<div class=”d4p-bbt-quote-title”>Brent Siebenaler wrote:</div>
Sure is a good thing road construction projects are never delayed nor over budget.
Any examples that are comparable to this, or previous rail projects?
The county I live in borrowed about $11 million during the Clinton administration at 8% because the then finance director claimed that “interest rates would never be lower”. The caveat for getting that 8% rate was that the municipality was required to have a shovel ready plan for spending it within 2 years. Fast forward 18 months. The repayment window is approaching because the money hasn’t been dedicated yet, so in less than 5 months an entire county/city municipal courthouse & jail was designed and permitted (a bureaucratic impossibility!). The total budget was allegedly to come in under $19 million. When all was said and done, it went north of $43 million because the designers forgot things like doors, windows, elevators, or equipping the entire jail complex. I somehow think that if the folks making the decision to move forward were on the hook financially for the over-runs, things would have been different.
Ironically, the old city hall, built in the 70’s, that was unfit and unsafe to occupy, is still safe, fit, and occupied by private businesses. Go figure.