The Parking Garage and Public/Private Partnerships: Another Financial Fiasco

More millions of City money down the drain as the parking garage near the Tunnel goes into receivership. It looks like the City will suffer a $3 million loss in this public/private partnership.

So much for a $0 increase in the City's budget with all of these financial disasters coming forward. What else are we going to be hit with? We already have to pay an extra $68 million for the MFP "settlement," more for Tunnel renovations, and when will Canderel ever end. Oh, and I really am not worried about taxpayer payments for an Arena project at the Raceway or wherever. According to Councillor Lewenza, the $15 million has already been set aside and it is only $75 per household for the next few years in any event. (I didn't want those potholes or sewers fixed anyway)

Isn't it interesting that there was no discussion publicly about a potential multi-million dollar parking garage loss at Council that I recall? Was there a reserve set by the City? When did the City know there were problems with the garage, who knew and what was done to try and salvage the mess?

It is hardly an excuse for someone on Council to say that he/she is "innocent" since the details of the deal were not available. They should have been available before the vote to approve the deal was taken or one should have opposed the deal.

"Hindsight" teaches us I am afraid. That is why I am so scared about what is happening in this City today, especially with all of the secrecy.

The Tunnel causes more problems for the City. Declining revenues, increased costs for the ventilation building and now this. Was anyone ever told that the City had to pay for allof those Customs officers parking spots? I sure hope that we are not going to have another deal "touted" by the City if the Windsor Tunnel Commission head/Mayor has to do something to preserve the Customs parking spots. We do not need something snuck through in secret or via an Agenda Item #5 manoeuvre. AND, we do not need a deal done by the Tunnel Commission rather than the City so that details are hidden from public scrutiny!

Public/private partnerships may not be what they are cracked up to be either if the public sector is on the hook for huge losses. I would hate to think what an arena deal could wind up being if the City invests $15 million in a P3! Can you really imagine what would have happened if the Mayor and Council had been given their blank cheque on the border. The thought of that makes me shudder!

It seems very clear that the City of Windsor is extremely unsophisticated in any financial dealings that are at all complex. It is time that the City retain the professional expertise needed if it is going to get involved in these types of sophisticated transactions in future.