Common Sense said: April 16, 2009 12:44 pm PST
Haddon Heights residents need to take notice. The mayor and his council colleagues have introduced a plan called Project Garnet that, as it is scheduled to roll out with an equally questionable budget pending approval in May, is a risky real estate scheme that places tax payers in jeopardy of years of financial tax hardship. At first glance it may appear to be a good idea, but after laying out the plan as made available, there are several critical concerns.
The plan calls for creating long-term municipal debt to purchase an American Water company complex to house the Department of Public Works - before there is a buyer for the current DPW site. Would you by a new home before you had a buyer for you current home? The plan purports that when the borough eventually sells the DPW site to a developer for â??affordableâ? housing as the masterplan would dictate, the sale would generate cash to offset the cost of the project and their projected reduction in revenues. But does it really? The mayorâ??s presentation available on the boroughâ??s website does little to demystify the financial real-estate scheme and fails to educate residents about the details.