Today our City Council voted 7-1 to earmark $561,001 of the $10,561,001 cost for the design of the Debt Plaza over Interstate 10, with only Rep. Limon dissenting.
The funds will come from Tax Increment Reinvestment Zone 5, even though TIRZ 5 funds are intended for improving the infrastructure of downtown El Paso.
Texas State Sen. Blanco managed to come up with the remaining $10,000,000 for the design cost, although the total cost is projected to be well over 25 times higher.
We learned today that after this expenditure, the next challenge will be to find $43,000,000 cost for “future proofing.” It is not easy to understand what that means, but essentially this is the cost for TXDot to modify its plan for the I-10 expansion so as to incorporate the structure of the Debt Plaza.
The presentation of these figures was made by Joaquin Rodriguez, an entrenched City bureaucrat who holds the position of Director of Grant Funded Programs in the Capital Improvement Department.
In slide number 3, Rodriguez explained that the City is $18,932,000 short of the $43,000,000 required and admitted that he has no idea how the shortfall will be met!
Thus, between the $10,562,001 for the design and $43,000,000 for future proofing, $53,562,001 in public funds will be expended before spending a single dollar on construction!
Stantec estimates the total construction cost in 2027 dollars to be $412 million, though the City and County continue to insist the “base cost” is only $207 million.
We recently reported that that the City was denied $60 million in outside grant funding of the $100 million for which it applied, with only $38 million pending.
Rep. Fierro reasoned that if the construction money is not there, the City can nevertheless build a Debt Plaza in the future as long as the design and future proofing are completed.
Apparently seven members of City Council are willing to throw tens of millions at this voracious pig of a boondoggle without the slightest idea of where to find $18,932,000 for the required future proofing or $412 million for construction.
We wish to thank Rep. Limon for having the courage to vote “nay” on this dangerous financial trap!