Property acquisition (CS-2/CS-3)

Warned a six-property deal near the size of the annual general fund is being negotiated behind closed doors via the Public Finance Authority; asked that any commitment be made in the open.

Urged the council to slow down, release the appraisal and a ten-year forecast, and hold a public hearing before signing residents up for potential debt.

Estimated annual costs of $14-19 million for 30 years out of the general fund and asked for a real ten-year forecast before the city takes on the debt.

Argued the city would be wagering the general fund on troubled studio and office real estate amid developer defaults and foreclosures; noted the community wanted parks.

Referenced a letter from seven former mayors calling the acquisition ill-advised and noted a public benefit determination should be made in public.

A former council member and co-signer of the former mayors' letter called for transparency, economic justification, clear public benefit, and financial safeguards.

Questioned the public purpose finding and asked for an independent appraisal and written public purpose finding in open session before any deal.

Said residents learned of the deal only through cryptic agenda items and a news article, and urged a public hearing before any commitment.

Speaking for former planning commission chairs, noted an acquisition of up to $275 million committing the general fund for 30 years has never been discussed in open session.

Respected the city attorney's legal determination but asked the council to pull the item and bring a broader proposal for open public discussion first.