To the Editor:
I seldom write to respond to a letter, but Alderman Giantonio’s, which ran Wednesday, is an interesting one.
He does not dispute the increased payment schedule called for in the city’s new debt repayment schedule.
Tens of millions of dollars in new costs.
He does not dispute the fact that tax increases are the likely to be needed in the years ahead.
He does not dispute the fact that the schedule was manipulated to avoid tax increases in an election year.
And he does not dispute that the city will be paying far more, $75 million more, then called for in the previous plan.
All of these things have negative consequences for city tax payers.
The alderman is right about the bond rating, but he misses the point. When the mayor and aldermen restructure debt payments solely to please big bond rating companies, and plan large tax increases to pay for them, why wouldn’t those companies be happy?
Unfortunately, the residents of our city and local businesses are left to pay for the additional cost in increased taxes.
A more honest and disciplined approach is badly needed and a new City Council would help.