IS IT TRUE December 11, 2014

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IS IT TRUE as it sinks in that the Old National Bank headquarters in downtown Evansville, which is a world-class building with the absolute top of the line office space with an adjacent parking tower has been assessed at only $31.7 Million, we must consider just what effect that assessment will have on other downtown properties?…knowing by virtue of public records that this property sold for approximately $67 Million in 2006, it must be assumed that the review committee of the assessors office agreed that the value of the property has fallen by $35.3 Million in the last 8 years?…the ONB headquarters is one building in downtown Evansville that has pristine maintenance, a marquee location, and a stable long-term tenant?…if the ONB headquarters has fallen in market value by 53% we shudder to think about what some of the other buildings like the McCurdy Hotel has fallen by?…the assessment of the ONB headquarters will by definition inspire other challenges to assessments which will reduce the flow of cash to the downtown TIF fund that was being counted on to finance other projects?…with an estimated refurbishment cost of over $10 Million for the McCurdy Hotel, using the ONB headquarters as a comp may just eliminate any possibility to fund both the McCurdy and the old Jackson House next door through conventional financing methods?…the same will apply to the downtown convention hotel which was promised to us for no public subsidy by then Mayor Weinzapfel 2,372 days ago?…this may even cause problems for the IU Medical School building which is slated to be owned by private investors?

IS IT TRUE one of our financially astute moles has pointed out that since the City of Evansville’s $20 Million bond commitment to subsidize the hotel was once approved there is a logical train of thought that leads to the conclusion that HCW does not have their loan in place yet?…assuming that ONB is good for their $14 Million contribution under the guise of naming rights and that the City of Evansville really can sell these bonds, that there is only one thing that could be holding this project up and that is the remainder of the funding?…outside of funding issues which along with valuation has been a monumental problem from day one, there are several moles that tell us that the hotel is still way over budget due to the reluctance of local firms to work with Hunt Construction that was the prime contractor for the Ford Center?…the one thing that is for certain is that the start date to avoid inclimate weather has passed and if the truth was told by Mayor Winnecke back in October we are now looking at a Spring 2015 start date if there is one at all?

IS IT TRUE the Mayor’s office must have been in some real need of a positive day of spin to have staged a publicity stunt out at Sigma Packaging over an announcement to hire 17 people?…one would think that incentives and golden shovels would not be necessary when a company expands by only 17 people with jobs that pay just over $20,000 per year?…this did not make anyone forget about the troubles down at MLK and Walnut, where the City is fighting like the dickens to spend $77 Million and end up owning nothing?

IS IT TRUE that the Evansville Convention and Visitors Bureau has announced that it will be providing a matching grant in the amount of $300,000 for the Mesker Park Zoo to use to purchase a merry-go-round and an aviary?…the cost estimate for these items is $3 Million?…we wonder exactly where the other $2.7 Million is coming from?…we wonder if a city that can’t afford to change the oil in the police cars seriously afford to consider dropping $2.7 Million on a merry-go-round and a bird cage?…these are nice little cutesy things that we are sure the children will like but spending money like this when one can’t change the oil in a fleet of squad cars is just plain stupid?…that said, if some private individual is willing to come up with the $2.7 Million balance, we will be the first to thank them?

IS IT TRUE we are relieved to learn that the United States Congress seems to have reached a deal that will avoid another government shut down?…there are things in this bill that the democrats are angry about and there are things that republicans are angry about, but the good news is that these suckers finally seem to have worked together to get something done for the American people?…we have little worry for the grandstanding of either side about what is not perfect about this continuation resolution for the ideals of their side?…it is about time this particular congress took a shot of courage and sent something to the President for a signature that is a compromise that will work?

IS IT TRUE we are all benefiting substantially by the drop in gasoline prices and it could not come at a better time?…it is estimated that the average American family is saving about $120 per month on gasoline relative to the price last summer?…that money and the positive attitude adjustment that always comes with falling gas prices should be good for the Holiday season when we all typically give gifts to our loved ones?…whether we like it or not this drop in gas prices was brought to us by added production in the United States of both oil and gas?…we are sure that someday oil will be over $100 a barrel but for now this collapse of prices has been just like getting a raise?

FOOT NOTE: Please take time and go to our “Readers Poll” and cast your vote on the question of the day.

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19 COMMENTS

  1. I can only assume that the CCO supports the president’s executive order regarding the 5 million illegal aliens and granting them amnesty contrary to many who believe that he has overstepped his authority found in the Constitution. For me to be okay with the omnibus spending bill, there must be a provision that prohibits the administration from implementing the president’s amnesty plan. I’d rather see Congress include provisions to stop the president’s amnesty and only fund the government possibly until February or March. At this point if the president decides to veto a budget passed by a Republican Congress, any shut down that may ensue would be squarely on his shoulders.

    I love the fact that the United States is now the world’s leader in oil production, but this also means that the economies of oil producing nations in the Middle East are suffering. This will cause more instability, but never fear because the man wearing the bright red cape with the letter “P” emblazoned on his chest will certainly come to the rescue to save all of us.

  2. IS IT TRUE -“knowing by virtue of public records that this property (ONB) sold for approximately $67 Million in 2006, it must be assumed that the review committee of the assessors office agreed that the value of the property has fallen by $35.3 Million in the last 8 years?”

    ~b~ Either this town is dying or ONB has a very good. … and very foolish friend down at the Assessor’s office.
    One willing to stick his neck … WAY OUT THERE.

    This information should help anyone who receives an increase in property tax assessment.

    _____

    IS IT TRUE- “the one thing that is for certain is that the start date to avoid inclement weather has passed and if the truth was told by Mayor Winnecke back in October we are now looking at a Spring 2015 start date if there is one at all?”

    ~b~ If the truth were told by Mayor Winoccio, he might turn into a real boy.

    _____

    IS IT TRUE- “this did not make anyone forget about the troubles down at MLK and Walnut, where the City is fighting like the dickens to spend $77 Million and end up owning nothing?”

    ~b~ Oh we will own something alright. We will own the nickname “SUCKERVILLE!”
    Where one is born every day and two relocate.

    _____

    IS IT TRUE – “we wonder if a city that can’t afford to change the oil in the police cars seriously afford to consider dropping $2.7 Million on a merry-go-round and a bird cage?”

    ~b~ How about using some ECVB money to refurbish and promote Mesker Amphitheater? How about aggressively marketing Southern Indiana’s best kept secret?
    … “EVANSVILLE” …

    _____

    IS IT TRUE – “we are sure that someday oil will be over $100 a barrel but for now this collapse of prices has been just like getting a raise?”

    ~b~ More like temporarily escaping a choke-hold than getting a raise! A raise could last awhile. … LOL!

    HAPPY THURSDAY! …

  4. “… it must be assumed that the review committee of the assessors office agreed that the value of the property has fallen by $35.3 Million in the last 8 years?” (CCO)

    * * * * * * * *

    Horse hockey!!! What planet are we living on anyway? They can not believe that the public is gullible enough to buy this crap, so one is left with the reality that they just do not give a fig what the public thinks. Their mindset is that the public is impotent to DO ANYTHING ABOUT IT, and unless and until someone files suit over this assessment, these abuses will continue!

    • An informed, concerned public would be all over the load of fertilizer Bill Fluty just dumped on our heads. Sadly, Evansville does not have that asset. We have the only thing worse than no newspaper. We have a rag that purports to deliver news, but it spews pro-machine propaganda. Most of the television stations simply read aloud whatever the propaganda rag prints, so there is no news delivered to the people who really need to understand what is happening here.
      I am hoping that there will be a concerted effort to engage the voters in the coming City elections. The “peaceful protest” planned by CCO in March will hopefully provide an opportunity for involved people of all persuasions to join together to urge more people to participate in government. I just want to see people come out and VOTE. If we can get a representative outcome, I will be pleased, no matter the outcome. Of course I’d be happier to see Gail Riecken become our first woman Mayor, but I can deal with whatever a real majority of people want.

      • LKB , this “real majority” is just the latest Democrat excuse for having their ideology rejected.

        if Gail is elected, no matter the turn out, she will be my mayor. I will support or oppose her based on her proformance at the time not on the past.

        If she proves to be part of the machine, I hope that you will continue to “war against the machine” if it is a Democrat woman as much as you have against a Republican man.

  5. DOWNTOWN HOTEL–Louisville style !
    Project: Center City District
    Developer: Cordish Co.

    Hotel: The Omni Louisville Hotel
    600 Guestrooms and Suites
    70,000 SF of meeting space
    Spa, Fitness Center, two full-service restaurant
    Rooftop pool-side cafe, street level retail, lobby lounge

    Cost: $ 260 Million
    $ 105 MM–Omni; $ 30 Million Cordish; $ 126 Million City/State

    City/State: $ 126 Million
    $ 90.5 Million–State (tax rebates);
    $ 35.5 Million–City, comprised of: $ 17 Million value of land , $ 17 Million parking garage,
    $ 1.5 Million contingencies.

    • Comments on Louisville Hotel:

      1) What has been glossed over in Evansville is the fact that these hotels build large meeting areas WITHIN THE HOTEL. In other words, the idea of saving The Centre by an adjoining Convention Hotel is so 1990’s. Have your convention within the hotel;

      2) City of Louisville used land, which they bought decades ago, and got credit for $ 17 Million of contribution based on current values–smart. For $ 17 MIllion cash for a parking garage and $ 1.5 Million potential cash for contingencies, City of Louisville has leverage a $ 260 Million transaction; and

      3) If you were going to plan a Convention, would you rather go to Louisville or Evansville ?

      • They were having issues with their yearly debt payment on their Yum Center as well. Projections of income not being met from the original designated sources!

        • Louisville will spend $ 18.5 Million ($ 17 Million Garage, $ 1.5 Million contingency) on a $ 260 Million project, which is: 7 % of the total project;

          Evansville will spend $ 20 Million subsidy on a $ 71 Million project ($ 20 Million City, $ 14 Million ONB, $ 37 Million HCW), and the $ 20 Million City is: 28 % of the total project.

          Which City is in the best position to use TIF to pay for its outlay ???

  6. From IIT. The city is fighting like the dickens to spend $77 million and end up with nothing. That’s it in a nutshell.

  7. Cops are now planting extra rowdy violent protesters in the ferguson protests. Much like the republicans plant troublemakers at peaceful union protests. Of course morons like IE just take whatever the conservative media spoon feeds them at face value.

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