Watch Dog reports on RDC Finances

The folks at MemphisWatchDog.org have just taken a close look at the Riverfront Development Corporation. The facts and figures they’ve uncovered are posted, and it’s definitely worth your time to take a look.

Memphis Watch Dog describes itself as a website for Memphis taxpayers that will help us keep up with what the politicians are doing and not doing in Memphis and Shelby County.

They’ve got some answers about how the City got in the current financial mess and some information about future projects that need to be scrapped.

Click now.

Here is what Memphis Watchdog has to say:

October 18, 2005At last reality has begun to dawn on the Riverfront Development Corporation and they have temporarily killed the expensive, unwanted land bridge. Whether the current City Council will back this decision is unknown at this time as they continue to insist on their expensive, unneeded capital improvement projects.

Memphiswatchdog.org has just obtained all the inside information on the riverfront Development Corporation and we publish it below for the general taxpaying public to study. Here are the important points.

• As of June 30, 2005, RDC had a net worth of about $1 million
• During the year ended June 30, 2005 RDC received a little over $6 million from the City.
• RDC (really the City of Memphis) lost a little over $2 million in the last year on the parks, mainly Mud Island.
• In July 2001, RDC signed a contract with the City of Memphis giving them management of all City of Memphis riverfront property paying them over $10 million to date.
• Benny Lendermon, the President of RDC makes a salary of $172,050 per year plus a bonus of $25,000. Also he and other employees get vacations, sick leave, health insurance, life insurance, short and long term disability insurance, and a retirement plan, all as shown on the attached information.
• Bounds & Gillespie, Architects, received a three month contract in 2004 for a Beale Street Landing design contract for $3,137,266.00.
• Hnedak Bobo Groups, Inc have a monthy Beale Street Landing Management contract of $34,000/month since 11/27/01. that is nearly $2 million to date.

The public needs to consider that the City debt has nearly tripled in the last ten years to over $1 billion. We do not need to spend money on these kinds of projects until we get our finances under control in the City and the County.

Click here to see the audited financial statement of the Riverfront Development Corporation.

Click here to see the salaries and benefits of the RDC employees.

Click here to see the projects and associated contracts of the RDC.