Why spend your own money…?

…when you can use Other People’s Money?

River District Tower project remains on track

Remember the River District Tower project? It’s the latest in “Game Changing Projects” for Downtown Danville oops.. the River District.

Stop me if you’ve heard this one before. Tobacco Commission money. Virginia Economic Development money. Federal Tax Credit money. Lots of Grandiose Plans. Private developer money.  An old dilapidated Dan River Mills building. A big press conference. What do you get when you mix of that together?

You get the River District Tower project, of course. (I would have awarded you points if you had said the White Mill Project.)

Surprise, surprise, nothing has happened yet. Now we know that River District Development is going to put $14+ million of their own money into this, so what’s the hold-up? Surprise, surprise, they’re waiting for Other People’s Money in the form of tax credits before anything constructive gets done to the um… construction.

I, for one, cannot wait to eat a giant serving of crow at the new Hal Craddock River District Tower Restaurant. Hal’s a good guy. He seems to never stop asking for Other People’s Money to finance his projects. Just a few months ago, he was in South Boston floating his trial balloon (made of lead) on renovating the John Randolph Hotel. Shockingly, nothing has happened on that “Buy $50,000 worth of crap and get $50,000 of crap free” offer yet.

As I stated in that G-V article: Meet Hal Craddock. He likes using other people’s money.

But back to the River District Towers project… If these doctors and other investors are going to put $14+ million into this thing, then why don’t they get the party started now? You know why. Spending Other People’s Money is a lot more easier and a lot less painful.