What does this proposed bill have to do with Nagin? He's not getting any of the money. It's not even a gift, but a loan to be repaid.
Money sent to NO or LA will be squandered and misdirected, as in the past, with the same bad actors in positions of power.
From the article: "Baker’s bill also is complex and in some ways unprecedented, and who knows how wily politicians, lawyers or speculators might try to abuse it?"
You got clearly corrupt politicians, police and law enforcement people in place - what do you think will happen to the money?
If we are talking about House bill 4100, I don't think the bill talks about a loan. It buys the property, fixes it up, then sells it. An excerpt from HB 4100 on how it will acquire property (including the first right of refusal)
SEC. 6. PROPERTY ACQUISITION AUTHORITY AND METHODOLOGY.
(a) IN GENERAL.—Pursuant to section 5(b), the Corporation shall negotiate to acquire title to real property and compensate any property owner, mortgagee or primary lien holder with an interest in such real property.
(b) PURCHASE OFFER FOR REAL PROPERTY SECURED BY A LIEN.—The Corporation shall take into consideration the following in constructing offers of compensation for the acquisition of real property secured by a lien:
(1) The Corporation’s expenses to improve the property for sale and development.
(2) The Corporation’s anticipated return upon the property’s disposition.
(3) The post-event fair market value of the property.
(4) The remaining principle balance of any outstanding mortgage.
(5) The potential for economic recovery of the mortgagee.
(c) PURCHASE FROM OWNER.—The Corporation shall take into consideration the following in constructing offers of compensation for any real property where no lien secures such real property:
(1) The Corporation’s expenses to improve the property for sale and development.
(2) The Corporation’s anticipated return upon the property’s disposition.
(3) The post-event fair market value of the property.
(4) The potential for economic recovery of the property owner.
(d) RIGHT OF FIRST REFUSAL AND OPTION TO RE-PURCHASE REAL PROPERTY.—
(1) IN GENERAL.—Subject to paragraph (2), the Corporation shall ensure that any entity awarded a contract under Section 7 shall grant a right of first refusal and option to obtain an interest in real property of comparable size and location in redeveloped areas to any party previously holding title.
(2) GUIDELINES FOR EXERCISE.—The Corporation shall—
(A) ensure that the right of first refusal and option to obtain an interest in real property that are granted pursuant to paragraph (1) are granted before the real property is listed for public sale; and
(B) shall establish guidelines to provide that any party receiving the option to obtain an interest in real property is given adequate time to consider and exercise such option.
(e) RIGHT TO RETAIN AN INTEREST IN REAL PROPERTY.—
(1) PROPERTY OWNER OR MORTGAGEE RIGHT TO RETAIN INTEREST.—The Corporation shall offer any property owner or mortgagee an option to retain an interest in real property of comparable size and location, subject to the following conditions:
(A) The Corporation shall pay no compensation to the property owner or mortgagee.
(B) The property owner or mortgagee shall compensate the Corporation for expenses to improve the property for sale and development when such property owner or mortgagee obtains construction financing for development of property.
(2) REQUIREMENT TO DEVELOP PROPERTY. Any property owner or mortgagee exercising a right to retain interest in a property shall—
(A) obtain construction financing within 90 days of notification by the Corporation that the area in which the property owner or mortgagee retains an interest is available for development; and
(B) complete construction of a replacement residential or commercial structure, as applicable, within 2 years of a notification pursuant to subparagraph (A).
(3) FAILURE TO DEVELOP.—If the Corporation certifies in writing that a property owner or mortgagee has failed to comply with the requirements of paragraph (2), the Corporation shall exercise its authority pursuant to Section 8(c).
(f) LIMITATION ON PAYMENT AND PROHIBITION AGAINST WINDFALL.—In general, in constructing and extending offers to acquire real property under this section, the Corporation shall ensure that—
(1) in no case may the cumulative payment by the Corporation to any individual for the purposes of acquiring real property exceed $500,000; and
(2) in no case may any person be the beneficiary of a windfall gain as a result of any purchase offer extended by the Corporation.
I think my biggest problem with the bill is how is it actually going to determine the amount to be paid for each property. It is too general for my tastes. The less specific it is the more chance of abuse.
I am not saying that I don't want to help my fellow citizens, I am saying this bill is a good place to start, but I need more information on cost and more detail on the guidelines for how it is going to be implemented.