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Letter of the Day: Santa Rosa needs a better deal

  • 1/18/2014: C6: The new Target store currently under construction at Santa Rosa’s Coddingtown Mall is scheduled to open in July, the company announced Friday. The store is expected to employ about 200 workers.

    PC: The new Target store at Coddingtown Mall is scheduled to open in July of this year. (Christopher Chung/ The Press Democrat)

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.

RICHARD CANINI

Santa Rosa


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