From Racine Exposed:
"It is now 28 years later, and by all accounts,
ReefPoint Marina, Festival Hall as part of the Civic Centre Complex,
Belle Harbor Marina, Downtown Racine, and The City of Racine itself
should be experiencing a financial windfall from the economic activity
that was promised with this $35,000,000 plus Development. Instead, it
has been a spectacular failure that continues to rely on taxpayer
subsidies. Ownership of ReefPoint Marina has reverted back to the County
(taxpayer), while the Counties sale of Belle Harbor Marina caught no
bids because both Marinas have no value on the open real-estate market.
Today they are not profitable, there is no demand for the services
available (overcapacity), and they will require massive investments just
to maintain the infrastructure, much less any 'upgrades'. The taxpayer
loses again!"
Read more: http://racineexposed.wordpress.com/2014/05/25/reefpoint-marina-28-years-later-where-is-the-money/
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2 comments:
Ggodmulls brings up an interesting point about terminating the use of the 2 drawbridges and moving the tall boats that are in the river into the marina.
There is a large cost saving for the city. This idea should be explored further.
Thomas Piketty brings up a better idea - it's time to seize and redistribute the wealth of very rich.
Like - The Johnsons.
Why We’re in a New Gilded Age
By:Paul Krugman
Thomas Piketty, professor at the Paris School of Economics, isn’t a household name, although that may change with the English-language publication of his magnificent, sweeping meditation on inequality, Capital in the Twenty-First Century. Yet his influence runs deep. It has become a commonplace to say that we are living in a second Gilded Age—or, as Piketty likes to put it, a second Belle Époque—defined by the incredible rise of the “one percent.”
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