Another one bites the dust

BlogKC reports on the bankruptcy filing of Weld Wheel. They ask about where the taxpayers fall in the hierarchy of debtors. Good question, and one for which I'm going to have to dig out my old notes from school because I'm a little rusty on corporate bankrupty laws. (or I could just be lazy and call someone who knows). I'm sure P. Diddy has a much better gang of lawyers than we do so don't worry about Sean John. He'll be fine. The original incentive deal was run through the Land Clearance for Redevelopment Authority (LCRA) when Weld pulled the old "we're moving to Kansas" card. The LCRA is a pseudo-governmental organization made up of mayoral appointees who grant property tax abatements, issue bonds and help with land acquisition (ie condemnation). Aside from my usual question of "Who are these guys?" when it comes to boards and commissions, the other frustrating thing is that I can't find any of this organization's dealings online. They fall under the umbrella of the EDC, but so does the TIF Commission and at least their fianancials are on the EDC website. I've been trying to get across that it's not the TIF, it's the tax abatement that will get us. Only after a couple of three audits by the City Auditor did the EDC finally cave to pressure and put the TIF financials online. Too bad the LCRA hasn't followed suit. This is some more of that accountability thing I intend to accomplish. If government can't operate in the light of day, how can we expect the citizens to have any faith?