The Toledo City Council votes this week to extend the operating expense of the Erie Street Market area until the end of the year.
The mayor's team prepared a market study to convince the Council to vote yes. Reasonably, the study should have provided real and accurate customer and revenue projections. Did it?
Well, you be the judge. The study projects $371,000 in revenue from the Erie Street Market and $339,000 from renting the Civic Center Promenade.
It's worth noting: These properties lost money in December of 2007. In the first three months of this year, they generated a measly $38,000. So how are they going to come up with $640,000 in 8 months?
Yet, the mayor says the market is doing great and should stick to its original plan. Even go back to its original little jingle. They don't need to change a thing, really.
City Council should refuse to extend funding until some tough questions are asked and answered. After all, hundreds of thousands of dollars of your tax money is being thrown around.
You deserve better. The mayor just doesn't think Council has the courage to call his bluff.
Posted by KO