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City of Stockton, California Votes Yes on Bankruptcy

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06-27-2012, 10:09 AM
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City of Stockton, California Votes Yes on Bankruptcy

The City Council voted to approve an austerity plan, including stopping bond payments and making deep cuts in retiree health care, as part of a plan to file Chapter 9 bankruptcy.

I wonder what the impact will be on Stockton Thunder? I've read many articles that talk about the city's investment in the arena/waterfront has not had the return on investment that was desired.

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06-27-2012, 10:29 AM
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ugh, just awful to hear. I'm trying to find work at the local governmental level (municipal, township, county) and know how much a lot of localities are hurting in this economy (especially with all the hiring freezes and understaffing that they have as a result). Declaring bankruptcy like this is going to have very long lasting negative repercussions on a lot of aspects of daily village life, ranging from future borrowing efforts to the financial well-being of former and current employees through no fault of their own.

And I'm sure that some of the luxuries that the have, such as certain redevelopments and the team as you mentioned will be among the first to get the axe to prevent cuts elsewhere, though the particular responsibilities in how local governance is laid out likely differs between California and Illinois.

Hoffman Estates in Illinois is dealing with a lot of similar issues like Stockton, particularly with the white elephant that has become the Sears Centre arena, though thankfully not to as big of a degree as of yet....

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06-27-2012, 10:53 AM
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As this is more of a business issue than a Thunder issue, I created a thread on the BOH.

Until and if there are impacts on the Thunder, it's probably best to keep discussion there.

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