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IS IT TRUE? PART 2 August 1, 2011 IT’S McCURDY DAY IN EVANSVILLE

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IS IT TRUE? PART 2 August 1, 2011 IT’S McCURDY DAY IN EVANSVILLE

IS IT TRUE that there is no longer any reason for the City of Evansville to rescind the deal down at the McCurdy like they had to do with Woodruff Hospitality over the new downtown Convention Hotel?…that the McCurdy Hotel deal is now in default and is as dead as the witch of the west when Dorothy threw water on her?…that the little four year non-performing perpetual extension machine is finally over?…that there are now three actions that the City of Evansville can take with respect to the McCurdy?

IS IT TRUE that the first thing that the City of Evansville can do is to extend the contract like they have done again and again?…that if this is the route taken that once again City Centre Properties will have this old treasure by the throat as the exclusive developer in search of funding?…that to extend the exclusive period would keep the City of Evansville from issuing a new RFP or talking to other potential developers?…that would be as brain dead this time as it was last time?…that this situation needs to hit the reset button just like the downtown Convention Hotel did?

IS IT TRUE that the City also has the option to put out a new RFP with a call for bids from developers that may wish to respond?…that such developers could suggest what incentives are going to need to be offered to get the financing needed to convert the McCurdy Hotel into something that is beautiful and useful as opposed to a convalescent home for pigeons and bats?…that serious consideration should be given to turning the McCurdy back into a vintage hotel?…that the cash flow from a hotel is more valuable from a space perspective than apartments are?…that if 90 apartments can be made from the space available that maybe a 150 or so room vintage hotel could emerge?…that with the cash projections from a hotel like this run like others at 60% occupancy and $100 per day that each room would generate about $1,800 per month or a grand total of $270,000 per month?…that 90 apartments at 85% occupancy and $900 per month only yields $68,850 per month?…that one of these things may actually attract enough cash interest to do this job ($15 M – $18 M) and that the other never will?

IS IT TRUE that the third option and often the chosen option by politically motivated types is the option to do nothing and hope no one notices?…that we bet that this will be what happens?…that if the ERC and the City of Evansville take this approach that they can cross their fingers that City Centre comes to the table someday with a financing package and still try to work quiet back door deals?…that this silence option has SNEGAL’s fingerprints all over it and keeps the Mayor and his minions off of the front page with yet another embarrassing project that fell apart for lack of oversight and failure to calculate realistic valuations?

IS IT TRUE that we hope that the Evansville Redevelopment Commission asks for a “2 for the price of 1” deal when it comes to vetting because someday the McCurdy will be in need of that same vetting service?…that we encourage option #2 that is issuing a new RFP for the McCurdy project as soon as possible so that he next administration is not stuck with another “pig in a poke”?…that doing nothing only works if the mainstream media of Evansville goes into hibernation for the remainder of the Weinzapfel Administration?

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9 COMMENTS

  1. Did I read somewhere that the last set of developers received $1,000,000 up front? If true, are there any plans to recoup this money?

    I certainly hope so!

    • They did what they were told to do, kick a few 100k over to Johnny’s reelection coffers (indirectly) and skipped town with the rest….so it would seem we’re down about 1.7 million (if we count that 600k+ parking lot) on the McCurdy fiasco and back to square one! Johnny should just sign off on it like he did the stadium…leave the mess for the next guy, he’ll have plenty to deal with along with the sewers.

      Again JMHO

    • City Centre Properties received $800,000 from the City of Evansville which they promptly paid to he City of Evansville for the McCurdy and the parking lot that the city paid $603,000 for.

      So, the city is out $1,403,000 and City Centre owns the property. The are behind on taxes and now the city could have a very difficult and long legal battle to get this property back. Why they chose to deed this over to them after letting them pay with our money is just unbelievable. I man, how effing stupid can a governing body be.

      It could take 2 years or more to unwind this mess. The cleanest way would be for the idiots on the ERC to offer City Centre market value to buy it back. Sounds sort of like the Executive Inn/Browning deal doesn’t it.

      This is the kind of deal that should end the career of every political appointee or elected official with their fingerprints on the deal starting with Mayor Weinzapfel. He howled for the heads of the CVB board over a $3,000 dinner and now he has squandered $1.4 Million and counting on this deal. Can this clown even count?

        • City Centre Properties of Indianapolis. The own the McCurdy too. It could take years of legal action to get this back for the City of Evansville to do something positive with this property. What happened with the McCurdy is the equivalent of an out of town developer shaking down local fools for what should be and could be valuable property.

  4. Is anyone keeping a tally of how much much the Indy Carpetbaggers have clipped Johnny and the ERC gang for?

    • I would guess in the last eight years of King John’s rein we would be in the 10’s of millions of dollars, but if you figure in the arena it’s easily 100’s of million’s of dollars that they have clipped the taxpayers of Evansville for, other then being enablers (partners in crime) Johnny and the ERC are the prime suspects (persons of interest) in any criminal preceding that may arise. (think Rod Blagojevich)

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