Friday, October 9, 2015

Another Dazzling Example Of How Gov't 'Invests' Taxpayer Money

Montco recoups $800K of $25M investment

By Jessica Parks, Oct 08, 2013

After years of haggling to try to cut their losses on a failed redevelopment project, Montgomery County and Norristown officials believe they have extracted the best deal they can out of the bankrupt developer.

They lent the project more than $25 million.

They'll get back $800,000.

It's a far cry from the optimism and fanfare of 2007, when developer Charles Gallub proposed a movie studio and shopping center to revive Logan Square and spark new investment in the long-struggling municipality.

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