|(August 9, 2019) -- A contract committing Long Beach taxpayers to spend over a half billion dollars for a new Civic Center, applauded by Long Beach Mayor Robert Garcia and approved by voted action of the City Council on December 15, 2015, is supposed to include a "Financial Model."
But its version visible on the City of Long Beach website (as of Aug. 8) doesn't do so.
The signed/executed "Project Agreement" is supposed to "Appendix 16, Financial Model"...but the page is basically blank.
Three inquiries to city management by LBREPORT.com since July 25 as to the whereabouts of "Appendix 16: Financial Model" have (uncommonly) produced no response(s) to date from the City of Long Beach.
The 876 page Project Agreement details the terms on which LB taxpayers are now obligated to pay an annual increasing "service fee" for the next 40 years to an outside firm to operate and maintain LB's Civic Center.
Page 160 of the Project Agreement states:
[Scroll down for further.]
SECTION 19.1. FINANCIAL MODEL.
On July 29, 2019, Mayor Garcia, joined by immediate past Mayor Bob Foster, various past and present City and Port officials, staff and members of the public, held a dedication ceremony for the new City Hall and adjacent Port HQ building. A new LB Main library (roughly 30% smaller than LB's former Main Library and recently named by the Council to honor LB native Billie Jean King) is slated to open Sept. 21.
As part of the Civic Center transaction, the Council voted to permanently give away a portion of the public's Civic Center land to the new Civic Center's private developer (which a new high rise with residences above and commercial/retail spaces below.)
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