I published ths last year at this time and history has repeated itself! Carl came back for another kick at the can just last week.
Just so’s ya can remeber what was said here is the article from last year!
Jeese, I hate to beat a dead horse, but this one is still kickin!
I just can’t believe that the mental midgets at city hall in Wiarton are that dumb. Thick as molasses in Willies’ cage on February 1 with a north wind.
The more I dig into this, the madder I get.
For those of you just tuning in, last Tuesday Mr. Carl Noble, approached council requesting that they cosign a mortgage on the New Sauble Medical Clinic. It seems the bank rate was too high and if they secured the Town as a guarantor, a lower rate would reduce their payments by about $10,000.00 per month, to which Mr. Noble retorted, could be given to him as reported by the Sun Times.
The Non-Profit fronting this fraud, received the land for free from the town, raised $800,000, then borrowed another 1.1 million dollars to build a 12,000 square foot commercial building that isn’t finished yet. Commercial construction in this area ranges from the $90.00 a square foot range and what we have here is $166.00 per square foot, for a unfishished building that has a lien registered for nonpayment.
It seems that the Towns’ lawyer advised against guaranteeing the Sauble Medical Clinic mortgage, yet the Red Bay Bandits supported a resolution in favor of signing.
I am told that there have been no financial statements, no business plan and no disclosure of where the money has been spent and yet a resolution supporting this lame brain scheme has been approved by the majority of Council.
What the hell are you guys smoking?
The charge has been led by Dan the Man Kerr and supported by Ray the Bootlegger Lamont. You know the guys that are supporting Mr. Close of Red Bay in his quest for Mayor in October. So much for their judgement.
Hey the Bank said no for a reason!! But I guess the Red Bay Bandits are much smarter than the Bankers.
Even the builder, Mr. Dwight Burley, doesn’t trust this situation, as he has registered a lien against the property because he hasn’t been paid.
When queried as to the cost to complete, mixed answers were given ranging from $30,000 to $100,000.
When asked who they had for potential tenants, Mr. Noble responded that they had some Dentist from Hanover and a few other interested parties. (Wonder how the Twins feel about competition getting subsidised rent)
Normally in a commercial building, the owner provides four walls a roof and a floor, the tenant provides all leasehold improvements, ie. paint, flooring, decorating etc. New buildings in this area, of this type would rent in the $20.00+ per square foot range. In Toronto or Kitchener this space would be worth in the $400.00 per square foot range for a Condo type building and rental would be in the $40.00+ dollar per square foot range for rent.
We don’t know how much the rent is, what the completion costs are, who the tenants are, what the expenses are, hell we don’t even know what the group did with the money they got, yet our fearless leaders in their wisdom approved a resolution to sign for $1.1 million dollars. By the way a standard mortgage at say 5% over 20 years would equal an additional $634,874.00 in interest.
Now let me think about this, no idea where the money to date has been spent, no solid idea of the financial condition of the borrower, the bank said no, no idea as to the real cost to complete, no idea where the tenants are coming from, no idea as to what the rent is, the builder has liened the building for nonpayment, the lawyer said don’t do it, yet the Red Bay Bandits approve it?????????? Yup I want these guys to manage my money! NOT!!
But yet these maniacs have the nerve to chastise Art King over some $200.00 worth of mileage. Give me a break.
It is time to get that pot of tar boiling and a sack of feathers ready boys and girls, we are getting hosed big time.
The whole affair smells bad. The noprofit is Bankrupt, sell the building to a competent private developer and let free enterprise do its job. Brick layers lay bricks plumbers don’t lay plumbs. Socialist, pinkos don’t manage money!
I hope more than a few show up at Council, to stop this stupidity before the bylaw gets passed, so we can save the expense of an OMB appeal of any such bylaw. There has to be some accountability here boys and girls. The monkeys are stealing your wallets and your grand childrens future while running the zoo.
WAKE UP!!!!!!!!! ITS WAY PAST TIME!!!!!!!!