Posts Tagged ‘No business plan’
(May 10, 2009) – - Why should you care that the City Council of Virginia Beach will use the Public Private Education Facilities Infrastructure Act (PPEA) funding scheme, borrow through the Economic Development Authority (EDA) without a referendum and build a headquarters hotel and an entertainment venue for the Dome Site?
Because council will stick the uninformed citizens of Virginia Beach and your children with more debt. That’s why.
The advantage goes all to city council: They borrow all the money they want and do not have to bother with a citizens referendum that could be defeated. So, rather than risk a NO vote on their pet projects, council simply goes through the Economic Development Authority borrows several hundred million dollars and promises that the citizens will pay back every cent.
(March 13, 2009) – - Mayor Sessoms and members of council,
Several years ago, citizens requested that the Virginia Beach City Council develop a business plan for all projects in the Oceanfront Resort Area.
A business plan provides a vision of the final design and clear direction for all development and includes rigorous cost estimates and realistic expectations of the return on investment (ROI).
A comprehensive business plan: Must identify the major components of a revitalized resort area; state the costs of all projects (including the interest costs); and state the anticipated revenue. From this information, council can calculate the economic justification for the projects