Ingham County reluctant, but Red Cedar developer presses on
October 15, 2016
No Secret Lansing Deals Saddened By Desperate Antics Targeting Ingham County Officials To Fund Red Cedar Project
December 8, 2016
No Secret Lansing Deals is disappointed with pathetic antics by local developers to approve funding for the Red Cedar Renaissance project, when it has been clear county commissioners will not support putting taxpayers on the hook for their work.
In October 2016, Ingham County Controller Tim Dolehanty declared in a letter to the Ingham County Board of Commissioners that the deal to fund millions of dollars in bonds for the Red Cedar project – a scheme proposed by Lansing area developer Joel Ferguson – did not make fiscal sense for the county.
“This new scheme by Ferguson is just more typical shady, last minute antics to get funding for this fantasy project,” said Jen Eyer, spokeswoman for No Secret Lansing Deals. “Our county commissioners and Controller Dolehanty deserve accolades for their ability to see through the façade and should not vote in favor of this boondoggle.”
Under the guise of his own legal opinion, Ferguson has proposed a pitiful ruse that would allegedly hold his company accountable to pay off any bond revenue shortfalls from the project, when in reality taxpayers would likely be on the hook.
Ferguson has now told officials that $45 million of publicly backed bonds would be needed to build on the property in order to make a solid surface to lift out of the floodplain – another increase from previously stated estimates.
According to Eyer, No Secret Lansing Deals and the coalition that stands for honesty and transparency from our elected officials expect and demand that taxpayers not be responsible for the costs associated with for-profit business deals.