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Tuesday, October 7, 2008

Credit crisis s-l-o-w-s Wake, Raleigh growth plans

Posted by on Tue, Oct 7, 2008 at 9:38 AM

Wake County is looking for money in the credit markets to pay for a new downtown courthouse, new libraries, and of course, new schools. Can't get it, says County Manager David Cooke. Or at least, can't get it on reasonable terms. Raleigh City Manager Russell Allen told the Indy the same thing last week -- short-term money that used to be available to AAA-rated places like ours at 1.5-2% interest is now going for 7%; long-term money to build big projects has dried up completely.

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