Innovista: How Much Is This Payoff Going To Cost Us?
You can add a few million dollars more on top the growing pile of taxpayer cash that’s being burned on a “Campus in Name Only.”
Seriously, people … remember that scene in The Dark Knight where Heath Ledger’s “Joker” sets fire to a mountain of money?
Yeah … that’s Innovista. Or “Ineptovista,” as we’re considering calling it.
Anyway, in the latest example of “Innovista ineptness,” the University of South Carolina has sacked a sacrificial bureaucrat and is preparing to offer a costly buyout deal to a glorified con man – a guy who just happens to be the second developer to utterly and completely fail in his mission to attract private capital and tenants to this so-called “research campus.”
Anybody seeing a trend developing here?
USC’s “Innovista Czar” John Parks agreed Tuesday to submit his letter of resignation to University President Harris Pastides, while the board’s executive committee is preparing to buy out disgraced developer Kale Roscoe – much like it bought out the last guy who got rich at your expense by moving a bunch of dirt around downtown Columbia.
Amazingly, despite clear and compelling evidence that this project is costly, colossal clusterf*ck with no end in sight, USC remains 100% committed to pouring more tax dollars into this “epic fail,” which has already lost $140 million in public money.
As recently as two years ago, Innovista backers like S.C. House Speaker Bobby Harrell, Columbia Mayor Bob Coble and University of South Carolina President Harris Pastides were proclaiming that the campus would create “thousands of high-paying jobs” for our state by ushering in the “hydrogen economy of the future.”
Now that Harrell’s hydrogen dreams have evaporated, Innovista’s sketchy management has come under additional scrutiny. And why not? The only thing this “campus” has managed to produce are empty buildings to go with all the empty promises.
Seriously, people. Innovista is a case study in why government should stay as far away from economic development as possible.
No good comes from government trying to create jobs.
Interestingly, Parks’ letter of resignation comes a month after it was reportedly requested by Pastides. Sources tell FITS that Parks refused to step down initially, and in fact told reporters that he had informed Pastides of Roscoe’s shady past.
Since then, however, Parks story has changed. He’s now saying that he told unnamed “university leaders” about the sketchy developer, just not Pastides.
Yeah – and if you believe that, we’ve got a “research campus” in downtown Columbia you might be interested in investing in …
Comments
By USCoverup on September 9th, 2009 at 12:17 pm
If our lovely local newspaper cared about the state’s residents, it may find this story is much bigger than even Holderman. USC is trying to bury it by paying off two scapegoats but the incompetence goes much further and deeper. What does Dr. Pasty bring to the table as president? I doubt his NY roots will help USC raise money and he failed miserably at the one project where he was in charge.
USC thought this was a can’t lose project with other people’s money, but what they found is they have lost their credibility which will be very hard to regain.
By USCoverup on September 9th, 2009 at 12:47 pm
I took a look at the Holderman article in the NY Times from 1990. He was fired for spending too much money on trips, salaries, etc. This was at most 500k, and the Innovista is 140 MILLION and growing. Holderman was a crook, but what is happening now may be much larger and have much greater repercussions for USC.
By Oldarticle on September 9th, 2009 at 3:30 pm
Found an old article from The State where Pasty blames Craig Davis for the problems with the Innovista and for not being able to get along with Roscoe. He claims this is biggest element to his presidency. Interesting read and perhpas worthy of its own entry on fitsnews.
http://www.allbusiness.com/economy-economic-indicators/economic-conditions-decline/12150567-1.html
“In the meantime, Pastides will be working to get the sputtering campus moving and watching Roscoe closely to see if the developer can deliver. All with a healthy dose of realism.”
By Billy Bob on September 9th, 2009 at 6:00 pm
This is awful, but DO NOT MINIMIZE Holderman’s crookery. He wasted many millions and removed over $50,000,000 of money that should have gone in the public coffers from scrutiny. He CREATED all those foundations they are using now to perpetrate this mess. I know the facts. I audited the arsehole. It would amaze you who and how many powers that be turned their heads in spite of documented evidence.
By rebel on September 9th, 2009 at 6:08 pm
WIS is reporting that Sanford has named two members to the BoT. No mention of who they replaced or any other information. Press release journalism. Any leads?
By USCoverup on September 9th, 2009 at 8:36 pm
BB: My point was that right after Holderman was ousted it appeared to be only minor to some news outlets such as the NYT. Folks (including you) dug further and found out tons the crook had done wrong. I think if they dig further here, this one may be pretty large too. Pasty must go first along with his cohorts so a proper audit/investigation can begin.
Two trustees are below. Add another lawyer and another politician to the infamous trustees.
http://www.wistv.com/Global/story.asp?S=11101960