EDITOR: Do Santa Rosa taxpayers want the Santa Rosa City Council to give tax money to David Simon, CEO of Simon Property Group, a person who makes as much as $120 million a year?
The city intends to loan about $ 1.2 million to Coddingtown-Simon Properties at just 3 percent interest. But wait, there's more. The loan agreement has a provision to forgive half the interest and principal. The city pays more than 3 percent for the money it borrows. You, the taxpayer, will subsidize this low-interest loan and likely pay off half of it. If you want your money to go a Wall Street multimillionaire you need do nothing.
However, if you wish to opt out of subsidizing a multimillionaire, you will need to act — fast. Tell the City Council not to approve the loan for Coddingtown-Simon. Mayor Scott Bartley, Council Members Ernesto Olivares and Jake Ours and former Councilman John Sawyer voted in favor of an earlier version of this loan. Because of a request to change the original loan agreement, it needs to be re-approved. When a party to an agreement requests a change, the entire agreement is subject to change. This is our chance to get better terms or even end this taxpayer subsidy of a Wall Street multimillionaire.
If you have a better use for your money, please let the Santa Rosa City Council know what you think.