Lykele Miedema: Since when is it a good idea for city of Modesto become an investor?

Re “City looks to buy downtown block; can Modesto afford it?” (Front page, Sept. 5): Where does it say in the city charter that the city can become an investor and city inhabitant’s shareholders? A proposal to purchase a city block without a clear outcome is a risky investment. It was reported in The Bee that there might be tenants in place whose rent could repay the loans; there might be a train station or redevelopment etc. Pie-in-the-sky assumptions.

Is it possible for those who propose this purchase to invest their own money and take the risk? Mayor Ted Brandsvold said it right, that the city has no experience in being a landlord and there are many other urgent issues to make improvements in projects for the city to function and create jobs. Show me where it says in the city charter that the city should become an investor?

This story was originally published September 6, 2017 at 6:05 PM with the headline "Lykele Miedema: Since when is it a good idea for city of Modesto become an investor?."