Slowly Putting the "Trust" Back in South Dallas/Fair Park Trust Fund
Three years ago we opened the books of the South Dallas/Fair Park Trust Fund and found that many, many folks who'd borrowed money from the city in order to open businesses in the area never paid back their loans. Some couldn't; others just wouldn't. And plenty of cases had been referred to the City Attorney's Office, where the ever-growing stack of legal docs was met with a weary shrug: Here we go again.
This morning, though, good news from the Office of City Auditor: The trust fund "has continued to make improvements" by authorizing fewer loans and collecting on some of those that have defaulted, including $125,000 from three of 15 that had gone south. Still, not all the news is good: Two loans of $25,000 apiece were authorized without the fund's board "adequately reviewing the applicants' financial information," and other guidelines -- including collecting on late debts -- haven't always been followed. The full review can be read here, as we continue Fiscal Monday at City Hall. --Robert Wilonsky
Update: And, according to another audit sent out from City Hall this morning, Irving owes Dallas more than $419,000 -- something to do with a decade-old agreement between the two cities concerning Dallas-Forth Worth International Airport. As you will see in the audit, a letter's been sent; no doubt, the check is in the mail.
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