DESPERATE CITY

DESPERATION CITY
We have a deal!

The public today was given, as one observer at the meeting says, an “information free” description of the deal between Cuyahoga County and Merchandise Mart Properties Inc. (MMPI).

The deal, however, is in the details, which are very scarce to simply lacking. Yet, how can the public assess this with scant real information.
Upbeat Fred Nance of Squire-Sanders tells us and the Commissioners that MMPI will put up $20 million. However, no details. Does that mean cash? Or does that money minus any money already spent by MMPI for surveys, travel, studies or whatever else might be invented? Does it, indeed, really mean any actual dollars toward building the mart?
Are we, the citizens, forever obliged to accept such public-private deals on trust? And trust the words of Nance, Hagan and Dimora?

Nance also tells us that the County’s commitment is “capped.” Does that mean that the $400 million in the sales tax increase by the Commissioners will be sufficient for the medical mart and convention center? And if there are overrun costs, does that mean the County will leave the construction undone? Or will the Commissioners require further funding, as they did in Gateway to the tune of some $300 million in bond issues, if you include interest?

I’d suggest the cheering for a publicly-financed medical mart be held to a low volume until we get the statement of charges – a bill that can be believed.