IS IT TRUE? September 21, 2011 Part 2

11

McCurdy
IS IT TRUE? September 21, 2011

IS IT TRUE that finally the words that the Evansville Redevelopment Commission, the City County Observer, and a host of others had been wanting to hear regarding the McCurdy Hotel were spoken yesterday by Mr. Steve Scott of City Centre Properties?…that those words in the status report were “our financing will close by October 31st and we will start the refurbishment in November”?…that this brought smiles of relief and applause all around the room?…that we had all better hold our rabbits foot and cross our fingers that this does not vaporize like many other such statements have over the last four years since the press conference announcing this project?

IS IT TRUE that when the City County Observer asked Mr. Scott after the status report if the real estate taxes on the McCurdy have been paid that he said he would have to get back to us on that?…that when he was told that the Vanderburgh County Assessors website indicates an overdue balance in the amount of $12,274.76 yesterday morning that he had little to say other than that he would have to check on that?…that this amount when compared to the total cost of this project is only 0.10% of the approximately $12 Million total?…that having an overdue tax bill of $12,274 (0.10%) is not an indicator of financial strength and makes us a bit pragmatic regarding getting enthusiastic for this project really moving ahead?…that an equivalent scaled transaction would be making a deal for a $20,000 car and not having the $20 (0.10%) to pay the recording fees?

IS IT TRUE that on the morning of September 21, parcel #82-06-30-020-005.002-029 also known as the McCurdy Hotel and located at 100 SE Riverside in Evansville, IN indicates that there is still a delinquent tax amount of $12,274.76?…that if we can report that the taxes are paid on this property that the CCO will become more enthused about the proposition of this project moving forward?…that the RFP for the downtown Convention Hotel required developer equity to be invested?…that whichever company chosen to develop that hotel will have significant skin in the game from day 1?…that the financial details as presented regarding the McCurdy project calls for absolutely ZERO DOLLARS of developer equity?…that between City of Evansville direct contributions ($1.403 Million), US Park Service Tax Credits ($1.8 Million), an FHA backed loan ($8.2 Million), and a bridge loan of $1.8 Million that this is a classic NO DOWN PAYMENT deal that is financed or guaranteed with GOVERNMENT MONEY?…that as much as the McCurdy will be a classy addition to a slowly developing downtown Evansville, it is just demoralizing to see out of town people getting a 100% financing package from the people of the United States to do this?…that we also wonder just how much of a market there is for luxury apartments?…that we shall see as this unfolds?

IS IT TRUE that we are quite pleased that the park at 4th and Main will be getting a facelift and reliable stewardship?…that this park has gone from being a nice place to sit for lunch to a gathering place for street people and drug dealers?…that it is a wonderful thing that the Kempf family is partnering with Keep Evansville Beautiful to do and we are looking forward to spring of 2012 when the work will get started?

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11 COMMENTS

  1. Ahh, City Centre Properties…

    Can we start to refer to them as, Taxzapfel’s “Solyndra”?

  2. Show me the commitment letter and that puts all speculation to rest…hard to believe given the supposed experience on this committee that no one has asked to see it…just like it’s hard to believe that no one has asked the commission if they have ever seen a feasabilty study with respect to the hotel done by a reputable 3rd party to see what type of backstop the city will have to provide…that would make me applaud

    • So cdad, it sounds like you would like to see City Centre and Mr. Scott VETTED as is finally happening with the other hotel.

      Good call and it is unbelievable that this has not been discussed with this guy who has been donating money to Weinzapfel’s coffers while not paying his real estate taxes.

      First Rule of Vetting: If the tax is not paid, out the door you go.

      Yet all of the ERC was smiling and applauding yesterday based on a repeat performance by Mr. Scott. I mean, how many times do we have to get burned to learn. At least Bob Goldman had enough sense on TV last night to say it is not time to celebrate yet.

      How about checking some credit and taking a pulse Bobio. If this guy can’t pay $12000 then he can’t do this project even if it is free government money backing him.

  3. Is it true that the Kempf family, while deserving of much praise for their joint efforts with KEB own only the smaller portion of the park at 4th and Main? That the larger portion of the park is owned by Old National Bank?

    Is it true that after the Kempf family and KEB, together hopefully with ONB, refurbish the park at 4th and Main it could become an even nicer “gathering place for street people and drug dealers” unless something is done to prevent the problem? That something could be done to prevent drug dealing at the location whether or not the park is beautified first?

    • You are most correct veracity. The drug dealing could have and should have been controlled many years ago. I believe that the ONB part of the park either has or will change hands soon.

    • The Kempf family owns only 37 frontage feet (Main St.) of the 169 frontage feet of the park. Old National owns the other 132 frontage feet. All the lots are 144 feet deep.

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      • Press, keep this very quiet. The mensa level ERC may get interested and buy it for $500,000 to be the third parking lot for “residents” of the long vacant McCurdy hotel. Shhhh.

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