IS IT TRUE? July 23, 2011

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IS IT TRUE? July 23, 2011

IS IT TRUE that the results of the poll over at the Courier & Press show that 58% of the respondents do not want foreign money borrowed to build a downtown Convention Hotel in Evansville?…that we are shocked and amazed that the citizens of Evansville would have such prejudice against the greenbacks from another culture being used to fund a project here?…that there must be some misunderstanding of the question as it was asked?…that Mayor Weinzapfel, the president of USI, and Greg Wathen just travelled to Germany in an attempt to attract some “foreign” money to invest in the local economy?…that if all of the businesses that were funded with “foreign money” from Sabic to Toyota that employ people here packed up and left town that we estimate that at least 25,000 jobs would be lost?

IS IT TRUE that this is a teaching moment and that the lesson to be taught is that investments from other cultures and other countries are both necessary and stabilizing in a world that is increasingly volatile?…that businesses and the countries that depend on business taxes are very reluctant to attack places where they are making a profit?…that the color of money is considered to be green the world over and that if the people of Evansville are having a hard time understanding this that the EVSC and the private schools in this community need to start teaching something about the benefits of foreign money coming here to young people?

IS IT TRUE that the preferred financing method for this downtown Convention Hotel would be if a local bank such as Old National that has a vice president on the Evansville Redevelopment Commission would make the loan to one of the two local companies that actually stepped forward to make a bid?…that we wonder if Old National or one of the other local banks has been approached to finance this deal and what the answer was?…that we are sure as we have published extensively that there is a real problem with the value of the collateral being too low?…that once again Evansville businesses are forced to seek financing elsewhere because Evansville people and businesses will not invest in Evansville?…that the interest on the loans for the hotel will be between $1.3 Million and $2.0 Million depending on which financing materializes?…that this is money that could have stayed in Evansville to be re-circulated?…that due to the conservative nature of our people and businesses that this money which could have employed people here, increased earnings here, and been loaned out to other businesses here, shall be gone forever to foreign shores?…that it is a darn shame when foreigners (or Californians) are the only people who have enough faith in an Evansville project to invest in Evansville?

IS IT TRUE that amid all of the hubbub over the EB-5 foreign investment that Mole #69 tells us that there was a letter sent to the IEDC on City of Evansville letterhead and signed by Mayor Weinzapfel on behalf of Woodruff Hospitality LLC?…that this letter is to certify that the Census Tract in which the hotel will be is indeed a Targeted Employment Area?…that this letter also set forth the number of jobs created by the hotel to be nearly exactly the number that will be required to get an EB-5 project approved?…that this letter seems to make it quite clear that Mayor Weinzapfel was not only supportive of EB-5 financing but that he thought it to be a viable solution and was working to assist Woodruff Hospitality LLC in obtaining it?…that sending Mr. Kish forth into the City of Evansville to disparage the viability of this financing mechanism after supporting it is a disingenuous flip-flop?

IS IT TRUE that between CCO Moles and interested parties it is beginning to sound as if both the Kunkel Group and Prime Lodging may be very challenged to emerge from the VETTING PROCESS successfully?…that tag team inquisitions and newspaper interviews attacking financing sources do not a VETTING PROCESS make?…that we are also hearing that most of the actions that are thought to be VETTING are nothing more than the GOOD OLD BOY network playing at real business again?…that is a darn shame?

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8 COMMENTS

  1. Wouldn’t a fair vetting requirement be for the developers to list all of the Banks contacted previously, along with offers made or declined ? And running a credit check would confirm those institutions who themselves “pulled a credit report” ?

    • Everything about the Arena and Hotel project has been done in secret and with out any accountability. The banks in Evansville know this and that is why they are not running after the Mayor or the Cleveland con man with bags of money! This has been a make-it-up as you go along project. My fear is not only will the Arena fail, but it will take the Philharmonic and Centre down with it! Just wait until all three have a Saturday night event planned! The way this City is going the Mayor should redo the River House Hotel. This flop house would surly accomodate what few visitors we have!

      • so ONB has no problem accepting $ 100,000 for an insurance consulting gig which yields 3 pages of spreadsheets, yet doesn’t feel the need to finance the project ? Nice ONB ! Give back the $ 100K , ONB, do the right thing for the people of Evansville ! If you won’t take the risk, you don’t deserve the reward.

  2. On the findings by Mole # 69: I have no problem whatsoever if JW went to bat for Woodruff Hospitality in support of their financing when Woodruff was the ONLY developer in the running–that’s what Mayors do to drum up consensus. However, now that there are two ponies in the race, for JW to come out and attack the same form of financing (EB-5) which was endorsed before, and is now being sought by only one of the two developers seems, in my opinion, an attempt to try to steer the project to the “favored son” developer.

    Veteran vetters will want to know more about this ‘flip/flop’–nice catch, CCO Editor ! BTW, Mole # 69, where do you find time for research, given your hobby ??

  3. I don’t know about the rest of us, but election day and New Year’s Day can’t come soon enough for me.

  4. It sounds like the people who helped Weinzapfel dig the hole that the City of Evansville is in are now in charge of getting us out of the hole. Sorry guys, these democratic one-trick puppets are only programmed to dig. Shutter all decisions until after the first of the year when the democratic machine will be de-fanged.

    Clean the debris, plant some grass and let the next Mayor and Council work some magic. We have had enough black magic during the last 8 years.

    “Let the Lord of the Black Land come forth, so that justice can be done upon him”

  5. Hey CCO, post the letter and expose this two faced punk once again for who and what he really is.

    That sounds like something that Weinzapfel would do. This is all fine and good and worthy of support when my cronies are getting the construction contract, but it is a sham if this foreign money is to be used by someone that is not on the campaign donation list it must be suspect. PiZZ on this weasel.

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