To the Editor,
I’m troubled by Nanaimo fiscal objectives – emphasis is growth and development. Are there any safeguards (Plan B)?
For example, Kingsway Group of Companies grossed $630 million in 2005-06 and committed themselves to even bigger projects. The economy changed. In 2008 Kingsway was out of business. It ‘speculated’, gambled and lost.
At the same time, Nanaimo built a conference centre. It cost millions to build. It continues to cost millions.
Same result? Not at all, there’s a captivated crowd that coughs up every year.
The legacy of miscalculations is borne into a distant future.
Instead of learning from this, even bigger mega-buck projects are underway. Does this mean even more borrowing?
Everything is promotional: NEDCorp, positive performance survey claims, communications officer, growth, expansion, etc.
A friend who works for a moving company says for every one inbound call, there are 10 outbound calls.
Recent news articles report 40 per cent of homeowners are in arrears with taxes.
Another article highlights budget deficits. Does this mean more taxes?
With another year of drought inflation on the horizon, and with other economic time-bombs, here, everywhere, isn’t Nanaimo increasingly more vulnerable?
Budget deficits, legacy debts, are indicators of patterns. Am I the only Nanamoite cringing any time there’s talk of a hotel, water purification plant, fire hall?
Kingsway’s owner paid the ultimate price. Who pays when Plan A fails?