Eugene Sak Wants Citizens of Florence to "Enhance" His Credit

 

Eugene Sak is a local property developer. Most recently, he's been representing a hotel management company called PCH. In December of last year, Sak appeared before the Florence City Council to ask for help with the project. One of his major requests was for "enhanced credit." 

If you look that term up, you get a lot of answers that don't seem to pertain to the subject at hand. A better term here is co-signer. That's right, Sak wants the city of Florence to co-sign for a 70 million dollar bond issue.

We're again going to commend Mayor Andy Betterton for his stance on this issue (he is a degreed accountant, after all). While this involves no money up front, the city would be liable for the whole amount should the project go under. What do you think Andy said? And he even said it nicely.

Now Sak is playing to the hoi polloi in his attempt to force the city to sign on the dotted line. This is his new web page:

Florence Opportunity Forum

We particularly loved it when he offered a map to confused citizens showing exactly who their council person is. If you don't know any more about your district than that, are you sure you're qualified to understand the financial dynamic here?

There's even a poll...trust Sak and company with 70 million, vote yes. Have common sense, vote no.