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Residents and local experts urge escrowed studies, financial assurances and stricter code to guard against risks
Summary
Multiple citizens and subject-matter witnesses urged the council to require independent hydrogeological, environmental and financial vetting paid for by the developer and to consider ordinances preventing conflicts of interest and post-employment advantages.
At the May 27 meeting several speakers urged the city to require independent assessments paid for by the proposer and to include contract terms such as performance funds, pollution liability insurance and letters of credit.
Michelle Muir, a CPA and former CFO who said she had decades of real-estate finance experience, told the council to require proof of funds, federal tax returns, audited financial statements, binding environmental remediation funding and escrowed funds to pay for independent studies. "Require Voxminder to escrow funds in advance to pay for them," she said as an example of the protections the city should demand. Other speakers suggested waiting periods for elected officials or contractors who later apply for city resources to limit potential conflicts of interest.
