Conflict of interest issues and bad financing deals continue to plague the Great Park, according to this story in today’s Orange County Register.
Some findings in the report, as detailed in the Register article:
– The terms of the park financing may make it difficult for the Irvine redevelopment agency to pay back a $134 million loan, which represents a key source of Great Park funding. The report also found that the city could cancel the debt altogether before the Great Park is paid back.
– A potential conflict of interest arises from the fact that all five Irvine City Council members also serve on the Irvine redevelopment agency and the Great Park Board of Directors.
– Park leaders have backed away from promises that the Great Park can be built “without costing taxpayers a cent.”
The grand jury is also demanding either agreement with the findings or an explanation justifying disagreement from the Irvine City Council and the city’s redevelopment agency.