On Monday, our own Max Grossman spoke before the El Paso County Commissioners Court about deficit spending and the “Debt Plaza” planned for the downtown tract of Interstate 10.
He began by criticizing the Commissioners Court for their reckless plan to issue up to $894.4 million in new debt in support of the County and UMC.
He then pointed out the insanity of the County’s plan to sponsor the Debt Plaza, which is projected to cost $412 million in 2027 dollars, according to the firm that conducted the feasibility study, not $207 million, as staff has been claiming. He explained that the County will be responsible for cost overruns plus maintenance and operations and that there will be no money to cover any losses.
He concluded by reminding Judge Samaniego and Commissioner Coronado about their campaign promises to restrain taxation.
Samaniego told the El Paso Times (5/14/2018) that he was committed to “holding the line on taxes.” Coronado told the same newspaper (10/19/2022) “I will try to maintain property taxes as low as possible.”
That was before the big developers and their bankers and attorneys got to them.
When Grossman finished, Coronado disingenuously reminded his colleagues that the voters get to decide whether the debt gets issued, even though (1) he voted to authorize all of it and place six bond propositions on the November ballot, and (2) El Pasoans will not get to vote on the $174 million certificate of obligation that will come before the Commissioners Court shortly.
Coronado is a seasoned attorney but we strongly advise him to avoid the temptation to finesse us because we are just not that stupid.
You may listen to Grossman’s public comment here: