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Resident says H2O CDA is 'bankrupt' and blames city for development missteps
Summary
A resident criticized the city-created H2O Community Development Authority as bankrupt and argued the council will be left to clean up the project’s problems; he contrasted assigned recovery funds with other local infrastructure spending.
A resident at the public comment period told the council the H2O Community Development Authority — a city-created instrument — was now bankrupt and in arrears, arguing the city would carry the long-term consequences. "You have created this CDA called H2O, which is now bankrupt. It is it is be in arrears in its taxes," the speaker said, urging the council to recognize the fiscal and reputational burden.
The commenter said the H2O project includes about 56 units with only around a dozen sold and criticized the allocation of recovery dollars for landscaping while the city spends on other projects elsewhere. He contrasted the $1,000,000 assigned for recovery with a separate $5,000,000 expenditure on the Kecoughtan project and warned the council that similar problems could repeat on future phases of Buckroe-area development.
