This all started well before I was elected. It's unfortunate that well intentioned elected officials spoke directly to the opposing party undermining our negotiating position. I suspect, we could have settled long ago if the entire council acted professionally and presented a united front. It seems like some folks can't resist stirring the pot. Perhaps they feel it's the most effective way to defend the underdog. Sometimes mixing things up does good but in this case it would have been much better to work together.
How did it all start? Alder Zima blames the beginnings on former Mayor Jadin. I don't know the full truth but the "dumbed down" term sheet missing the indemnification line that was presented to the council was incomplete at best. Probably a deception. Maybe even criminal though the federal investigators didn't think so. Certainly the answer Adler Nicholson got to his question-- and I'm paraphrasing it-- asking if there was any way the city could lose money on the deal was incorrect. I'm not even sure who answered him anymore but history has proven them very wrong.
It's unfortunate that the lawyer who screwed up the paperwork on the value didn't have enough insurance to cover his mistake. It's very unfortunate that the legal advice we followed resulted in losses in the court room. I suspect Alder Zima's figures are inflated but it could still turn out to be eight figures by the time we're done paying interest on the debt.
Note to self: Always ask about professional insurance.
Unfortunately, aside from the portion that may be covered by the insurance company of the attorney, this obligation can only land on the backs of we the taxpayers at this point. Luckily this money doesn't come out of the same revenue stream that pays for compensation and services.
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