“Financial freedom” for the Portos means getting almost a million dollars from the City of Burbank

 
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We’re going to ask it again.

  1. Did the Portos ever pay back all of that loan money they got from the city?
  2.  When did they pay it back?
  3.  All of it?
  4.  Considering the success of their Glendale branch, why were they ever offered a forgiveness clause to begin with?
  5.  What do the Portos consider to be “financial freedom.” Getting lots of money from the government?

We’ll quote them again, too, from a year after they got this loan. These were their words, not ours:

Porto opposed tax increases, saying that businesses should be able to use their own money the way they want.

“We were immigrants coming to this country trying to reach that American dream,” she said.

She attributed her success to hard work and financial freedom, adding that she is a supporter of Schwarzenegger’s more conservative economic policies.

“We know what to do with our money,” she said.

Getting almost a million dollars from the City of Burbank is a pretty weird idea of “financial freedom,” isn’t it?

That location was great enough on its own. The Portos didn’t need a handout. So let’s not let staff b.s. the council members tomorrow night if anyone has the temerity to ask them about this preferential loan deal. Rogers once did, and the answer he got was vague at best.

 

 

 

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15 Comments

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15 responses to ““Financial freedom” for the Portos means getting almost a million dollars from the City of Burbank

  1. Anonymous

    hey semi at least they didn’t sell them the land for a hundred dollars.

  2. Anonymous 3

    No, they did not repay the entire loan, as the deal indicated:

    “The loan is forgivable after 10 years if Porto’s stays that long.”

    Get it? The loan is forgiven.

    A stupid deal, but that was the deal.

    • semichorus

      Not if they made more than $5.5 million a year. Then it gets paid off.

      That’s the question.

      • Anonymous 3

        “But if its sales exceed $5.5 million in a year, it must give 50 percent of the excess profits toward paying back the loan.”

        What in the hell are “excess” profits? That is a question I want answered.

  3. Anonymous

    A million dollars ? Did Obama visit Portos and hand them a pile of borrowed cash ? All these deals.

    • semichorus

      It was Republicans who gave them the money. Business interests favoring business interests.

      You think what’s her name in Costa Rica and her developer husband (or wherever they are now) is a Democrat? Hardly.

      • Anonymous

        Actually a democrat majoriry council voted to give them the money i believe. Really sure Democrat Golonski was in the lead on the give away.

        • Anonymous

          Typical Democrats, give the hard earned tax dollars to the rich snd then say we care so much about the poor we got you a high priced portos to buy dandwiches llll

          • semichorus

            It’s not Democrats. The people running the city back then were not Dems, especially in Redevelopment.

            No, it’s Republicans exploiting these programs. The Portos are Republicans.

  4. chad

    But doesn’t the value of Porto’s anchoring the Magnolia Park District far exceed the million dollar giveaway?!?!? C’mom, where’s everyone’s civic pride brought to you by the Burbank Chamber of Commerce?!?!?! (I’m being sarcastic.) I frankly don’t mind in principle the idea of government helping out when it’s necessary. However, there’s a fundamental hypocrisy here that is seen throughout the US – conservatives who whine a bout social welfare programs but greet with open arms corporate welfare.

    • semichorus

      I can see a loan. But a forgiveness clause is unforgivable (sorry).

      Downtown Burbank needed inducements for some of the upscale retail stores. But Portos/Magnolia Park was different

      • Gary

        Chad can you please take a walk through Magnolia Park and check the vacant storefronts and what the other store fronts have and just how crowded and successful it all really is ? But doesn’t the value of Porto’s anchoring the Magnolia Park District far exceed the million dollar giveaway? NO I DO NOT think we got any real monetary value on this.

        As for conservatives or Republicans I agree with others on that one. While you certainly can point to Republican staff, as you did let’s remember who puts them in place. Who the real bosses of Burbank are, it is the city council. I am very sure that Luddy, Talamontez are democrats and tell me just what giveaway they passed on. It sure wasn’t the Talaria and giving even more city property away at a super cheap deal. I am not sure what Rogers is, but with a nut case like him who cares.

  5. chad

    Gary I was being sarcastic in my first remark. In my second, I said “conservatives” not Republicans. Democrats can be as equally hypocritical.

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