no_such_reality wrote:Is that

[bearishgurl]

[quote=no_such_reality]Is that a very long way of saying “I went broke because I won the lottery?”

Urban sprawl red herring aside, look at Vallejo’s post BK budget

Police reduce from 155 to 92 officers.
Fire reduce from 9 companies to 5. That’s 122 to 85

Their budget is 28.6% pension and health benefits for current and existing retires

40% of salaries and benefits are benefits and works comp.

Next years projection calls for the pension piece to increase from $11.7 to $13.7 million

That’s on a $65.4 million budget To keep it balanced they’re projecting a 40% reduction in health benefits and a 25% cut to retiree health.

Why Rthey thought they could give them away is immaterial

http://www.ci.vallejo.ca.gov[/quote%5D

Well, after an ultra-quick online perusal, we can start our “study” of the failure of Vallejo with the closed Naval Shipyards as our first “red herring,” the partially-developed “CFD 2002-1” (both comm’l and residential – similar to Liberty Stn in SD).

David Glasgow Farragut founded the Mare Island Shipyard in 1854, and the Navy closed the yard in 1996. During that period, over 500 ships, including nuclear submarines, were built at Mare Island Naval Shipyard.

http://www.mareislandhpf.org/

Wait for the following document to load. Parcel maps are on the last pages.

http://www.ci.vallejo.ca.us/uploads/722/020510%20-%20Goodwin%20-%20CFD%202002-1%20FY%202009-10%20Annual%20Admin%20Report%20-%2012-22-09.pdf

That’s just ONE massive CFD, created in 2002 on former Federal Govm’t land … Just a start for you to munch on, nsr. Later, I’ll research Vallejo’s council minutes to learn exactly when (not “if”) they “enhanced” their retirement plan and “retiree healthcare benefits,” due to their “newfound riches” from CFD 2002-1 (and other backroom developer deals) lol …..

Keep ’em coming, nsr….I need a city/county who is on the verge of BK who has NOT succumbed to developer “bribes” and initial CFD bond $$ in the last decade.