Actually they can't use the land as collateral for the bonding financing. The IDA indicated that to a reporter in a news article recently. This is in the bonding rules. The IDA included it to protect their interests....in case MDNT defaults, the IDA would lose the collateral and have nothing.
I'm aware of what you are saying. I saw this report and it was pointed out to me that this was also in previous reports. The report and the IDA can say whatever they want. But the reality is it seems impossible a bank would be willing to take land as collateral period (I was just looking at financing land, no bank wanted to do just land, they want a structure for collateral). Much less so would a bank be willing to accept this land as collateral when they merely have "beneficial" ownership. Basically they own it if they finish all the terms necessary. That's 20 years down the line. These people don't have a pot to piss in. To think they'll even last 20 days seems like wishful thinking at best.
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