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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.
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