I detect a big pie in the sky â€” a big lemon pie â€” over Atascadero! Why? Our City Council/Redevelopment Agency Board has given the go ahead to sell $12 million in bonds to finance several downtown â€œimprovementâ€? projects. Bonds of this sort donâ€™t require voter approval since they wonâ€™t be paid back with a general property tax increase. They will be paid back from the growth of property tax revenue expected when a revamped downtown increases property values there. Really? Really! At least thatâ€™s what they figure.
Interestingly enough, in the same issue of the Tribune that announced the bond sale was a story headlined, â€œGardena perched on edge of financial collapse,â€? [because it] owes $26 million it doesnâ€™t have as a result of the City Councilâ€™s decision to borrow money for a [pie in the sky] that failed. Well, weâ€™ll see.