Councils lending money for commercial projects

Alf Grumble MP highlights some disturbing decisions at the Hutt City Council:

Hutt city councillors last week gave approval in principle to a secret deal to help finance a $22 million apartment tower.

Councillors met last Tuesday behind closed doors to discuss an application by Merge Property Group for a loan for Twelve Daly, the 12-storey complex first unveiled in July 2007.

The Hutt News understands that councillors agreed to the request by a majority of one.

We have banks for commercial property loans, not Councils.

The solution to stop this happening again seems to be to shoot one of the Councillors that voted for this.