The Observation Deck

Back in the 60s John Prine wrote a song about returning GIs that had become addicted to Morphine and Heroin. In the Song, "Sam Stone" the poignant refrain is, "There is a hole in Daddy's arm where all the money goes." See video with lyrics at the end.



I saw the latest report from Lakewood City Council, about the BIG DIG hole in what used to be Lakewood Hospital already being nearly $4 million dollars over the cost, which was originally estimated to cost the City of Lakewood less than $7 million. Well, according to Mayor Summers and OneLakewood supporters.

Read the article by Brad Presutto in the new Lakewood Observer on the streets today.

Just to remind everyone, Mayor Summers sold off our largest assets and employer, something worth in the neighborhood of $248 million dollars for $1.00 to the ex-Mayor's group, the same ex-Mayor who started the closing of the hospital. On top of that terrible deal, the Mayor and Council also agreed to prepare the ground for the new owners, something that was supposed to only cost $7 million! Which in now over $11 million.

That's correct. Mayor Summers made a deal with ex-Mayor Fitzgerald, that had a net loss of at the minimum $10,999,999.00 to the tax payers of Lakewood. OR to look at it another way, Mayor Summers and Council have just added another $10,999,999.00 to the already monstrous $248,000,000 loss we already were hit with.

Lakewood City Hall has become addicted to developing everything and anything. With no plans, rhyme or reason. There are holes in daddy's arm...

If this is not the worst administration of all time, it has to be right at the top in Ohio.



But wait, there is much more...

Jim,

It's been a year and a half now...why are they still digging?

Guess I will wait to read the story.

Mark

Mark Kindt wrote:Jim,

It's been a year and a half now...why are they still digging?

Guess I will wait to read the story.

Mark

"Dig We Must."
Years ago in New York, utility Con Edison (whatta name) used this slogan for signs explaining their many repair and maintenance projects.
"Con Lakewood - Dig We Must."

With this news hitting at the same time as the impeachment, the song "Bad Guy" by Billy Eilish serms appropriate.

Isn't there somebody- some department that is supposed to monitor these expenditures?

Oh--and by the way--- where is this $7 million,, now ?$10 million coming from??? General Fund? Borrowed? Surplus laying around?

Please pick-up your hard-copy Lakewood Observer from your favorite location.

The front page story by Brad Presutto is really, really fascinating!

Million dollar cost-overruns for unexpected environmental remediation costs.

Headline should read: "Chickens Come Home To Roost!"

Stan Austin wrote:Oh--and by the way--- where is this $7 million,, now ?$10 million coming from??? General Fund? Borrowed? Surplus laying around?

The total cost of site preparation now appears to be, like Jim stated above, $11,000,000. Yikes!

This does not include "additional costs depending on the results of the environmental analysis and the requirements for the NFA letter." -- quoth the Planning Director to city council.

does the Planning Director communicate with the Finance Director?

Mark Kindt wrote:

Stan Austin wrote:Oh--and by the way--- where is this $7 million,, now ?$10 million coming from??? General Fund? Borrowed? Surplus laying around?

The total cost of site preparation now appears to be, like Jim stated above, $11,000,000. Yikes!

This does not include "additional costs depending on the results of the environmental analysis and the requirements for the NFA letter." -- quoth the Planning Director to city council.

Listening to the video of the finance committee meeting:

Total site preparation costs could reach $11.2M. If the costs exceed this, the discussion went to the potential sale value of the homes and the community health center at about $3M in possible additional value.

Clearly this discussion had a down-side risk discussion that seemed very close to $15M, perhaps higher.

I will try and post a link to the video. It was very informative.

It was clear from watching the video that completing One Lakewood Place would have the highest financial priority for the city and that remaining "discretionary" funds for other meritorious goals would be used to overcome impediments related to making sure that the selected developer had the site ready on time to begin construction.

Moody's has informed (2019) the Finance Director that Lakewood has a high debt load already and that she would not recommend going to the bond market to fund misc. projects not related to One Lakewood Place.

I will additionally remark that it was interesting to watch our government at work. Everybody in that meeting took their responsibilities seriously and professionally. I appreciate that professionalism.

Here is the video of Monday night’s finance committee discussion of the Lakewood Hospital Site remediation. It begins at the 7:00 mark and lasts about 30 minutes: http://onelakewood.granicus.com/player/ ... ?view_id=2

Are you saying the city sold the hospital location to a developer for a dollar, then the developer does not pay for demolition, excavation, and "site preparation"?

ryan costa wrote:Are you saying the city sold the hospital location to a developer for a dollar, then the developer does not pay for demolition, excavation, and "site preparation"?

Ryan

Where have you been? That is exactly what has transpired.

Those developers sound pretty smart

Dan OMalley wrote:Here is the video of Monday night’s finance committee discussion of the Lakewood Hospital Site remediation. It begins at the 7:00 mark and lasts about 30 minutes: http://onelakewood.granicus.com/player/ ... ?view_id=2

Dan, thank you for posting the link to the video.

I encourage everyone to take the time to watch the video of this meeting. This was a very informed discussion of hospital site remediation issues and likely costs associated with a significant contaminated soil removal action.