Editor, The Transcript:
The Norman Economic Development Coalition, or NEDC, is an entity that has been trying to get off the ground for several years. Some investigations showed that the NEDC is well funded and owns land in other Norman locations than the University North Park acreage. Then why does NEDC want the city of Norman to float them a loan for purchasing 30 acres in the UNP when they have the resources and potential collateral to make the deal without the city’s help?
The city of Norman is looking at a negative budget for 2012, without the additional burden of the NEDC proposal, and it is foolhardy to consider such a loan. Norman has several needy projects that should be taken care of, instead of getting involved with the NEDC that is sound enough to take care of itself. Councilmember Cubberley said only a short time ago that the 2012 budget appears to be in worse shape than the 2011. Mayor Rosenthal also remarked that the council will have to come back to Norman citizens for more revenue in the near future. Then why in the name of reason should the city get tied up with a shaky loan that offers no guarantees to the city? NEDC’s proposal needs to be called what it is: a bailout.
It’s time the NEDC takes care of its own business. If the banks won’t give NEDC the money, the city doesn’t need to be dragged down, too. The way I see it, the city council has more on its plate than it can afford to take care of, anyway. Stop playing with other peoples’ money, and take care of the city first and let NEDC go its own way.
G. E. BROOKS