Often on these pages and elsewhere the view is expressed that Trio Marine’s lease rate was set too low relative to the land value.
If correct this would raise the question whether Council inadvertently compromised their fiduciary duty to the community thereby invalidating the lease.
Even a small undervaluation of 10 per cent compounded at five percent would translate to a transfer of roughly $2.5-million from the taxpayers to the coffers of Trio .
Also mentioned on these pages is the installation of a high-pressure water line last winter, with thesuggestion that it was for thebenefit of Trio. If correct , as it was installed prior to to the change of permitted uses in parks, prior to council’s approval vote, and prior to the lease being signed, it reflects badly on the process and tends to make far fetched suggestion believable .
Council could easily dispel these notions by simply releasing the information on the method used to value the lease land and how the lease rate was then calculated and what was the purpose of the high pressure water line in the park.