It is clear now with the recent revelation that the Whiteco development is forcing us to build yet another huge parking garage that the Trapani administration made a colossal last minute mistake in ramming through the Whiteco agreement. As the cost to taxpayers of this monumental error of judgment continue to escalate, it is time to for the new village board to rescind the agreement.
Let’s take a look at the new numbers:
? Cost to acquire Whiteco site and construct Holley Ct. garage addition: $11.565M
? Cost of issuing 30 year bonds at 4.25 percent: $8,916,425
? Total cost to us to turn over keys to Whiteco: $20,481,425
? Cost of new 600 car North Boulevard parking garage: $9 million
? Cost of issuing 30 year bonds at 4.25 percent: $6,938,852
? Cost of new garage: $15,938,852
? Total cost Whiteco project: $36,420,277
Let’s get out of this deal as quickly as possible. It is nothing but trouble.