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.