City of Racine Plans to Add $3,500,000 in Debt to Clean Up the Cory Mason/John Dickert Machinery Row Debacle

The current status of Machinery Row – not  quite as Proposed by Mayor Cory Mason or former Mayor – Lying John Dickert:

The spectacularly failed Machinery Row Project, which now lies in ruins, will continue to add to the tax burden of residents as Mayor Cory Mason plans to borrow $3.5 M to clean up the site.

From the Minutes of the 10/8/18 Finance and Personnel Committee Meeting:

Link: https://cityofracine.legistar.com/DepartmentDetail.aspx?ID=27511&GUID=034407D9-B6F7-498A-B810-18C7A941ABDA

The cost for taxpayers borrowing $3,500,000 will be $635,201, for a total of $4,135,201:

The damage to taxpayers will be long lasting – and while Mayor Cory Mason can crow about lowering debt service from 32% to 31% for fiscal year 2019, mainly due to the 2019 budget increasing from $81,583,209 (2018) to $82,032499, (2019) the 2019 projected budgeted amount of debt service, $18,371,226, is scheduled to steadily rise in the future. Most alarming is that Baird Financial Services projects that the City, in conjunction with refunding $10,245,000 in General Obligation debt, will need to borrow $51,905,000 in 2019!

From the accompanying BAIRD Financial Services Disclosure:

WRS = Wisconsin Retirement System – The implication is that the City of Racine is so broke, it is borrowing money to pay it’s share into the pension funds of it’s retirees!

The Baird Financial document shows that under the current path of the Cory Mason Administration, future borrowing and debt service is contigent upon City of Racine  borrowing $51,905,000 in 2019!

Close UP!

How does this end well for City of Racine Taxpayers, the proletariat, untermenschen , disabled, or disenfranchised? NOT WELL….

Just ask City of Chicago Resident Fred Hampton Jr. :

430% Property Tax Hike Drives ‘Black Panther’ Leader’s Chicago Home Into Foreclosure

Cook County says the Maywood boyhood home of Illinois Black Panther Party leader Fred Hampton is worth $141,920.

Its tax bill: $8,430, or an effective property tax rate of about six percent

Property tax rates that high– more than five times the national average– have become standard in inner-ring Chicago suburbs like Maywood. But the $700 per month tax bill has proven too rich for Hampton’s son, Fred Hampton, Jr.

He’s asking for donations to help him stop the County from auctioning off the home next Tuesday.

The tax bill at 804 S. 17th Avenue spiked more than 400 percent this year, to more than $8,000 from just $1,919. That’s after its previous owner, Hampton’s uncle, Bill, died and the property lost three tax exemptions, including one that freezes tax bills for seniors, according to the Cook County Treasurer.

Hampton, Jr., who in 1993, was sentenced to 18 years in prison for throwing a Molotov cocktail into a Korean-owned clothing store in Englewood (he was paroled in 2001), told the Chicago Sun-Times he “doesn’t know” how he fell behind on payments for the home.

He is president of the Uhuru Solidarity Movement, which has called for an end to capitalism and for white Americans to “take responsibility for the fact that white society rests on the pedestal of the oppression of African people” and pay reparations to black Americans for their “stolen wealth.”

It hosts a web site where whites can pay reparations with a credit card, presumably to be distributed by Uhuru movement leaders.

Oak Park-River Forest High School teacher and Illinois socialist party leader Anthony Clark has started a “Comrades for Fred Hampton Home” GoFundMe page with a goal of $70,000. As of 9:30 p.m. on Wed. Oct 17, 80 contributors had donated a total of $2,832.

Hampton, Sr. was killed in a controversial Chicago police raid of Black Panther headquarters in 1969.

So what should Residents do with the seemingly uncountable Politicians in SE WI?

It is long past time to stop the madness of Fat-cat Baby Boomers gone wild and demanding (and receiving) never – ending increases in salaries, fringes, and retirements – at the expense of the Community – which they then claim is too expensive to live in – (often) move out of – and avoid paying their fair share by fleeing to States with lower tax rates!

Taxpayers need to stand up to Blue – Fisting Bully Racine Mayor Cory Mason and Just say NO!

Only Taxpayers BLEED! Red INK! And are forced to pay at the barrel of a gun – or else being beaten and cheated by the criminals who rule City of Racine!

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