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Over Half Million Earned: Century Nets $10K From $18.2 Million Bond Issue
January 16, 2012
The Town of Century recently collected $10,000 in fees for signing off on an $18.2 million bond issue for an apartment complex renovation in Miami.
The approval was granted by Century and Gulf Breeze as members of the Capital Trust Agency, an independent public body for the purpose of financing or otherwise accomplishing development programs. Century entered into the Capital Trust Agency with Gulf Breeze in 1999 with Century essentially serving as the “second signature” for CTA.
Century has received over a half million dollars in fees since the inception of CTA.
The latest CTA project was a $18.2 million bond issue for renovation of the Civic Towers Apartments Miami to provide housing for low and moderate income families.
The CTA is structured in such a way to indemnify Century from any financial risk, whether it be from a company that defaults on repayment or any other legal liabilities, according to Matt Dannheisser, attorney for both Century and Gulf Breeze. The funds used for the bonds are from the CTA’s coffers, not from Century or Gulf Breeze.
Comments
3 Responses to “Over Half Million Earned: Century Nets $10K From $18.2 Million Bond Issue”
Why didn’t the great town of Century sign to have Century woods renovated? How about to put better housing and jobs there for the people! Century has potential and the people there do as well. They need to give us a chance! Offer them more. The people in office get into relationships with the crooks and criminals that they should be trying to rid this place of. Even the ones that work at the City Hall have no customer courtesy or concern for the feelings of the people who give them their hard earned money every month. My thoughts is to renovate in the employee and officials departments. You should have had the interests of Century at hand not the county of Dade. I am just saying I want more. More for us! The welcoming center is nice though! Century what you see is what you get!
So tell me why CTA needs a second signature if there is no risk involved? Sounds fishy to me.
When it sounds too good to be true it probably isn’t. There is no free lunch.