This is a story of a city hall gone mad with failed economic policies and out of touch with residents.
Over a third of the city’s almost billion dollar debt is the result of subsidizing losses and privatizing profits for crony companies and chosen favorites of city hall. As they approach the billion dollar debt mark they have hired a firm that helped Detroit deal with its bankruptcy. City Hall still doesn’t seem to be the most fiscally responsible either though.
A representative from New York-based Alvarez & Marsal told City Council on Tuesday the firm will work to protect the city’s multimillion dollar investment in VGTI Florida.
“Our task is to sit with VGTI and its management team and evaluate whether or not it truly is a going concern, what are the opportunities and what are the risks,” said financial consultant Michael Imber, who represented several creditors in the Detroit bankruptcy case.
The cost of hiring the firm has yet to be determined, City Attorney Pam Booker said.
VGTI is broke and city hall gave them a sweetheart deal that no local business can get in order to socialize the losses for VGTI which are likely to be another burden the city places on PSL residents.
Meanwhile the city remains quiet on the issue after manager Bremer acted childishly in recent days.
Bremer remained mum in an emailed response to Treasure Coast Newspapers on Thursday, writing, “Since a lawsuit has been filed I cannot discuss matters relative to VGTI. I have forwarded this to the city attorney’s office for their consideration of an answer.”
The city attorney did not respond.
Admit failure? Never, they’ll just get it “right” next time. Here’s hoping there isn’t one.