Notice what is not mentioned in this rah-rah update on the $25 million kayaker play zone being built on the Catawba River: The small matter of $13 million in public-sector loan guarantees to BoA and Wachovia to help finance the project. Should the project default or run short on cash, Mecklenburg would be on the hook for $7 million and the city of Charlotte $2 million.
So local taxpayers better hope that Rodgers Builders does a better job with this project than it did with ImaginOn. The Uptown library/showplace started as a $23 million contract, but wound up costing $41 million.