During a recent city council meeting, Councilman Landry raised significant concerns regarding the operating expenses associated with the Downtown Revitalization Initiative (DRI) and the proposed Market Square building. He emphasized the need for a comprehensive business plan to assess the economic impact on taxpayers before moving forward with any votes. Landry questioned the financial implications of operating the Market Square and the leased portion of 36 Elm, which will house a commercial kitchen and maker's market. He expressed skepticism about the assurances given by the Local Development Corporation (LDC) regarding covering operational costs, citing a lack of documented evidence.
Landry referenced the city's previous experiences with the Civic Center, which had become a financial burden until a coalition took over its operations. He urged the council to delay voting on the resolutions until more concrete information is provided, arguing that the city should not rush into commitments without a clear understanding of the financial responsibilities involved.
Councilman Lark echoed Landry's sentiments, advocating for a postponement of the resolutions to allow for further review of the financial implications. He highlighted the city's increasing debt, which has surpassed $100 million, and questioned the LDC's processes and accountability. Lark raised concerns about potential liabilities the city could face if the LDC defaults on its obligations, referencing past issues with similar entities.
Councilwoman Gooden, who has been involved with the DRI since its inception in 2015, acknowledged the lengthy process but did not directly address the financial concerns raised by her colleagues. The meeting underscored a growing apprehension among council members about the financial viability of the DRI and the need for thorough due diligence before committing taxpayer resources to new initiatives.