"They" are our county commissioners who are attorneys, accountants and business owners.
"They" couldn't even do a thin version of due diligence and look up Sanborn Studios past shady deals. No one who would have looked up Sanborn's past business history would have given this "company" a loan.
Sarasota County Commissioners are incapable of spending time investigating the companies that our "EDC" (Economic Development Council) green lights for tax credits, grants and with Sanborn, just funny money to blow. SRQ's county commissioners simply rely on the shoddy data provided by the EDC; incidentally, Commissioner Joe Barbetta is also on the board of the EDC.
Further, Commissioner Barbetta owned stock in Evolucia, now defunct ... Lakewood Ranch-based Evolucia, formerly named Sunovia Energy Technologies, an LED lighting company, received $50,000 in 2010 and was expected to provide 68 jobs. It hasn't created any to date, and its stock is nearly worthless after the firm tried to grow its business internationally.
At least Commissioner Barbetta will be making out on PGT, which he owns stock in also.
Commissioner Nora Paterson, at least, said it:
Sarasota County Commissioner Nora Patterson said the county might have been able to prevent at least some of the Sanborn Studios trouble.
"I do think that we should have probably done some more investigation on them. We should have done more due diligence," Patterson said. "We trusted that our staff and the EDC checked them out, but maybe it's our fault for not making sure."
The Sarasota County Commissioners have "true" backgrounds in business and finance. They are attorneys, accountants and business owners. They also may be "nice people," however, the commissioners are completely inept when it comes to vetting potential investments that are paid for with collected tax funds.
Sadly, it's true, most of the voters love the shiny baubles of b.s. that are being fed to them by this current roster of commissioners.
May 18, 2014 - Sarasota County may sue Sanborn Studios for incentive money - Bradenton Herald report by Sabrina Rocco