Saturday, December 17, 2011

Taxpayers won't pay for Edgewater project

This is an instance where Mayor Soglin has delivered more than he promised. During the campaign, he said it wasn't possible to stop the Edgewater TIF handout, but he would ensure that nothing similar ever happened again.

However, the developer's own failure to deliver has doomed the project. All along, Dunn relied on special favors and exceptions to the rules (both TIF and shoreline zoning) while withholding required details about the project.  Now they are threatening to sue.

Soglin said Dunn would have "a real tall mountain to climb" to win a suit because the developer has failed to produce a detailed financial plan and a construction contract, two essential pieces of paperwork for any city financing deal.

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