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Resolution up again Monday

September 19, 2013

The Dunkirk Common Council has scheduled a special meeting for Monday at 5 p.m. to reconsider a resolution that was tabled at Tuesday’s meeting....

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(10)

Escapee

Sep-19-13 10:48 AM

Sounds to me that Dolce wants the city to guarantee payment (like co-signing a loan). I assume that the terms are better for the borrower with the city guaranteeing payment, or the lender won’t even deal with the borrower if the city doesn’t guarantee payment because either the business or the borrower are too risky. This is the kind of risky business that the city should NOT be involved with. Dolce is gambling with taxpayers dollars. So the winners will be the lender and the borrower, the looser will be the city taxpayers. Council, please vote NO!

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PixyDust

Sep-19-13 11:16 AM

Given Mr. Gambino's track record, I think "risky" is an accurate assessment.

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PhilJulian

Sep-19-13 11:46 AM

I don't like the risk factor. Maybe ESCAPEE has it right.

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commentor

Sep-19-13 4:24 PM

Sounds like Pucci wants out. I wonder why. Rumor has it the White Inn is for sale and so is Gambino's house and he wants to return to Florida. If that is true why does he want to buy out Pucci and continue this project. I agree with escapee also. You know what they say if it quacks like a duck and walks like a duck it's usually a duck.

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rumblefish

Sep-20-13 8:19 AM

all posts so far carry the same theme, we concur the city is treading on dangerous ground, we question the legality of the city being a co-signer, what's even more curious is we have not seen any development at Gambino other lakefront property, wasn't that site projected to be restaurant? remember it is on public record that the city is not getting into the real estate business, what else can call this latest development

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PhilJulian

Sep-20-13 9:16 AM

I have not seen anything to suggest that city leaders are capable of making intelligent choices. If Gambino was credit worthy he would have other options.

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rumblefish

Sep-20-13 11:34 AM

as always there is a story behind the story, we believe that there is more, unfortunately the taxpayer as always will be keep in the dark until it's too late

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Escapee

Sep-20-13 1:23 PM

“The resolution would have directed Mayor Anthony J. Dolce to make a deal that would have provided Loeb with security interest in certain collateral prior to the city's interest and notify Loeb in writing at least 30 days prior to commencing any proceedings to terminate the lease.”

So, the city will promise to provide SOMETHNG SPECIFIC to the lender PRIOR to commencing any lease termination proceedings. But Dolce won’t name that SOMETHNG SPECIFIC and if the city even begins any proceedings to terminate the lease without having already provided notification to the lender the city has violated a contract (and will be liable for losses). WHY would the city enter into this agreement? WHY won’t anyone name the SOMETHNG SPECIFIC that Dolce wants the city to give away (…”prior to the city's interest”…)? … Continued next comment.

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Escapee

Sep-20-13 1:23 PM

… Continued from last comment…

Is the DLDC so full of commercial banking experts that they can provide better services than a commercial bank? If this isn’t a loan payment guarantee, it sure sounds like insurance where the city pays off or gives up SOMETHNG SPECIFIC in the event Gambino defaults on his loan. Why is the city providing loan insurance to the lender? And with all the problems with the city infrastructure, why is the mayor dabbling in commercial banking?

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rumblefish

Sep-20-13 7:24 PM

if escapee is on target, then the logical choise to answer the question at hand would be the first ward councilman after all he is connected to a local bank as a profession

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