The gap from failing to obtain a required sixth vote for the bond ordinance blows a $4.5 million dollar hole into the City budget with less than three months remaining in the fiscal year.
Failing to present any financial argument against the numerous reasons for refinancing, among them a lower cost to the completion of the bond's overall cost to the city, the Council of No re: MORTe (death) voted no leaving the critical financing for the midtown garage one vote short. The measure failed 5-4.
The midtown refinance was not a big cost issue to the City - as a point of fact it would cost the City nothing as it stands to gain. Numerous examples were given how it would in fact save the City money now and into the future.
The actions by Mike Russo, Terry Castellano, Beth Mason and Tim Occhipinti explodes an immediate hole in the budget and they failed to say how it would or should be filled. They preferred to complain and extensively on the parking agreement and the successful sale of the hospital, the latter they were legally restricted with the charge in the hands of the Hospital Authority.
|Last call for hospital sabotage. Not one intellectually honest argument on the refinancing of the hospital garage. In fact not one was offered. MORTe could care less and now the layoffs.|
The shell game arguments by Tim Occhipinti, et all in fact focused on everything but the lower interest rates and savings to the city which were stated as $50,000. A refinanced bond for the midtown garage would in fact cost the City less going forward than it does as it stands now.
Finance Director Nick Trasente stated the city had a massive strength in financing, in fact its chief asset. The City currently utilizes only 1.05% of its financing power through bonds. The Finance Director added after the vote the figure actually would decrease to about $1.03 percent (estimated) with the rejection Wednesday night.
Councilwoman Beth Mason attempted to claim the City was losing $700,000 on the transaction of the parking agreement which had no bearing on the refinancing of the garage. Director Ian Sacs later made a presentation correcting her and asking her not to present such faulty data as factual. He laid to waste her argument the parking agreement would provide less money and proved completely otherwise. (Video to come.)
He passionately laid out the benefits to the town in the changes in the midtown garage saying passing the continuation of the agreement would allow him to give every resident on the midtown parking waiting list a spot. That required a yes vote on the refinance.
Councilwoman Terry Castellano asked some excellent financial questions comparing the existing agreement and the one under consideration. She was not moved by the numerous financial advantages but was pleased the public safety would not not be impacted by the millions blowing a hold in the budget which she happily voted to create.
Not one person on the Council of No addressed the financial advantages of the refinancing although most members of the public spoke strongly in favor of the fiscal advantages in seeing the bond refinanced.
Councilman Peter Cunningham reacted to the hollow off the road remarks by the council minority noting they had acted destructively against the hospital sale's success and specifically charged Beth Mason for acting against it "all along."
Beth Mason denied it and asked for evidence. MSV will be producing the evidence that will be piling up enough for a full investigative series. It comes right from Beth Mason and other sources close to the hospital saga who are eager to see the truth come to light at the right time.
Municipal employees will now bear the cost for the massive ego trip taken by Mike Russo, Terry Castellano, Beth Mason and Tim Occhipinti.
Talking Ed Note: Police Chief Anthony Falco spoke strongly in favor of a $2.7 million bond ordinance earlier for numerous items including some he said were direly required by the police department.
Chief Falco also left in disbelief as his request not to make such essential requests political fell on deaf ears. The crowd applauded his restrained remarks saying his department would act professionally after the No vote.
The Beth Russo hydra wishes to decouple items in the $2.7 million bond ordinance. But when asked how to do so by Peter Cunningham, Beth Mason refused to state which items and the crowd grew weary of her avoidance to name the items she found objectionable.
Talking Ed Note II: People are spontaneously communicating to MSV on the events tonight by the Beth Russo hydra. The word independently coming from all corners is oddly the same: disgusting.
MSV did see it coming. If the Beth Russo hydra tried to take down the hospital, a full feast of destruction they were willing to wreck upon Hoboken, tonight was a mere snack. And so it was with their own comments making it clear their resentment at being foiled on shutting the hospital. They took the destructive actions tonight as their consolation prize. One Old Guard source predicted earlier an expectation to see it continue.
What Hoboken will suffer as a result is sad in the lack of its necessity.
Sympathy to the workers who will lose their jobs as a result of this reckless action. It's clear this is the last salvo to undermine the hospital sale.
Plenty of video to come.
Talking Ed Note III: After the meeting Beth Mason walked passed Da Horsey and icily stared without saying a word. Ten feet past she half-cocked her head and said, "You better be right." The reply was instant: "I'll be right and you'll have some explaining to do."
The answer was less than convincing: "Around."
"So you're working for Beth Mason?" This answer even less convincing than the last: muttering.
What City employees should know is that the vote tonight impacting their livelihood was premeditated. Mason is already preparing a propaganda battle to convince people it's the mayor's fault that layoffs will occur.
Tim Occhipinti had someone very minion-like write out a speech for him to read. None of it addressed the financing discussed at the meeting.
People may be shocked how quickly selective, edited video finds its way to Beth Mason's favorite iron fisted fascist website: Hoboken411. That's how Mason rolls.
Time to pump out the lies full throttle. That's how much they care Hoboken.
- Posted at full gallop