Now here's the latest: Beatty is going to put up $35 million for some of the bonds he talked the City Council into authorizing for his project.
Put another way, the developer who is benefiting from the sale of the bonds is going to buy some of the bonds.
We are told that this maneuver saves the city money — about $6.5 million that otherwise would go to a lot of guys in suits who do these bond deals.
It seems odd, but someone has to buy the bonds, right? So why not the developer? Beatty has as much right as anyone else to enter that market.
Still, I know what you're thinking. You're thinking what I was thinking when I was thinking about this Friday morning and I got a wicked headache: If Beatty can get up $35 million to buy bonds, why couldn't he just put $35 million more into the project to begin with? That would buy a lot of public space for fireworks watching.
I think I got this, or at least a good guess: Investing in the bonds that are backed by tax revenues from Harbor Point and pay a steady 6.5 percent is much less risky than putting up your own money.
Plus, Beatty getting into the bond sale is a public relations thing. It helps the city a bit; it makes the Harbor Point deal seem slightly more palatable.
But I think I'll stop here.
I think I might have lost some of you at "palatable."