This is the story of the FBI investigation of the Ramapo funding of the Rockland Boulders stadium. From what we know of our own Blue Claws stadium deal, we should be seeing an investigation in our own town soon.
Journal News
When several town officials pursued the construction of a multimillion-dollar baseball stadium against the wishes of the majority of voters, they touted it as an economic boon that would draw tourists from throughout the region.But the stadium, home to the Rockland Boulders, opened its third season Thursday under a cloud of financial scrutiny and a surprise FBI-led raid on Town Hall during which agents seized paper and computer records.The records include documents involving the financing and construction of the stadium, which was supported by a $25 million bond guaranteed by Ramapo and its taxpayers. One element of the probe focuses on documents outlining the sale of bonds for the project.The investigators are reviewing documents to determine whether Supervisor Christopher St. Lawrence overstated assets, such as incoming revenue, for the bonds and refinancing of the $25 million bond. They also are looking into the movement of money among accounts, possible commingling of funds and whether the Local Development Corp. that oversaw the project generated money and repaid the town, a source familiar with the probe said.
Journal News
When several town officials pursued the construction of a multimillion-dollar baseball stadium against the wishes of the majority of voters, they touted it as an economic boon that would draw tourists from throughout the region.But the stadium, home to the Rockland Boulders, opened its third season Thursday under a cloud of financial scrutiny and a surprise FBI-led raid on Town Hall during which agents seized paper and computer records.The records include documents involving the financing and construction of the stadium, which was supported by a $25 million bond guaranteed by Ramapo and its taxpayers. One element of the probe focuses on documents outlining the sale of bonds for the project.The investigators are reviewing documents to determine whether Supervisor Christopher St. Lawrence overstated assets, such as incoming revenue, for the bonds and refinancing of the $25 million bond. They also are looking into the movement of money among accounts, possible commingling of funds and whether the Local Development Corp. that oversaw the project generated money and repaid the town, a source familiar with the probe said.
Among the documents taken were emails from St. Lawrence, Town Attorney Michael Klein and Finance Officer Nat Oberman.Though the FBI made no arrests, the raid sent a strong signal that the U.S. Attorney’s Office has set its focus on more corruption investigations in Ramapo. The FBI in April arrested Spring Valley Mayor Noramie Jasmin and Deputy Mayor Joseph Desmaret on bribery-related charges in part of a broad corruption scandal that involved New York City politicians. U.S. Attorney Preet Bharara has made prosecuting corruption the cornerstone of his administration.“They did not discuss the nature of their investigation at all,” Klein said. “They didn’t disclose who, if anyone, inside or outside of Town Hall was the focus of the investigation. We may never know, if nothing happens. We shall see.”
The town bought the 61-acre property in 2009, but turned it over to the LDC in 2010, three months after voters overwhelmingly defeated the stadium plan in a town referendum. However, taxpayers were still on the hook for the $8.4 million debt from the purchase of the property, while the town also spent $27 million for improvements to the property that it no longer owned — a $35.4 million liability for Ramapo taxpayers.
Ramapo officials plan to use revenue generated during the baseball season and from concerts and other events planned at the stadium to repay the bond, plus $2.5 million in interest and a number of unanticipated construction expenses. Additional revenue from the sale of apartments at Ramapo Commons, a housing development also funded by the Local Development Corp., or LDC, is intended to help pay off the project.
------
Compare the Ramapo scheme to our own scheme that cost $24 million dollars that could have been used to help revitalize our town and offset tax costs, instead bringing us a payment of $25 thousand dollars a YEAR!
Now we will continue to pay the maintenance on this money losing scam. Hopefully the FBI is not too busy with all their other projects and will look into our matter soon.
The town bought the 61-acre property in 2009, but turned it over to the LDC in 2010, three months after voters overwhelmingly defeated the stadium plan in a town referendum. However, taxpayers were still on the hook for the $8.4 million debt from the purchase of the property, while the town also spent $27 million for improvements to the property that it no longer owned — a $35.4 million liability for Ramapo taxpayers.
Ramapo officials plan to use revenue generated during the baseball season and from concerts and other events planned at the stadium to repay the bond, plus $2.5 million in interest and a number of unanticipated construction expenses. Additional revenue from the sale of apartments at Ramapo Commons, a housing development also funded by the Local Development Corp., or LDC, is intended to help pay off the project.
------
Compare the Ramapo scheme to our own scheme that cost $24 million dollars that could have been used to help revitalize our town and offset tax costs, instead bringing us a payment of $25 thousand dollars a YEAR!
Now we will continue to pay the maintenance on this money losing scam. Hopefully the FBI is not too busy with all their other projects and will look into our matter soon.
RSS Feed