greater risks.

Heavy lifting for Sancho
An old etching

Accordingly, the Koch Machine is endeavoring to set up its peerless leader to ride to the rescue of the Wollaston flats even if serious heavy lifting or at least a Department of Public Works snorkel truck will be needed to see him both on top of as as well as astride a white charger to then lead the charge of the white brigade.

What has been posed seems to be a rational and viable plan in spite of the fact that Koch Machine has a suspect record on redevelopment as well as also a blatant one as regards favoring special interests.

The money is not so easy. Not For local tazpayers anyway
An Easy Money Associates/Orion Pictures image

For example, for all the recent construction in Quincy Center and the mayor’s claims that his grand plan would pay for itself with new tax revenue, this venture is on record as looking to run $25 million in the red in coming years before positive revenue starts to chip away at the negative — a negative taxpayers citywide will have to subsidize over decades yet to come.

Even worse, a far greater negative would likely be confirmed given a proper audit but which has yet to happen.  Not yet anyway.

As for buying the former Eastern Nazarene campus, a huge concern spotted by Quincy Quarry’s financial and other affairs desk is how the machine’s proposing to use interest only playing Bond Anticipation Note (“BAN”) financing.

For starters, no bank would so cheaply finance a private developer.

Further, going with BAN financing heads off the city undergoing a full credit review at a time when the city’s finances are already under fire for cause.

Also problematic is how the Administration plans to help fund buying ENC by selling off two parcels within the Quincy Center District Improvement Fund special tax district (“DIF”).

(“Need a card?”)
A Cassius Marcellus Coolidge image

Granted, while such would reduce overall city debt, the DIF is a wholly separate proposition and thus the Administration is posing a manner of arguable commingling.

Additionally, the projected sales prices for the two properties are less than half their all in costs, not to mention that the Administration has been trying to sell these parcels for years.

Next up, published reports indicate the mayor has seen over 70 properties bought by the city at a total cost north of $100 million, far more bought than any other municipality in the Commonwealth, including Boston.

A bit over the top …
A file photo

Needless to say, a potential hoarding jones comes to mind.

Granted, some such properties purchased have been put to good use, however, the additional costs needed to utilize other properties as proposed would run into hundreds of millions and yet the mayor now wants to first take on yet another expensive venture.

Speaking of earlier plans, look to the Adams Academy building just down the street from City Hall.

The building was taken via an adverse eminent domain taking five years ago to be the anchor for an Adams family museum; however, as Quincy Mayor Koch did not concurrently take the land underneath the building as he had mistakenly believed the land belonged to the city even though such had already otherwise been decided all the way up to the Supreme Judicial Court.

No. A hard no.
A Paramount Television image

In short, while not quite grand theft land, close enough.

In turn, a whole new round of litigation so resulted and again the mayor lost upon appeal with the matter now in Superior Court to effect a resolution. 

Given the length of time the city has illegally tied up the land, $10 million in damages is a solid projection as what local taxpayers are going to have to also cover.

Bottom line: the Quincy City Council should press the mayor to resolve this mess before its consider any more land takings.

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