Have Coralville *leaders* given us a Solyndra?

By Mike Thayer

May 26, 2010:  Pushing his green agenda and his Stimulus spending, King Obama arranged a photo-op tour of a Fremont, CA solar panel facility.

"The true engine of economic growth will always be companies like Solyndra," claimed the King.

Taxpayers coughed up $535 million to Solyndra, in the name of Stimulus and green jobs.

August 31, 2011:  Solyndra abruptly fired its 1,100 employees, closed its doors and announced it would file for bankruptcy.

To paraphrase Senator Chuck Grassley, so long Solyndra, so long taxdollars.

September 27, 2011:   Pushing their "Look how swell Coralville development is going" agenda, King Hayworth and his court literally gave more than 10 million taxpayer dollars away to retailer Von Maur so they can build a new store in the Iowa River Landing, a TIF district.

“They will attract the kind of tenants we want to have here,” Hayworth said. “We will more than reap financial benefit from Von Maur because of all the other businesses we’ll be attracting.”

Promises, promises....  Taxpayers have coughed up well in excess of $164 million to develop the Iowa River Landing area.  And city leaders seem oblivious to the fact that they have now created two shopping districts in direct competition with each other, the Coral Ridge Mall and the Iowa River Landing.  Here's the kicker, a third shopping area is now being developed, it's called the 'Coral Galleria,' also courtesy of some taxpayer dollars!  Can you say, "Overkill?"  I think you can.....  Can you say, "Oversaturation?"  Yes, yes you can.

So long Von Maur, so long tax dollars....

Future Date, a short time before the expiration date of the IRL TIF:  Von Maur and other retailers in the Iowa River Landing have laid off employees, closed their doors, with some businesses filing for bankruptcy.

I could be wrong on that, it could be the Coral Ridge Mall that suffers.  We could have a Westdale Mall (Cedar Rapids) situation in the near future.  The bottom line:  It's a lose-lose situation for area taxpayers.

You heard it here first folks.

Don't doubt me.