Wayzata Bay Center Redevelopment Project Approved

The Wayzata City Council held their big meeting last night at West Middle School.  About 300-400 people showed up for this very important vote.

I lost count of the number of people who stood up to publicly address the City Council, but it had to be at least 125 people.  By my count there were probably 6-7 people who spoke up against the project.  Everyone else was in support of it.

I left at about 9:45pm once the 125 people had spoken.  That took over 3 1/2 hours to get through that.  The council meeting then continued on.  I heard from someone still in attendance that the vote came at 1:40am and passed 3 to 2.

What amazes me is the overwhelming support demonstrated by the residents and business owners and employees who work in Wayzata and yet this project passed by the skin of its teeth because of a disproportionate amount of influence a few vocal dissenters had.  They clearly worked hard enough to keep this council wrapped up in deliberations for years about this project and the one before it that was shot down.

The public supported this 95/5 approximately and yet the vote barely passed.  It was great to see the peoples’ voices heard, but now it probably would make sense to unseat those who tried for so long to block this project.  I hope the citizens of Wayzata remember this vote when it comes to elections this fall.

Mortgage Rates Jump – Up 1/4 to 1/2%

Mortgage rates have jumped fairly significantly and rapidly in the past week.  Concerns about global inflation are causing bond investors to believe The Fed will be soon raising interest rates to fight the ongoing inflation risk.

The yield on the 2-year Treasuries have jumped .50% in the past week.  That is a very significant move.  Many bankers around the world are preparing for higher rates.