Sir: From time to time I submit letters to the editor applauding groups and organizations for their local efforts. Most of my letters focus on the actuals of our community, what really is going on to the public’s detriment; focusing on what’s going wrong is crucial over what’s going right.
Some public comments suggest I offer solutions to my “what’s going wrong” letters – I agree and thanks for your constructive input. I level some praise to council and administration, however, Business Investment 101 is significantly lacking.
Chatham-Kent’s current general debt is closer to $200M when our base debt, loans and debenture costs, funded and unfunded wage and pension liabilities are considered. Be mindful “unfunded” and “funded liabilities” both have to be paid for by the taxpayer.
C-K industrial park: It was demonstrated to our municipality before this project began to not proceed, due to slow and stagnant industrial park growth in other municipalities and industry decline. Industrial park growth was strong from the late 1960’s until the late ’80’s. C-K built after a market was exhausted. We have no properly zoned businesses in the park, costing taxpayers about $20 million.
Capitol Theatre: Our municipality was provided documentation showing a 20-year market decline and significant operating costs to Ontario and Michigan theatres. The fact Stratford has a $60-million endowment fund, laid off $1 million in employee costs, receives $3 million from Ottawa and $300,000 from the province and has nearly 100 years of recognition and experience and is struggling. Anyone with moderate business investment experience would not have proceeded. The Capitol Theatre project costs local and provincial taxpayers about $25M.
Bradley Centre: Our municipality was provided, yet again, critical information to not build this centre due to an exhausted market, high operating costs from an overbuilt facility and strong competition. It was shown, before the facility was built, an annual operating and investment cost of $1.2 million to $1.5 million would be realized, with an annual net loss of about $0.5 million – that’s what happened. Economic benefit was originally engineered at $4 million, now its estimated at $1.65 million, having little or no means to determine the latter figure. The mayor states the Bradley Centre is cheaper to operate than the former kinsmen auditorium. The latter lost $83,000 each year, the Bradley Centre loses $500,000 each year. Our company has provided a re-structure proposal for the convention centre to guide it toward profit. But will they listen.
John Cryderman
Chatham
