With the demise of California’s Redevelopment Agencies, the City of Ventura has come up with an unusual way to fund projects:
Now in a time of shrunken resources, what’s key is to protect our quality of life and improve our standard of living. Which brings us to the recent unanimous decision by the City Council to borrow $850,000 from a commercial bank at 4% interest and then lend it at 8% interest for two years to the Players Casino which recently relocated to a vacant auto dealership in the Ventura Auto mall.
It’s a departure from our usual course of business, evoking some sharp reactions.
Just call it…TARP for Casinos.