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By Tammany (anonymous) | Posted September 25, 2009 at 13:28:05
Capitalist, I agree with you in principle that developers (particularly developers in this town) should not be subsidized. But as Ryan points out, I think there really is a legitimate reluctance on the part of major financial institutions to take a risk on Hamilton projects that aren't massive greenfield sprawl developments. If we want downtown development, opening the public purse strings may be the only option.
That being said, this default will not bode well for other developers seeking funding from private lenders in the future. The city knows this. That's why they're trying to talk down the pain of having to swallow a $700k loss ... that, and the fact that they don't want a negative public reaction or media expose to make it more difficult for them to loan taxpayer money to their developer friends.
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