$25 Million of new debt for an unneeded building is hardly a ‘Home Run’

newadminbuilding

One of the biggest mistakes of the Huether Administration

Only Mike could twist advocating for a new administration building we don’t need, vote against the council wishes 3 times, deny a public vote, add $25 million of debt and act like this is good thing for the citizens;

The interest rate of the bonds is 3.09 percent, which City officials say is an outstanding deal for Sioux Falls taxpayers.

“This incredible borrowing rate is a testament to our city’s financial strength and the insatiable demand for investing in Sioux Falls. The timing of this bond sale couldn’t be much better, and it turned out to be a home run for Sioux Falls taxpayers,” Mayor Mike Huether said.

The only thing positive about this is a good interest rate on a loan we should not have taken out to begin with. I’m not against better office space for city employees, but there are much more prudent ways to do it. But like I have recently said, when you steal your parents credit card, it’s easy to spend, spend, spend.



2 comments ↓

#1 The D@ily Spin on 10.21.16 at 8:10 am

Yeah, but the bonds are a good gamble if there’s a spread and you get the booky take. More space is needed for the 24 in the city attorney’s office. Rex can’t leave if it’s to far to the end of the hall and down the elevator. It’s another Huether project but what’s the sport? At least there’s no admission and it goes bankrupt without cooking the books.

The debt is so absurd. It’s unbelievably funny.

#2 The D@ily Spin on 10.21.16 at 8:13 am

Hey, there’s no siding or implosion expense when there’s no rebar in the concrete.

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