Mike Ford and the Men with SR2O-UPDATED with CorrectionSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 

Mike Ford and the Men with SR2O-UPDATED with Correction
 


12 March 2014 at 1:54:10 PM
salon

Will write much more about this over the next few days, but basically, here's the situation

Correcting something I wrote earlier about Somervell County getting bonds to build a tire processing plant. I had, based on some fuzzy information, believed that Mike Ford was attempting to push bonds that would obligate the tax payer in the same way he obligated us with the GRMC COs. Unlike the rushed deal that Mike  Ford illegally pushed for with regard to the Glen Rose Medical Center, which put us on the hook for 14.4 million dollars in debt for certificates of obligation, taxpayers will not be involved in a bond deal this time, so whew, I'm glad to be wrong about that. (UPDATE AGAIN-not so sure I am completely wrong, just about the non-recourse bonds-if the county is the the bond seller as public corporation, then exactly how is this spelled out between the county and SRO2? Or is it that the county is the bond issuer but the SR20 will do all the legwork to sell them? I listened to the entire audio from the meeting on Monday but don't recall hearing that specific piece. The county would own the land and business but the bondholders would be the ones that could own it if the business failed, so that that property could become private at that point and no longer owned by the county) That doesn't mean that our tax money will not go to buy property  Just finished listening to most of the audio, our tax money does not go into this. Although no one has yet said explicitly that I can hea on the audio, it appears that The County becomes a public corporation with the ability to issue bonds, and then someone (SR20? who?) would run around to sell the bonds. (why is the county in the business of buying and owning land for anything but a governmental entity that benefits the public at large instead of a corporation?) or that we may not be holding the bag should SR20 not succeed as a business.  Instead, here's how it works. The SR20 people want to be able to sell bonds to interested investors  based on a deal the county will offer, which apparently includes at some point owning land from a homeowner who lives off 56 near the power plant (apparently not a done deal as of this date). This deal has been discussed privately and attempted to be kept quiet. Why are SR20 coming to this county with their dog and pony show? (note, as the Glen Rose Reporter says, that this company has already been turned down in Cleburne and Alvarado. ) Because they don't have the credit rating themselves to get the money, like you or I would have to do if we wanted to start out own business. The deal apparently (will be looking for the paper proof)  involves the county owning the land that SR20 will be using and leasing it to them (will this be a really cheap lease like the county typically makes with companies?) . IF SR20 makes good money over the next few years, they would be paying back monies to Somervell County in about 4-5 years (I plan to update this tomorrow after listening to the audio of the meeting to hear just how Frick and Frack pitched this) . Keep in mind that SR20 has never operated a tire processing plant on this large scale, and only a fool would believe that there would be zero operational problems, to include environmental issues).  If however, they do not make money and there is no revenue stream (and suppose that they let their insurance lapse that includes doing cleanup on the land), what would happen? The very real potential issue is that the county (and us) would then be responsible for doing environmental cleanup on land that the county owns. From the Glen Rose Reporter march 6, 2014

Ford elaborated by saying that the agreement would be a public/private partnership in which the county would own the land and lease it to SR20

We heard informally that the SR20 people indicated one reason they were pitching the tire company is that they believe Somervell County is *desperate for money*. Well, who got the county into this mess besides the ones we elected, kingpin of whom is Mike Ford?

Mike Ford sure does love giving welfare money to companies. Have said before that it always amuses me how the proponents of so-called *small government* just love to be hypocrites when it comes to their own agendas. The time for Ford and the commissioners to have considered how to solve the revenue stream issue was a long time ago when the warnings about EFH's bankrupcty were looming. If you see the train coming and you keep on standing on the track, when the train is about to hit you, yeah, you may try some desperate measures , but you sure can't be called smart.

Wondering, is it so far fetched to want companies to come here who can, let's say, get their own funding? Go to venture capitalists? Start small and pay their own way? Why is there a different standard for, say, the Happy Hippo, which company is paying their own way versus what looks like some grifters showing up to a gullible county court pulling nickels from behind their ears.

Shaking my head and glad that Mike Ford will be gone soon, to spend all his time in gated community Pecan Plantation expecting others to admire his swelled head and girth

 


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Comments!  
1 - concernedcitizen   13 Mar 2014 @ 3:44:53 AM 

If it was so "public" why was it so secretive ? So rushed? All done in a "special executive session"?  It's public "only " because it's using taxpayers money!  We can pay for it! But we're not allowed to hear all the facts. Something stinks here!  I believe it's burning tires without them even having a TECQ permit or registered to do business  according to Texas Secretary of State office! As you mentioned Johnson County passed on it----I believe they DID due diligence. Wish our elected officials had done the same "due diligence "!  We are not a lending institution!  We are in the poor house because of our involvement running too many businesses that's draining our "bank accounts "!


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2 - antitaxbrigade   13 Mar 2014 @ 9:10:55 AM 

We need to look at who is going to sell the bonds , our court voted to form a corporation, to me that sounds like Somervell County is going into business , not our usual free land deal. I suggest asking Darrell Best, he and Larry Smith are the braintrust on these matters.



3 - salon   13 Mar 2014 @ 10:17:43 AM 

I called yesterday to ask John Curtis what the heck that board was for and he said he didn't know, he would get back to me. My personal belief is that if a commissioner doesn't know what the purpose of a board is, would be better to table a vote and find out before doing it. I heard informally, but have not verified, that the reason for what I along with you, antitaxbrigade, consider unusual actions, is that the ostensible reason for the board is to do research on the feasibility of the actions they propose to take with SR20, with ALL members being commissioners and the judge, and that this entity would not be subject to open records requests. I asked Curtis why a board was needed, that certainly having a committee or even some commissioners to go find out about things or bring in experts to testify about it before the court (and the  public) should be good.. What's interesting is that that REASON for the board is included in the meeting agenda papers, ie creation of a so-called *public facilities corporation, so is it that John Curtis didn't read the documents before the meeting and voting to create a board? Will include agenda link and other materials on new post


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4 - salon   13 Mar 2014 @ 4:59:03 PM 

Okay, so after listening to the audio from the presentation, the whole thing is really clear, the board is going to go seek out a bond seller agent, it will be this public corporation board that does it (guess who's driving that freight train), and so next we should expect to see somebody like Southwest Securityies, brought in to commissioners court, to do a dog and pony. I think that they probably HAVE to do an IRS Tefra hearing as well, so this is entirely ridiculous.


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5 - concernedcitizen   14 Mar 2014 @ 4:39:25 AM 

Commissioners for Hood County may be the board that protects us. They have a dog in the race, the environment (which has no boundaries ). After they hear entire story and seeing how their southern neighbors is doing business, they are just a phone call away to the State!  I urge the citizens to call them!  They will listen when our own commissioners won't !


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Comments

salon > Quick update on this, via Pacer-Click on pic to see larger (Turk Case Update- Telephone Conference Hearing Set for March 8 2019 )

salon > Lance Been awhile. Send me an email at salon@glenrose.net with the names of who you're talking about, above. Also, the newspaper editor is no longer local, ie officed here, but the paper is run.... (What Happened to Jerry Jacene? )

LanceHall > I'd love to see the Hotel Guest books and see if Jacene's name shows up long before he officially *found* the tracks.  I'd like to know if the Visitor's Bureau has emails wit.... (What Happened to Jerry Jacene? )

LanceHall > I see the land or that part of it is now in the hands of Glen Rose's own Corky Underwood. Is Jacene still involved?   I had already informed the Visitor Bureau manager (who's.... (What Happened to Jerry Jacene? )








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