Zinke Debt is the Tip of the Iceberg

Back in September 2010, I published a letter to the Mayor and Town Council written by William D. Cleaveland, a local attorney. Please review that letter, especially since three sitting Council members who approved the Zinke land deal are up for re-election this spring.

Here are a few excerpts from Mr. Cleaveland’s letter:

“The land purchase from Mr. Zinke mentioned in the recent news articles in the Arizona Republic is only a part of a roughly $90,000,000 debt-fueled spending spree that the Glbert Town Council approved in a series of meetings held in January and February 2009. This was only four months after the banking collapse in September of 2008, and at a time when municipal revenues were plummeting.

“In Gilbert, almost before the electronic ink was dry on the bonds, the drumbeat for tax increases began.

“I do not know how long this drain on the town’s general fund may be sustained. With the Town unwilling to acknowledge the possibility that the Town’s System Development Fee (SDF) collections may be falling short and that general funds are making up the difference, it does not appear that Council could possibly make a rational decision to address the situation.”

For the full letter, go here:
Mr. Cleaveland’s Letter

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