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Commissioner wants Paulding studio money paid to county even if not required

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Commissioner wants Paulding studio money paid to county even if not required

 

A county commissioner says he supports an economic development agency giving the Paulding government millions of dollars from the sale of a movie studio because the county repaid part of the financing used to build it.

Commissioner Ron Davis of Post 1 said he wants the Paulding County Industrial Building Authority to give the $4 million from the sale of its film studio to the county government which has been repaying the bonds used to finance its construction for three years.

Commission Chairman Dave Carmichael, who is a member of the building authority, said he favored the authority using the money to build new industrial space to attract more companies to the county.

Paulding County owes more than $6 million on the original $7.9 million bond the building authority issued with the county government’s backing in 2011

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So who's supposed to pay off the bond if they don't use those proceeds to do it?    The tax payers I would assume. 

So now, they want to throw more money at the authority when they have already shown they make bad choices.   

No, I don't think so. 

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6 hours ago, The Sound Guy said:

So who's supposed to pay off the bond if they don't use those proceeds to do it?    The tax payers I would assume. 

So now, they want to throw more money at the authority when they have already shown they make bad choices.   

No, I don't think so. 

There may be some issues beyond the control of the IBA that make this a bad idea, I am looking into it.

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On 8/8/2019 at 10:57 AM, The Sound Guy said:

So who's supposed to pay off the bond if they don't use those proceeds to do it?    The tax payers I would assume. 

So now, they want to throw more money at the authority when they have already shown they make bad choices.   

No, I don't think so. 

I think the money received from the sale should go to paying off the bond.  How's that different than the proceeds you receive from the sale of your house going to pay of the balance of the mortgage?  After all, you have to pay off the balance of the mortgage to clear the title of the property.  It would seem necessary to clear the balance of the bond to clear the title of studio.  At least it would be the responsible thing to do rather than keep the burden on those who pay property taxes.

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