Below is the link of the “NAMING RIGHTS AGREEMENT” contract between the County Commission and Old National Bank.  We wonder if a formal Request For Proposal was publicly posted in area legal notices section in order to attract other possible firms to bid on Naming Rights opportunity of the Centre?Â
We are puzzled why page 10 of this agreement was left intentionally blank.  We also can’t find the $14 million payment terms between the County Commission and Old National Bank in this agreement.  Please take time to read the entire link to “Naming Rights Agreement” and post your comments accordingly.Â
Please make Marsha Abel go away. She represents all that is wrong with public office: incompetence, ignorance, and inflated sense of self worth.
And Troy T. would have represented something different?
Marsha-Marsha-Marsha.
It’s time for a change. Bruce Ungethiem for County Commissioner. Enough of Abells back room political dealing. Lets get rid of the back room political patronage Queen.
What exactly has Bruce Ungetheim ever accomplished that makes him a serious candidate for office? NOTHING!!
Please ask the same question of incumbents at all levels.
There needs to be some modification to this resolution before the county council puts its stamp of approval on it.
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You know… I might just be some Podunk country boy and all, but if the County has spent all this time, marketing, and money promoting “The Centre”, why didn’t ONB just capitalize on that and call it “The ONB Centre”?
I understand they want to try to force locals into calling it something other than just “The Centre”, but this feels like a miscalculation. Had they gone for “The ONB Centre”, they may have been able to, with careful marketing, been able to get the public to eventually just call it “The ONB”.
“The Old National Bank Events Plaza” sounds like something you end up with when you send the oldest, most out of touch marketing suit in the building to come up with a name on his daily siesta.
Section 4.1 deals with the $14m investment.
It says ONB will make “up to” $14m in “economic investment in downtown Evansville, Indiana, including specifically the downtown hotel project”.
So what the County has done is used this contract to lock in ONB contractually for that promised investment on the hotel; but the problem is – and this is the kicker – all this contract does is hand ONB a lock on advertising, 10 free VIP tickets to every single event held at The Centre, 2 FREE RENT private events for ONB annually, for an investment “up to” $14m! This is not a minimum investment at all. It’s a CAP!
This means ONB could invest only $1 total for the duration of the contract and technically not be in breach!
I sincerely hope the dipshits representing the County in this deal haven’t signed this as it is. It gives naming rights to ONB and they get to basically name their own price. Don’t believe me? Read it.
Holy hell. Just finished the rest. They signed it. 30 years of naming rights have just been practically given away. There is no guarantee of minimum investment anywhere in this contract.
ONB made out like Faust.
The centre had very little brand value and awareness to it. Plus the idea was to intentionally get away from the centre name as it borders two centers, one of which should be called fieldhouse. The saddess part to me from that lot was the amazing ufo style architecture that was lost in the previous convention center’s demolition.
Forget the name. This deal has way bigger problems. See my other comments.
You are correct about the rest. Where was the oversight in this deal?
Not going to offer to pay much, just what it’s worth, but I will throw in Two Cents,–maybe, to bring Evansville the recognition it’s due for the next 100yrs:
Snegalville, Indiana.
In review of the document, why would the county give up assumed naming right value in return for someone agreeing to promote an unspecified development downtown, or maybe a particular party is being challenged to raise committed funds for a particular downtown hotel? Now, who in the hell drafts and signs an agreement with page 10 blank. Why would anybody be surprised regarding the players in this incredible event, well, it is no one but the queen of back room deals, Ms Marsha Abell, remember the Homestead Credit denial meeting, yes, Marsha was one of the attendees. Of course, she has selected memory…
I do not believe I ever saw in the public record where the county advertized for bids for the naming rights to The Centre.
Had the county council at least made that effort, this would not be quite as obvious as being just another back-room deal between local politicians and businessmen.
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I think that fact indicates the total lack of respect for the electorate that these crooks have. They are pretty sure they were elected by morons, and they may be right.
Oh, yes, I remember Ole Marsha, wasn’t it her turn to bring the donuts? Yes, I think it was….the minutes read, Weinzapfel, Jarboe, Winnecke, John, Abell, Fluty…I think they had a quorum.
I am sure that many investors in Old National Bank are wondering from where this $14. Million one time payment will be taken. Will it come from net profits? Will it somehow be plugged into the operations budget? Was there unanimous approval by the Board of Directors of ONB for this expenditure?
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It isn’t $14 million. It is UP TO $14 million, which could be $1.
You have no idea how big a deal this is from a regulatory point of view. If this does not prove that they could not get investors for this deal, lied about getting invetsors to start with acting as a sort of investment bank, and just bailed out the CEO out of his one page statement beofre the city council that was just posturing, I don’t know what does. ONB can not make an equity investment in a hotel period; given its size it can not fund this type of loan without particpants and good luck finding that for several reason. It appeaed to some that funding was more certain when certain ONB officals appeared before the ERC talking about hotel fnancing terms; this of course was just more posturing. If ONB had made a $14 million loan for a hotel, the examiners would have went through that loan approval for years to come. This way it gets written off in a more obtuse way with no one holding the bag for making a bad loan. All you did was just buy naming rights right?
The OCC will be very interested and please don’t assume they have vetted this with the regulators. First, they will compare this to the Murat Theater sponsorship that ONB has in Indy and compare terms to see if this is not simply end run finanincg. Second, the ability of ONB per section 5.2 to cancel at any time and for any reason the agreement will be evaluated.
The whole truth and nothing but truth with repsect to this hotel is not froth coming. As such, you have this circus going on due to lack of leadership and planning. When people have light and truth they find their way. Right now you have a pi $$ing contest to see who has the largest uretha to force flow this hotel thru; sure it stains and smells like hell ,but its steral and the local nobilty thinks it tastes like lemonade.
LOL and +1
Lemonade?
LOL +2
I’m totally surprised that County Commission attorney Joe Harrison, Jr would style a legal contract like this. Shameful.
Please Bruce please tell us you will run against Marsha the mouth. It’s time we retire this two face self serving political person from elected office.
I am more shocked that anyone is surprised by this. The hotel deal is still ridiculous when everyone is celebrating handing over the lower amount and now this. Are we trying to attract every scam artist in America to this area? Do I have a deal for you… Vanderburgh County’s new slogan.
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