r/BeAmazed • u/Master_Support • 17d ago

History This is Wild..!!

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5.9k Upvotes

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u/GenTycho 17d ago

I'm gonna bet those that let it happen are getting kickbacks off it.

629

u/MarquisDeBoston 17d ago

Judging by the length of this contract, they earned those kickbacks. My goodness the boldness of this. Any basic ROI analysis would show this is a terrible idea.

They essentially took a 1.16B loan in 2008, where the city had to pay that back to the tune of 150M every year, for 75 years. Thats 13% annually. Thats a 975% return on the loan.

That’s like taking out a 1.16B mortgage at 11% for 75 years. <insert Shane Gillis doing Trump> it’s a terrible deal, the worst deal I’ve ever seen this guy. I said to him it’s a terrible deal they’re all going to laugh at you. I did, I told him that.

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u/Awsimical 17d ago

Sounds like taxpayers have a civil obligation to smash parking meters

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u/unclesamtattoo 17d ago

Cut 'em off like Cool Hand Luke

2

u/Machiavelli1480 16d ago

Seems like voting different would be more helpful in the long run.

5

u/Awsimical 16d ago

People voted for the folks who did it in the first place, so idk about that

1

u/Theorex 16d ago

The payments include meters that are broken or blocked due to street festivals, construction, etc. Those nonoperable meters are paid for each day they are put of service. This was an amazing deal , for one side.