The Real Cost of the Blue Mt. Senior Villas?

The front page of the "Grand Terrace City News" had an precautionary article about the risks and costs of providing a Senior Housing Project funded as the Grand Terrace City Redevelopment Agency is planning.

Facts about the failure of the Palms Apartments in Colton are a fine example of the possible folly of the "Plan". Tom Schwab did not provide the writer the real cost to the city or the tax payers.

Colton provided 6.5 million Redevelopment Bond Money... (A bond is borrowed money) By the time the money is paid back it will have cost the citizens of Colton 20 million. The project is slated by the city to be torn down, Seniors evicted, and More Debt to build a new Police Station.

What is the real cost of the Project Mr. Schwab? 9.5 of CRA Bonds, to be paid over how long, add the interest cost to the total. What would happen if we paid off the BOND early, and did not incur the interest expense?

CRA are LIABILITIES to be repaid. WHAT are the real numbers. How are we protected from the same failures Colton's Seniors have been challenged by?

The design may now be acceptable, but the DEAL and COST, and protections are NOT Clear. Unless these details are CLEAR, the plan will be held suspect. A 65 year lease on the property is a life time lease. Will years newborns will move in to the complex under the same management deal, without regard to the satisfactory performance of their obligations?

The Contract is in many ways more important than the Design. Why can't the city be open and discuss this without being asked and hounded for the details?