HUD’s Boutique Hotel
Your Town Council plans to borrow $1.4M in your name, from a federal low income housing program to build a luxury boutique hotel. They want to know what you think about that. Want a chance to tell ’em?
A public hearing is being held Thursday September 12th. Now is the time for your voice to be heard. The Cary Town Council is using $6.8 million of your money to build a $300/night luxury inn, restaurant and martin bar in Downtown Cary. They want to borrow $1.4M of it from the Fed’s HUD program for community redevelopment. Out of control government spending does not get much worse than this. It is in our own back yard. You can take a stand here and make a difference.
Whether you are a federal taxpayer wondering why HUD would squander federal money on this, a Cary taxpayer wondering why your Town is giving away millions of your money, or both…… attend the Public Hearing, September 12th. let them hear from you.
You can read all about your tax dollars at work building the Mayton Inn here.
You can read about the dangers of HUD funding here.
You heard it right.
BE THERE. SPEAK OUT.
Thursday Sept 12th.
Get there early. Head over the the left side of the room to line up to speak.
LEGAL NOTICE
TOWN COUNCIL PUBLIC HEARINGS SECTION 108 APPLICATION AND LOAN MAYTON INN PROJECT The Town will hold a public hearing on amending the Town of Cary Consolidated Housing and Community Development Plan/FY2014 Annual Action Plan to allow the Town of Cary to submit an application for a Section 108 Loan for the Mayton Inn Project. The public hearing will be held Thursday, September 12, 2013 at 6:30 p.m. in the Town Council Chambers at 316 North Academy Street, Cary, N.C. The Town of Cary (Town) is preparing an application to the U.S. Department of Housing and Urban Development (HUD) under the Section 108 Loan Guarantee Program. This application will request up to a $1,400,000 loan to assist the private development of a new hotel and restaurant located at 301 South Academy Street. The Town proposes to repay the loan to HUD through payments it receives from a proposed agreement in the same amount from Memento Mori, LLC, the hotel developer. If there are insufficient funds to pay the loan debt service, the Town will pledge its future federal Community Development Block Grant (CDBG) funds for repayment over the 20-year life of the loan. The proposed project will create and/or retain jobs for low- and moderate-income persons. The proposed application will be available for public review in the Planning Department, Town of Cary, Third Floor, 316 North Academy Street, Cary, N.C. beginning at 8:00 a.m. on August 29, 2013. Copies of the application are also available on request and can be mailed, faxed, or emailed. Written comments may be submitted by mail to Philip Smith, Cary Planning Department, P.O. Box 8005, Cary, NC 27512, by phone to (919) 469-4029, by fax to 388-1103 (fax), or by email to philip.smith@townofcary.org. The public is also encouraged to attend and speak at the public hearing on September 12, 2013, noticed above.
Town Council Meeting | ||
Date: | September 12, 2013 | |
Time: | 6:30 PM | |
Location: | Council Chambers 316 N. Academy St Cary, NC |
Outrageous! Not only is The Mayton Inn project going to stick out like a sore thumb and the owners have basically shot the bird to those of us who object; they are a wealthy couple that should be funding their own project if they believe in it. If they don’t believe, as I do, that the Town of Cary is going to be stuck with a large, out of place vacant building within 5 years, then they should assume all liability. This 1.4 MILLION dollar loan that the Town of Cary, i.e. you and me, will be liable for, if the owners of The Mayton Inn default, is too risky. Not to mention the fact that this loan is questionable in it’s adherence to the spirit of the HUD program. It purports to be meet the guidelines “…by providing and retaining…” low and moderate income jobs. Where are these workers going to live? Within the Town of Cary boundaries? Will that be a requirement of employment at The Mayton Inn? Will it further be required that these laborers reside in HUD subsidized housing? Ridiculous. I, for one, wish to register my objection to the Cary taxpayers funding or being liable for any part of The Mayton Inn project. The owners can apply for their own tax breaks, loans and investors. If you agree with me, please attend the hearing! If you cannot attend, like me, be sure to register your clear opinion to: philip.smith@townofcary.org
Matt Miller
103 Lakeway Court
Cary, NC 27511
Cary Native
This is absolutely astounding to me. If they need to borrow to build that eyesore Mayton Inn, let them borrow against their equity. They claim their Durham hotel is a success, they ought to have plenty of cash and/or equity. These people have the gall to borrow from HUD? Really?