In the news: Warwick gets more money?

by LevelThePlayingField 6 Replies latest watchtower scandals

  • LevelThePlayingField
    LevelThePlayingField

    Source:http://www.warwickadvertiser.com/apps/pbcs.dll/article?AID=/20151001/NEWS01/151009998/Warwick-seeks-amendment-to-town-code

    [at the end of the article] Does this mean they are getting more money???

    Sweeton also sought a resolution to reduce the Performance Bond from Pledged Collateral Account Control Agreement with the Watchtower Bible and Tract Society of New York, Inc. from $22.6 million to $7.3 million and to authorize the release the difference to the organization.

    The Watchtower Bible and Tract Society Jehovah’s Witnesses World Headquarters is advancing in its new construction. The 45-acre development site on the Tuxedo-Warwick border, in Sterling Forest, is set to be completed by the end of 2016.

    The motion passed.

    - See more at: http://www.warwickadvertiser.com/apps/pbcs.dll/article?AID=/20151001/NEWS01/151009998/Warwick-seeks-amendment-to-town-code#sthash.kkN35YC7.dpuf
  • bohm
    bohm
    so to translate, they withdrew $15.3 million from other investments?
  • Brokeback Watchtower
    Brokeback Watchtower
    These on the Governing Body have gone crazy with how they spend their cash and have elected to so many building project is such haste expensive mistake have been made, with lawsuits just starting to mount against them and the legal cost and all looks like they are trying desparetly to get this one ready for market before funds run out.
  • Dunedain
    Dunedain

    This really doesnt mean anything. The bond money was probably just an escrolle account of projected money usage, and put into an account in case any issues happen during consrtuction. The township probably requires a large corporation, like the WTS, who are doing huge amounts of construction in their town, to put this money in the account. Basically, if anything went horribly wrong during construction, say like a bulldozer ripping up a gas line and starting a fire that consumes hundreds of acres of the towns resources, or an ecological contamination to the towns water supply. The money held in escrolle, in this account could then be used to "fix" the problem.

    The ammendment to the law in this case, is that instead of the WTS having to put 22 million, or whatever the amount was, they are now allowed to only have to put 7 million in the account. Either way, whether the 22 million or the 7 million is put in, as long as there is no major catastrophe, the WTS would get this money back anyway, after constructions end.

    The WTS was probably originally required to put in the first, larger amount of money, but then they bitched, and probably sent letters and filed for an adjustment/ammendment, asking to put in a lesser amount. Maybe claiming that construction was nearing its end, or saying that whatever construction is left is not as huge or expensive as the previous years. The ammendment got passed, but either way the WTS, is just getting there own money back, or not having to put up as much money first, but that they would still get back anyway.

  • Vidiot
    Vidiot

    That tears it...

    ...they're focused solely on finishing the Warwick construction because it's the only one they can!

  • LevelThePlayingField
    LevelThePlayingField

    Dunedain - thanks for explaining that. :)

  • berrygerry
    berrygerry

    Maybe claiming that construction was nearing its end, or saying that whatever construction is left is not as huge or expensive as the previous years.

    A performance bond is just that, a bond that ensures that a project will be completed.

    When a site is "under construction," it is worth far less than if it were virgin land.

    Partially completed concrete structures would be VERY expensive to remove, together with the rest of the work that is "in progress."

    WT must have argued that they reached a point whereby they have reached a "near-completion" point, or a point that, if necessary, a buyer would be able to use the completed work, and finish the project.

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