Columbia, SC — I understand that Mayor Steve Benjamin is calling for a final vote today the Bull Street stadium agreement. I also understand that he says that no cost-benefit analysis of this project is needed in order to approve it.
As a 40-year senior bank risk manager and banking educator, I continue to be appalled at his position on this matter. As I pointed out to him in an email, without a complete business plan, including the business plans of the proposed developer and baseball team owner, and a cost-benefit analysis of the entire project, a bank would turn down a loan application for this transaction on its face.
Yet he is asking council to commit to borrow the money for this project and require the taxpayers of our city to back it without any of that information.
I am urging him and members of City Council to act competently as stewards of public funds and table this matter until a complete and comprehensive proposal can be presented to the citizens of Columbia for their informed consideration. To do otherwise would be a dereliction of fiduciary duty.
William C. Barksdale Jr.