The city should not be in the banking business. If the developer wants to build, let him first go to a bank for a loan. The next thing he will be asking for will be a break on taxes for a number of years.
Again, when the city bonds for money, the money and the interest on the bond have to be paid back. Financial bonding is the same as a mortgage on your home. This is not good for Moody’s or Standard and Poor’s bond rating. If our bond rating goes down, our interest payments go up and it also makes it harder to borrow money. In conclusion, instead of pointing fingers, let us work together to get a first-class senior and community center built.
In my opinion with the Boston and Bridge streets site, the city will give up too much and receive too little.
Anthony V. Salvo
Mayor of Salem, 1984-1989