Money well spent

It's nice to spend other peoples money or so the Riverside Redevelopment Agency thinks.

The Fox Theatre may well be an asset to the city, but at a cost of $11.40 per resident I wonder! Especially when the Redevelopment Agency could have purchased it for $1.4m in 2001, or could have bought it for $2.0m in 2004. But wait, our elected officials finally stopped the bidding at $2,919.000 in 2005.

If any taxpayer ran a business as scandalous as the Redevelopment Authority, we would be bankrupt. Spending other peoples money is a skill well developed by the Redevelopment Authority, but useful projects are not always the result. The City of Riverside needs a regulation that would limit the Redevelopment Authority to spending no more than $100,000 without a vote by the residents.