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Elections
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Ex-South Bay Superintendent Looks At Unloading Condo To Taxpayers [CBS-5 TV; 9/19/12]
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CBS-5 TV
Ex-South Bay Superintendent Looks At Unloading Condo To Taxpayers
September 19, 2012 8:38 PM
Len Ramirez Reporting
SAN JOSE (CBS 5) -- A luxury condominium in Downtown San Jose belonging to retired Santa Clara County superintendent Dr. Charles Weis is at the center of a debate that could cost taxpayers.
In 2008, Weis purchased the 18th floor luxury penthouse at the Axis building for $980,000. The Santa Clara County Office of Education lent Weis $915,000 as an incentive to relocate to San Jose from Ventura County.
But soon after Weis bought the condo, the real estate market tanked. Weis recently retired and moved back to Southern California.
Facing a deadline to pay off the loan, Weis is now asking county education officials to take back the property, which is valued $300,000 – $400,000 less than he paid for it.
“This is another bailout,” said Mark Hinkle of the Santa Clara County Taxpayers’ Association. “The point is that if he had made a profit, we wouldn’t be hearing from him. He’s about to lose some money. He doesn’t want to take responsibility for the economic decision he made and he wants the taxpayers to pick up the tab. Not appropriate.”Weis was not available for comment. He told the San Jose Mercury News, “If the county office handles it right, they won’t lose anything on it. They’ll be able to lease it or sell it.”
...See the television coverage and read the rest of the article at the Web site of CBS-5 TV, here.