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Grigsby and Associates Debate - KTBS.com - Shreveport, LA News, Weather and Sports

Grigsby and Associates Debate

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Grigsby and Associates.

It's a name you may have heard a few times and that's because the use of his company as a financial adviser for the city of Shreveport is a highly contested issue down at Government Plaza.

This issue is on the agenda for Friday's city council meeting and so far neither side is backing down.

"We constantly watch our ditch, everybody's frustrated. We've been promised, and promised and promised that something's going to happen and nothing ever has." Elizabeth Rosenfield lives along the Ockley ditch. After a flood a few years back, upgrades to the ditch were added to the 2011 bond issue and approved. More than 2 years later, nothing's been done. The reason-the city council won't ok the sale of the remaining $95 million dollar bonds  because an audit found that Grigsby may have overcharged the city more than $53,000 dollars. City Councilman Oliver Jenkins says he's not backing down. "Unless there's an accommodation made with a new financial adviser or the choice to go forward with the process without a financial adviser, I think this is an issue that won't be taken up until the next administration."

"We had some debt that had been financed through credit default swaps and we had some other issues and challenges and Calvin came on board and did a great job." Mayor Glover says Grigsby has been working for the city since the Keith Hightower administration. FINRA -- a  securities oversight agency  has raised regulatory flags with Grigsby's firm over the years.  But Glover says multiple investigations into Grigsby's dealings with the city of Shreveport have come up short. "We spent a hundred plus thousand dollars of city money to determine that someone owes us half of that amount which is not, to me, a wise thing."

City councilman, Michael Corbin said the new contract isn't good enough. "It would overlook the statuTes that are on the books that say if someone owes the city money then they can't do business with us. I've drawn my line in the sand and I can't support Mr. Grigsby doing additional work."

Glover said, "The idea of trying to bring somebody in and plug them into that process is not wise, is not prudent, especially when you have gone and done your witch hunt and you've come up with nothing and now it's just because you simply do not want to allow this situation to move forward. There are issues that we need to leave behind in 2013. The Grigsby issue is one and the dog park is another."

Now people all across the city looking for work to be done say something's gotta give soon, although they too may be on opposite sides of the issue. Elizabeth Rosenfield said, "If the man owes the city money, and he's overcharged us to begin with, why are we still trying to work with this man." Jimar Davis said, "Find that medium to where you can start getting these projects done because a lot of people don't want to give their money out and not see any change or anything being done."


City council officials are working on a list to submit to Mayor Glover of other financial advisers, they'd like to use.

It should also be noted that a declining budget reserve in the past year raised concerns about what sort of interest rate the city would get for its bonds whenever it went to market. 

The Grigsby issue will come before the council in Friday's council meeting that starts at 3 pm.

 

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