WTF? Funding the Medical Mart, Ken Lay style

When told about the deal in an interview from Hell, Ken Lay let out a hearty chortle of admiration

In their ongoing quest to blowtorch your wallet, then stomp it to death while doing Cherokee war cries, Cuyahoga County commissioners may have fashioned their worst deal yet to build a new convention center/medical mart in Cleveland. In a new C-Notes series, Ace Reporter Lisa Rab breaks down the absurdity of the deal for those of you scoring at home: The commissioners have promised to front an estimated $400 million in bonds to build the center. But Chicago’s Merchandise Mart Properties will be in charge of actually laying down the bricks and mortar, and when it’s done, the private company will own it.
Guess how it’s going to repay the construction loan? With more of your money! …

This article appears in Mar 19-25, 2008.