2016-03-31 / Letters

Article did fine job to outline where our money went

To the editor:

Congratulations to Ben Meiklejohn for his reporting and full coverage of the Steer N Stein’s owner/manager spending spree of money and credits made available through the Biddeford-Saco Area Economic Development Corporation (EDC).

The EDC provides financial support and guarantees in connection with the U.S. Department of the Treasury as part of a Community Development Finance Institution – or, to the point, another use of taxpayers’ money which, one would hope, would be managed by people who know what they are doing.

The article cited explains why the EDC is suing Harold Royals of Saco for the $125,000 in loans given to him to open The Steer N Stein on Main Street in Biddeford. Royals and his presumed partner in the enterprise, Peter Powers of Scarborough, and relatives went on a whirlwind spending spree to local eateries and businesses that totaled thousands of dollars, remarkably listed in Meiklejohn’s article.

The EDC cites as its purpose the “... creation and retention of quality jobs for the people ... targeting the low to moderate income population ...” of the community as a principle goal. From where I am sitting, reading about all the money spent at all the local businesses and the recipients of this largesse, Royals, Powers, et al., pretty much complied, albeit, in a circuitous manner. For that, perhaps we should be somewhat grateful that those public monies did not end up in off shore banks or on foreign shores like so many other government related distributions of our hard-earned tax money.

Loretta M. Turner Biddeford

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