Blashka Tower swap is approved by all
UPDATE: As was almost assured, the three entities involved in the city’s major property swap — considered by some as a foolish or even worse — was approved on Tuesday.
The deal between the Harlingen City Commission, the Harlingen Economic Development Bord and the Harlingen Community Investment Board would have been an unanimous decision except for one HCIB member.
That would be Joe Rubio, who said the deal was not to improve the quality of life, nor job creation.
THE REAL DEAL WILL HAVE MORE ON THIS WEDNESDAY.
Meantime, here is the Monday column concering this –Jerry Deal
THE REAL DEAL
By JERRY DEAL
In what some local people, including those who are involved in financial affairs, plus others — including this writer — believe to be a really bad investment for the city, is expected to be finalized Tuesday, in a meeting that begins at City Hall at 11 a.m.
That would be the property swap that involves the Harlingen Community Investment Board, the Harlingen Economic Development Board and the city of Harlingen.
All three boards will be present at the City Hall session.
In case you have been out of the city or hiding under a rock, it goes like this:
In a $300,000 deal, the Harlingen Community Improvement Board pays the Economic Development Board for property at 710 N. Commerce.
The EDC then swaps to the HCIB the Blaschka Tower and adjacent property. No money involved, but?
In reality, the city will be owners of that fantastic white elephant.
The Blaschka owner makes out while the taxpayers lose.
The N. Commerce building is valued at nearly $600,000 by the Cameron County Tax Appraisal District, while the tower and adjacent property is valued at less than $100,000.
I believe that everyone down the line will be sorry about this transaction. The only thing is when it is realized what a bad deal it was, those that consummated it will probably be long gone.
HCIB member Joe Rubio has said that if it is completed he will start a movement against it.