On January 10, 2011, Mayor Hayward takes office. As part of his new role, he agrees to have no outside business activities (including working as a developer) and is compensated with a salary of $100,000 per year.
From a reader below:
- Assume this speculative real estate development loan had an interest rate of only 5%.
- Assume the Mayor has just a minority interest like he claimed in the PNJ article.
- Assume that percentage is 15%.
- Has the Mayor paid between $34,000 and $38,000 per year into Redfish Harbor for interest and taxes since he took office?
- Has the millionaire City contractor paid these costs on the Mayor's behalf allowing the Mayor to pay all his back interest and taxes in the future?
- What is the value of the City contracts the partner's other business has received since 2011?
- Has the Mayor made any "out of the ordinary" decisions regarding the City's expenditures in the area of service served by the City contractor while Mayor?
- Has AMFI (a financial supporter of the Mayor's campaign) received all interest payments due on the mortgage or are they allowing the interest to just accumulate?
- Has AMFI treated other mortgagee's the same in other real estate deals?