More sour grapes and babble from the ANTIs

Many observers feel that the NCTimes blogger who posts under the name Vista Watchdog 1 is in reality Dr. Stephen Guffanti. Whoever the blogger is, he is bitter about Guffanti's well deserved retirement and wrong about his facts. His latest post can be found on line here:
http://www.nctimes.com/articles/2009/01/17/news/coastal/vista/zb1ebc045a9f35c0c882575400061c355.txt

I have also copied it down below along with corrections. Vista Watchdog's ramblings will be written in brown. Corrections and accurate info will be written in blue.

Vista Watchdog1 January 17, 2009 11:54PM PST
According to the County Assessor’s office the property upon which VUSD desires to place a lien was valued at the time of transfer to Cadence Homes at approximately $14M. . [The VUSDistrict was forced to pay this 14 million (Wasn't the correct number 17 million?) rather than the 1 million dollars for the far easier to build on and more centrally located Kawano Strawberry Hill site because Guffanti and Gibson both refused to be the fourth vote needed to acquire Kawano's land. Their three years of stubborn opposition to the building of a third VUSD high school at Strawberry Hill site cost our district somewhere between 13 and 25 million dollars in increased construction costs, litigation, and extra site preparation needed at the current Highway 76 site. In this first sentence, Guffanti again fails to take responsibility for forcing VUSD into paying million more for a lesser site or admitting that if he or Gibson had lived up to their fiduciary responsibilities as trustees that a new third VUSD high school would be in either its second or third year of full time operation at Strawberry Hill right now.] However, research indicates that value was based upon the assumption the property was developable (sic) and would have homes built to a certain set of approved designs. Considering the current housing market Cadence homes has clearly indicated they have no plans to develop the property at any time in the near future and the current approved plans are very likely to change by the time they do decide to build. Therefore, if we also account for the devaluation of property over the past year (approximately 30%) it can be derived that the current value of the property is less than $9.8M. When you add the encumbrance of $7.5M liens against the property it is highly doubtful that anybody would be willing to offer $9.8M for the property, or even $7.5M. Therefore, the total liens against the property would be greater than the value of the property and recovery of the loan to Cadence Homes would become unenforceable.(If any of these numbers pulled out of his backside are correct, whose fault it that the district is forced into this tough and expensive decision? Guffanti's and Gibson's fault of course but they will never admit it. They are psychologically incapable of introspection or admitting error.) If we also consider the number of developers (including local developers) who have declared Bankruptcy in the recent housing crisis, and add the current credit and looming economic crisis to the picture we can easily see the risk of Cadence homes going under is also quite significant (anyone want to venture a guess why no banks would loan the $5M to Cadence Homes?). Thus, we are looking at a very high probability of default on the loan, and necessity to cover the COPs using redevelopment funds (actually developers' fees). Since these funds are derived from charging developers when they build new property (or when current home owners add new space to their homes), and since the current glut of vacant homes is such that most in the real estate and building industry predict a minimum of 5 years before any building is needed, and since projections show the future growth to be slow to start, it is quite unlikely that enough funds would be generated from the developers' fees to cover the costs of the COPs. (Actually much of what he just wrote is true but again if Guffanti and Gibson had cared about VUSD and our students the third high school would be already built and full of students at Strawberry Hill. Prop O money would have easily covered the cost of the Strawberry Hill site. The district would not be in such dire straits. I keep waiting for Guffanti and Gibson to apologize, but of course they will not. They are ANTIs and do not believe in free and fair public education. Access to such education for VUSD children threatens to decimate the ranks of those who might otherwise grow up with Gibson/Guffanti hate-filled world view.)Furthermore, the payments on the COPs would prevent any of these funds from being available for use on the maintenance or expansion of any of the currently existing schools within VUSD. (True. So when will you apologize for putting us in this situation?) Add to all this the current state of the State, and the financial state of VUSD and it can be seen that the risk in participating in (or buying) a COP would be extremely HIGH! So, any COPs would have to be offered at a rate of return to the investor that would be between 15% and 20% minimum. Such rates are too high for the taxpayer to be forced to cover, and it is highly unlikely that a Bond would ever pass with rates that high. So, if these COPs are issued, and the district does not have funds to cover them, then Educational programs and teachers will have to be cut in order to make good on these debts. Legally speaking the holders can force the District to make good and pay, even though it negatively impacts the operations of the schools. In other words, any additional debt taken on by VUSD at a time such as this is ground for charges of gross negligence against those Board members who would knowingly place the District at risk in such a manner. (The goal of Guffanti and Gibson is to never build a new public school especially a full service high school. Any complaint and excuse to stop construction will do.)---- Welcome to the world of high finance Ms. Jaka, and Ms. Chunka. Don't you wish you lost the election last November? (Poor Guffanti he just can not get on with his life.Talk about bitter. Perhaps he can get some grief counseling to help him past his lost of an election, self esteem and difficulty in facing the reality that VUSD voters were sick of his treatment of our children and teachers.) Remember, everything you do financially will have an impact upon what your children (Guffanti and Gibson never had to worry about destroying the district financially as then NEVER had children in any of our VUSD schools. They did not care what happened. Isn't it nice that our two new trustees do have children in our schools?) will receive in the classroom, and it will be you who are to blame when parents start getting upset about all the cuts, and when the teachers are placed on notice before March 15th about their pending lay-offs! Good luck!