IS IT TRUE August 29, 2013

Mole #3 Nostradamus of Local Politics

Mole #3 Nostradamus of Local Politics

IS IT TRUE the report of the Evansville Redevelopment Commission to the City Council has finally been made available for 2012 and the results give pause to any financially prudent person who is observing the claims being made to justify borrowing $37.5 Million to give to a hotel developer?…in 2012 the downtown TIF reported revenue of $6.9 Million to cover expenses of $8.4 Million?…that is an annual deficit of $1.5 Million which is clearly not a sustainable spending model?…luckily there is a cash balance that has built up over time of $7.9 Million to cover a few more years of this unsustainable spending pattern?…Mayor Winnecke has been quoted as claiming that the downtown TIF brings in $14 Million per year in the dog and pony shows so he must be anticipating that the hotel will bring in about $7 Million per year?…that is irrational exuberance at its finest as the hotel property taxes are only anticipated to be between $500k and $700k?…TIF spending in 2012 that was related to Ford Center was just over $5 Million or 72% of total revenue?…the most disturbing revelation in the report was the line where the obligation of the ERC for Ford Center over the next 26 years is $260 Million?…that payment started on 2/1/2013 so it was not consuming any money in 2012?…that is $10 Million per year that a revenue source does not seem to be identified for?…this is the kind of thing that just makes you wonder if the elevator in the Civic Center goes all the way to the top?

IS IT TRUE according to the City of Evansville and Vanderburgh County officials in the past when it was time to muster the faithful drones for a giveaway program it was claimed that the Victory Theatre was supposed to bring in 100,000 people a year to downtown Evansville?…the Riverfront Dock that incidentally is in Kentucky waters was also supposed to bring in 100,000 people a year downtown?…the LST was supposed to bring in 100,000 people a year?…the Centre supposed to bring in 100,000 people a year when the powers that be were selling it to taxpayers?…the Soccer Fields were claimed by the CVB to bring in 100,000 people a year, as were the initial claims of the not yet built $20 Million ball fields?…that these sales pitches all seem to revolve around claims of 100,000 tourists, none of which were realistic to begin with and none of which have worked out the way they were promoted when taxpayer dollars were being thrown at them?

IS IT TRUE the Vectren Headquarters was supposed to bring vitality and high paying jobs along with massive sums of money to downtown Evansville?…the American General Headquarters (Federal bailout AIG) turned Springleaf was supposed to be the hot ticket to transform downtown Evansville into Manhattan?…the Ford Center has supposed to be the final catalyst to make Evansville a major metro area and fill all of the empty storefronts on Main Street?…Main Street opening to traffic was supposed to stimulate private investments?…the Loft Program was supposed to stimulate private investments?….all of these programs were paid for with public money?…all those promises would mean that downtown Evansville should be coming into the national spotlight by now for positive things?…none of this has made much tangible difference in the downtown experience?……and now the hotel is represented to be the savior of downtown and all of the baubles of entertainment that have failed before?…If that hotel is a good investment and is going to bring in people and large sums of money private business or wealthy believers should invest their money to make this happen?

IS IT TRUE that  we are hearing from creditable sources that the City of Evansville shall expect some outside visitors from Washington, D C and Atlanta Ga.in the very near future?  …we hear that the officials that are planning to visit Evansville  are employed by the United States Department of Justice Civil Rights Commission.

11 Responses to IS IT TRUE August 29, 2013

  1. Pressanykey Reply

    August 29, 2013 at 9:06 am

    There is no mystery as to how money that was not there previously suddenly shows up in the downtown TIF district. It is transferred into the TIF from other city accounts at the request of the present administration and approved by the common council members. Russ Lloyd made it clear during a past common council financial committee meeting that he was requesting the transfer of funds into the downtown TIF district account in order for the TIF to meet its obligation in servicing the Ford Arena bond debt.

    This is the same procedure the city uses when there is a shortfall in any account that must make a disbursement but finds it does not have the funds available. You go before the common council and request a transfer from an account that currently has the funds available.

    It might help the public in understanding what is actually going on during these common council financial committee meetings if John Friend would publicly address the reasons for some of these transfers at the meetings. It is not an area that they like make public because if you are coming up short in some accounts there is a reason and sometimes the reason can be tied to the “exuberance” referred to in today’s Is It True.

    ___

    • Brad Linzy Reply

      August 29, 2013 at 9:25 am

      Oh but wait… I thought the new hotel was going to be almost completely funded by its own TIF. Could it be this might not be possible? Could it be we are being lied, ahem…that is, irrationally exuberated to about the amount of revenue such a TIF will generate and a deficit will require other funding sources as predicted by opponents to the current plan?

    • Brains Benton Reply

      August 29, 2013 at 10:19 pm

      Is this for real??? Money from the general fund(s) are being transferred to the Downtown TIF!!!!! WTH!!

      And after 10,000 assurances that no additional taxpayer money would be used to pay for the Ford Center it can’t even make its first bond payment without a taxpayer subsidy!!!????

      Oh MY!!! God bless Evansville somebody please tell me this is wrong.

      Press this is huge! Do you have some link or documentation? It’s not that I doubt you it’s people aren’t going to believe it!

  2. BigPappa Reply

    August 29, 2013 at 10:04 am

    I’m surprised that today’s IIT didn’t mention anything about either/both of these:
    1. The FOP’s call for Connie Robinson to step down as President of the City Council and Rev. Brooks to step down as President of the Police Merit Commission.
    2. John Friend stating that he didn’t think that 911 Gives Hope should be given a discount for renting out The Ford Center for the Guns and Hoses event.

  3. Strunk_and_White Reply

    August 29, 2013 at 11:00 am

    last paragraph, it’s CREDIBLE, not CREDITABLE. Damn, I hate usage errors–makes me want to write a book . . .

  4. Indianaenoch Reply

    August 29, 2013 at 12:36 pm

    100,000 thanks for the CCO’s excellent and informative job.

  5. LewisRules Reply

    August 29, 2013 at 4:30 pm

    Why are you guys ignoring THE most important story of the year? First the cops bully a bicyclist. Now they’re trying to turn Evansville into a military-rule state like N. Korea -The cops are saying “screw the voters – we want these people out.” We the voters get to decide who stays or not. Not you bully cops. Looks like they’ve learned nothing from this incident – nor about simple U. S. Civics.

  6. ClassyEvillePolitics Reply

    August 29, 2013 at 9:37 pm

    From Facebook

    https://www.facebook.com/nancy.t.drake?fref=ts

    Nancy Tarsitano Drake
    August 24 near Evansville

    I AM SO STUPID! I just found out the Joe Wallace is the editor of the City-County Observer, an online publication biased against the sitting mayor and the former mayor in the most egregious way. I am embarrassed. No wonder he only has 1000 followers. His stuff is absolute crap.

    • NonsenseDetector Reply

      August 29, 2013 at 9:43 pm

      I saw the link. That woman has over 12,000 pictures of herself on her FB page. It takes a special kind of narcissist to do devote so much attention to herself. I have known Joe for a long time and I doubt that he gives a shit what a brainless socialite thinks or posts. As she said, she feels stupid. She is.

      • TreeHugger Reply

        August 29, 2013 at 9:54 pm

        I know Nancy and Joe both. If you want to get something done talk to Joe. If you want to get some gossip started tell Nancy. Nancy represents the demographic of the people supporting the hotel very well. She is old but to dumb to know it. She is also wealthy but most likely would not put any of her own money into his hotel. Nancy is the poster child for entitlement minded people. She couldn’t get her nose any further in the air if she tried. She is very full of herself.

      • Rails&RobertsStadium Reply

        August 30, 2013 at 12:49 am

        Nancy is the only person on that fb group that I absolutely, positively cannot stand. I’m going to act surprised to hear that she works for the C&P. And she’s a huge supporter of the mayor? Again- SURPRISE!

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