Iron City w/o the City
Seriously. Did any of the forgiveness on the unpaid water bills include any clawback provision if, as will be the case, they move away?
and what do do with a former brewery? A really big brew-pub?
update: Just looking at the news trail on this to answer my own question. Just last fall there is this PG news story about how the PWSA wouldn't exercise their rights on the property even though the company had not lived up to its end of a deal involving the debt foregiveness:
The brewing firm's plan obliges it to undertake $4 million in capital improvements as condition for the write-down of its $1.5 million debt to the authority. A mortgage gives the authority the power to seize property if it feels the brewer isn't making improvements by certain dates.
Authority Executive Director Michael Kenney said that not all of the contemplated improvements to the boilers and kegging line are done, but modernizations have occurred, so the authority won't trigger a default.
But the kicker line is:
"They got the end result in a different manner," he said.
They got to the end result they wanted. But the city didn't! I now understand the bond deal better. I love the vague term 'modernizations'. Obviously not any modernization worth enough to not abandon. I wonder if that term applies to any capital purchases that will be resold?