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Idaho's Weekly Journal of Local & National Commentary  Week 3814

 

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Boise's Watergate
 University Place and All The Governor's Men

by

 Deep Throat II

 

Chapter 5 - Holy Eureka, It's "Hoover-Time!"

 

 

“Hoover time meant that everyone must work
at an accelerated pace…the pressure of Hoover
time resulted, in our opinion, in the UI and UIF
taking improvident risks…in order to meet the
self-imposed construction deadline.  This resulted
in the expenditure of over $26 million, much of
which will likely never be recovered.”
 – Investigative Prince Report

   Look up in the sky!  It’s a bird, it’s a plane, it’s…, no, …not Superman, …it’s Boise’s bankrupt Watergate:  University Place.  $28 million in debt for the U of I Foundation.  $17 million in building problems for the U of I.  $54 million issued in ISBA bonds.  Will the bondholders ever be repaid?  Who knows?  The U of Idaho can’t afford to move into the building it helped finance and they missed their first year $3 million bond payment due in January 2005.  As of first quarter 2005, only one tenant, the IDWR (Idaho Department of Water Resources), has moved into Boise’s half-empty Watergate building, the Idaho Water Center (IWC) at the corner of Front and Broadway.  50% of the interior walls, electrical, and plumbing are missing.  The other two buildings were never built.

How did this happen?

(...more...available now at online bookstore)

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