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EDITORIAL: Who Pays for the Financial Losses of the Evansville Thunderbolts?

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Who Pays for the Financial Losses of the Evansville Thunderbolts?

Scott Schoenike of VenuWorks of Evansville LLC stood before Evansville City Council on Monday April 24, 2017 and made some statements that raised many eyebrows about whether VenueWorks is a non-profit alter ego of the Winnecke Administration or a subsidiary of a for profit business from Ames, Iowa. The Indiana business registry would lead to the conclusion that VenueWorks of Evansville LLC is a wholly owned subsidiary of a parent organization from Ames, Iowa. Mr. Schoenike’s statements most certainly seemed more like the words of a patronage worker seeking the favor of the Winnecke Administration than the General Manager of a subsidiary of a for profit company.

Mr. Schoenike clearly stated before the City Council that “the organization aims to break even” and went on to say that their primary interest is “to bring economic development to downtown Evansville”. First off, no for profit company of any value “aims to break even” or exists to further the civic interest of a city. All of this discussion of organizational goals and the 4 line spreadsheet that Mr.Schoenike presented obscured the reason he was asked to speak in the first place. Mr. Schoenike was before the City Council to discuss the financial performance of the Evansville Thunderbolts semi-pro hockey team that had just finished its first year in the Ford Center. Nothing that he said addressed that question.

To understand what risk if any that VenueWorks of Evansville LLC may have with respect to the Thunderbolts, one must first examine the latest addendum to the agreement between VenueWorks and the City of Evansville through its Evansville Redevelopment Commission. This agreement deals with the operation of Thunderbolts in addendum #6 where it is clearly stated: “VenuWorks shall be entitled to utilize facility (Ford Center) staff and resources reasonably necessary in connection with its operation of the SPHL Franchise”. During any such periods in which VenuWorks operates the SPHL Franchise, ALL OPERATING EXPENSES OF THE SPHL FRANCHISE SHALL BE DEEMED AN EXPENSE OF THE FACILITY (Ford Center) AND ALL OPERATING REVENUES OF THE SPHL FRANCHISE SHALL BE DEEMED A REVENUE OF THE FACILITY (Ford Center)”.

This translates as the taxpayers of Evansville will provide free labor to support the hockey team and all operating expenses associated with the team will be borne by the Ford Center. As revenue also accrues to the Ford Center, the reality is that when it comes to the Thunderbolts, VenuWorks of Evansville LLC is not at risk for financial performance. Having a goal to break even under such an agreement is exactly what a for profit entity that is paid $390,000 per year for management services would benefit from. Under the terms of the addendum #6 to the original agreement the taxpayers of Evansville are saddled with the losses associated with the SPHL franchise and VenuWorks is paid a fee for management services. This is a heads they win, and tails the taxpayers lose scenario.

The question then arises as to just what that spreadsheet was and what entity was it about? One thing for sure is that someone lost at least $1,365,506 during the last three calendar years and is planning to lose a projected $689,949 in 2017. So the first question is just who lost that money and who paid for the losses. Nothing in Mr. Schoenike’s presentation answers that question. It is also clear that these numbers are aggregated with other Ford Center activities and obscures one’s ability to understand what is doing well and what is not performing well. We will assume by the rapid and visible exit of former 10% shareholder Mike Hall that the Evansville Thunderbolts did not perform well financially.

To his credit,  Evansville City Councilman Justin Elpers tried to get to the bottom of that question and was frustrated by either ignorance or intentional obscuring the reality of the Thunderbolts by Mr. Schoenike. It is not known whether or not Mr. Schoenike understands how to present a profit and loss statement or a pro forma, but it is obvious to anyone who has ever been familiar with such things that the spreadsheet presented to the City Council is neither. It is interesting that Councilwoman Anna Hargis who is a CPA and most certainly should know a P/L from an aggregated spreadsheet sat there in silence. It is disappointing that the Evansville City Council is either lacking the expertise or the fortitude to do the diligence required to understand whether the Evansville Thunderbolts are a worthy investment of public money or another money pit like the facility they play in. The people of Evansville deserve to know how the Thunderbolts are performing, who is covering any losses, and whether or not there is any hope of ever having a financially successful hockey team of any kind.

Mr. Schoenike stated that utilities for the Ford Center are not included in his spreadsheet. Upon hearing this the CCO did a nationwide search of public hockey rinks and found one in Pembroke Pines, Florida that only seats 2,000 people (similar to Swonder Ice Rink). That facility spent $420,000 in 2016 on utilities with $390,000 for electricity and another $30,000 on water. Given that Vectren has higher electric rates and that the air volume in the 11,000 seat Ford Center is many times greater than the Florida facility, it is not a stretch to estimate that the Ford Center’s total utility costs per year are on the order of a million dollars.
We call upon the Evansville City Council and encourage Councilman Elpers to ask specifically what the utility bills for the Ford Center are and who pays them. Until someone advises us differently, we will assume that the utility bills of the Ford Center are aggregated into the City of Evansville’s bill and that they exceed a million bucks. Councilwoman Hargis on the other hand needs to utilize her CPA for the people of Evansville and force a decoupled analysis of exactly what each activity at the Ford Center costs. The time for hiding loses by aggregating them with winnings is over and if Ms. Hargis is really a CPA worthy of her license she will take this upon herself to do.

The other item that is conveniently ignored is the $127 Million debt taken on by the City of Evansville to build the Ford Center. Who is paying that and what is the source of funds. It is widely suspected that the Riverboat Fund that was supposed to support capital asset purchases is absorbing most of the $8 Million per year payments on the debt.

Ford Center was sold to the people of Evansville by the Weinzapfel Administration as “going to have positive cash flow including paying the note on the debt”. At this point if one examines Mr. Schoenike’s spreadsheet the only logical conclusion is that the Ford Center is slated to lose at least $689,946 this year from operations, plus another million or so in utility bills just from day to day operations. That excludes the free labor provided to VenuWorks under Addendum #6. Adding that to the $8 Million non payments it is not unreasonable to conclude that the Ford Center is a $10 Million per year albatross around the neck of the taxpayers of Evansville.

Who is accountable for this debilitating miscalculation of performance? Nobody is accountable until the voters decide to dispense some accountability by tossing the rascals out. The reality is however that the rascals that did this were dispensed with by the late great Rick Davis in the Democrat primary of 2011. The rest of the taxpayers of Evansville are holding the bag for a $10 Million per year mistake that keeps taking on additional losers (on and off the ice) like the Evansville Thunderbolts.

Speaking of City Council rascals, at Mondays meeting President Missy Mosby (D),  Jonathon Weaver, (D), Finance Chairman Dan McGinn (R) and Michelle Melcher (R) all publicly expressed their strong support of VenuWorks overall performance at the Ford Center.

For now, we call upon the Evansville City Council to sharpen their skills in VETTING. Vetting as you recall is the process that failed the citizens of Evansville when Earthcare Energy LLC shook down a star struck but ignorant new administration for $200,000 and delivered nothing. A ten minute Google search of the United States Patent Office Registry at USPTO.gov by a competent novice would have avoided that debacle. It will take more than ten minutes to shake the necessary information about the Thunderbolts from VenuWork’s records. If this council fails to get to the bottom of this so a competent informed decision about hockey in River City can be made, the all need to be replaced.

FOOTNOTES:  If you would like to express your views on this subject please feel free to contact your elected City officials at the e-mails and or phone numbers listed below. 

WARD 1
Dan McGinn (R)-Finance Chairman
812-479-6336  or dmcginn@evansville.in.gov

WARD 2
Missy Mosby  (D)-President

812-453-6479 or mmosby@evansville.in.gov

WARD 3
Anna Hargis-CPA (R)
(C) 812-463-2551 or ahargis@evansville.in.gov

WARD 4
Constance Robinson (D)
(H) 812-425-2372 or connie@hmrdistribution.com

WARD 5
Justin Elpers (R)-Vice President
(C) 812-454-3479 or jelpers@evansville.in.gov

WARD 6
Jim Brinkmeyer (D)
(C) 812-480-6909 or jbrinkmeyer@evansville.in.gov 

AT-LARGE
Dr. H. Dan Adams (D)
(H) 812-425-4220
(C) 812-459-4221
drhda501@aol.com

AT-LARGE
Michelle Mercer (R)
(C) 812-568-5393 or  mmercer@evansville.in.gov

AT-LARGE
Jonathan Weaver  (D)
812-568-0562 or jweaver@evansville.in.gov

TODAYS “READERS POLL” question is: Are you disappointed in the Evansville City Council for not being more concerned with the contract between Thunderbolts/VenuWorks and the City?

 

 

 

 

 

CHANNEL 44 NEWS: Drone Video Shows Flooded Fields

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Drone Video Shows Flooded Fields

Intense storms moved through Friday night and well into Saturday morning, leaving behind major flooding across a huge portion of the tri-state. The rain started Friday evening and even though there were some breaks off and on, it was pouring well…

WAIVING THE WHITE FLAG AT BERKELEY

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WAIVING THE WHITE FLAG AT BERKELEY

By Rick Jensen

University of California at Berkeley Chancellor Nicholas Dirks, is either a raging liberal or an incompetent bureaucrat who has lost control of his campus.

Granted, it’s not an easy job to manage a campus where decades of liberal entitlement have devolved into the rather predictable violent rage that now consumes the campus and town.

After all, this is a town where legally marching down the street with a permit and an upright, properly displayed American flag draws crowds of smug, angry liberals shouting epithets.

Legally carrying a sign that says you support the Republican President brings liberals armed with rocks, sticks, M-80’s and Molotov cocktails burning in the street.

It is true that Trump supporters marching through the streets of Berkeley is certainly considered an act of war to the alt-left liberals and does, indeed, stir that hornet’s nest.

Some people believe those Trump supporters deserve to be attacked for daring to stage such an outrageous act of publicly supporting the President.

Others blame the actions of the leftists for their actions.

Either way, following the politically liberal attacks on Republicans at Berkeley, the Chancellor has one of two options: Surrender to the liberals the campus has spawned or defend free speech.

Dirks chooses to wave the white flag, giving control of his campus to violent agitators.

When Milo Yiannapoulos was to appear and give his usual snarky talk, skewering liberals as Bill Maher does to conservatives, 1,900 left wingers and agitators protested in Sproul Plaza, setting fires, beating and pepper-spraying Milo and Trump supporters and destroying property that their parents and federal loans pay for.

Dirks cancelled the speech.

When Trump supporters were attacked in another march, police kept their distance, telling reporters, “We don’t reveal our tactics.”

At this one, a couple of racists did infiltrate the marchers and one was caught on video punching a leftist woman foolish enough to try to push him around.

Now comes the scheduled, cancelled, rescheduled and re-cancelled appearance of Ann Coulter.

Like her or not, she is the author of multiple best-selling books and a hot commodity on the political talk show circuit.

She’s popular, formidable … and conservative.

For this reason, Chancellor Dirks cowered in terror behind his public relations director’s desktop, pushing out a flaccid statement supporting free speech while fearing the violence wrought by his own institution.

The late night talk shows regurgitate angry, smug humor about Trump, conservatives and anyone who doesn’t think like Seth Meyer, Stephen Colbert or Trevor Noah.

Samantha Bee titillates her liberal audience by publicly ridiculing and shaming children of conservatives on national cable.

There is now a popular medium of millionaire entertainers reminding their audience that they are smarter and morally superior to conservatives, and are thus entitled to their schadenfreude when a woman supporting life of the unborn is pepper-sprayed by a masked left-winger.

Now, suppose Trump himself were to agree to speak at Berkeley. Would Dirks ban him, too?

Of course he would.

A University Chancellor would likely ban the President of the United States from speaking to a group of students because he fears liberal students and left-wingers from off-campus would trigger thousands of dollars of insurance deductible claims at the idea of conservative ideas being advocated out loud.

At Berkeley, the left-wing censors have won through violence and intimidation.

What should Dirks really do?

Use social media, the newspapers, radio and media websites to make the message clear: Regardless of politics, there is no safe space for violent protesters.

You will be arrested. You will be prosecuted. You will be banned from every U.C. campus for life.

The university and town of Berkeley need to enact a broad ban on masks, like New York, making it illegal for anyone, “being masked or in any manner disguised.”

Arrest and seriously prosecute masked people immediately.

It’s better than surrendering your free speech to the left-wing mob.

 

 

Indiana Supreme Court Rejects ‘Dark Box’ Case, Lets Tax Court Ruling Stand

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Indiana Supreme Court Rejects ‘Dark Box’ Case, Lets Tax Court Ruling Stand

Olivia Covington www.theindianalawyer.com

A divided Indiana Supreme Court has denied review to a tax case involving the use of vacant, or “dark,” retail store properties in determining tax assessments for similar-functioning retail properties, allowing the Indiana Tax Court’s ruling in the case to stand.

In an order Thursday afternoon, Justices Robert Rucker, Mark Massa and Geoffrey Slaughter voted to deny review to Howard County Assessor v. Kohl’s Indiana, LP, 49T10-1502-TA-00004. The justices heard oral arguments on the petition for review Thursday morning after the Indiana Tax Court issued an opinion in September allowing retail stores to base their assessed valuations on similar “dark box” retail properties.

During arguments before the Supreme Court, counsel for the Howard County assessor warned the justices that allowing such a practice to continue would redefine the term “market value-in-use” to mean something closer to “fair market value.” But Paul Jones, counsel for the Kokomo Kohl’s store at issue in the case, said the state’s tax manual allows an assessment to be made by looking at the utility received by the owner of the property in question or a “similar user.”

The divided court’s decision to let the Tax Court’s ruling stands also reinforces the Tax Court’s previous decisions in a string of similar cases, including Meijer Stores Ltd. P’ship v. Smith, 926 N.E.2d 1134, 1137 (Ind. Tax Ct. 2010); Stinson v. Trimas Fasteners, Inc., 923 N.E. 2d 496 (Ind. Tax Ct. 2010); and Millennium Real Estate Inv., LLC v. Assessor, Benton Cnty., 979 N.E.2d 192 (Ind. Tax Ct. 2012). Counsel for the Howard County assessor specifically told the court Thursday that Meijer had been wrongly decided.

Chief Justice Loretta Rush and Justice Steve David voted to grant the transfer petition.

Season ends against top seed for UE tennis

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A memorable season came to an end on Saturday as the University of Evansville women’s tennis team fell to Wichita State on Saturday in the Missouri Valley Team Championships on Saturday.

 

UE finished the season with 17 victories, but more impressively, the Purple Aces registered a 5-2 record in the MVC, tying for second place.  Diana Tkachenko earned the league’s Freshman of the Year award while Chieko Yamada earned a nod on the All-Select Team.

 

In Saturday’s matchup, the Shockers earned the doubles point to start the day.  Andjela Brguljan and Daria Pentsova put up a strong fight in third-flight doubles, dropping a 3-2 decision.

 

WSU took three singles wins (flight 3, 4 and 5) to clinch the match.  Yamada played well at #1 singles.  After dropping the first set, she fought Giulia Guidetti to a 2-2 tie in the second of an unfinished match.

 

Tennis Match Results

Evansville vs Wichita State

Apr 29, 2017 at Bloomington, Ill.

(Bloomington Tennis Center)

 

#49 Wichita State 4, Evansville 0

 

Singles competition

  1. Giulia Guidetti (WSUW) vs. Chieko Yamada (UE) 6-3, 2-2, unfinished
  2. Tanaporn Thongsing (WSUW) vs. Diana Tkachenko (UE) 4-6, 0-2, unfinished
  3. Fatima Bizhukova (WSUW) def. Nicoli Pereira (UE) 6-0, 6-0
  4. Gabriela Porubin (WSUW) def. Daria Pentsova (UE) 6-3, 6-1
  5. Ting-Ya Hsu (WSUW) def. Andrea Pascual-Larri (UE) 6-0, 6-2
  6. Marta Bellucco (WSUW) vs. Andjela Brguljan (UE) 6-2, 4-0, unfinished

 

Doubles competition

  1. Fatima Bizhukova/Gabriela Porubin (WSUW) def. Chieko Yamada/Theodora Soldatou (UE) 6-1
  2. Tanaporn Thongsing/Ting-Ya Hsu (WSUW) def. Diana Tkachenko/Nicoli Pereira (UE) 6-0
  3. Marta Bellucco/Giulia Guidetti (WSUW) def. Andjela Brguljan/Daria Pentsova (UE) 3-2

 

Match Notes:

Evansville 17-14 (5-2 MVC)

Wichita State 17-8 (7-0 MVC); National ranking #49

Order of finish: Doubles (1,2); Singles (3,4,5)

MVC Team Tennis Championships Semifinal

 

Aces honor nine seniors at Cooper Stadium

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The University of Evansville softball team fell in a pair of games to Illinois State on Saturday at Cooper Stadium.  Illinois State took game one by a final score of 18-0 before earning a 10-1 win in the second contest.

 

It was a special evening for the program as nine seniors played their final home games as members of the team.  The 2017 class consists of Mickaela Fleming, Courtney Land, Susan Norris, Michal Luckett, Hayli Scott, Chandra Parr, Ashlee Kawall, Morgan Lambert and Samantha Fleming.

 

In the opening matchup, ISU scored one in the first, five in the second and ten in the third frame on their way to the win.  Caitlyn Daly notched three home runs and seven RBI in the game.  Starting pitcher Sarah Finck held the Purple Aces to just one hit, coming off the bat of Tess Hupe.

 

Evansville got off to a better start in the second tilt.  Brittany Hay singled to center to open the game before Chandra Parr walked.  Next up was Morgan Florey, who singled through the left side to plate Hay.

 

From there, the Redbirds took control as four runs in both the third and fourth frames saw them take a 10-1 victory to finish off the doubleheader.  UE registered five hits with Hay accounting for a pair.  Hayli Scott, Ashlee Kawall and Florey recorded the others.

 

On Sunday, the series will be completed with an 11 a.m. game at Cooper Stadium in the final home contest of the year for the Aces.

 

Vectren Evening On The River – June 2

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A stroll on the riverfront, a breathtaking sunset over the Ohio River, music, food, desserts and libations… Come experience “Evening on the River.”

Celebrate 14 years of music, entertainment and a moveable feast of dinner and cocktails as you stroll along the riverfront from Vectren to Old National Bank. Visit our auction tent to bid on fabulous silent auction items. Again this year is a Burger Cookoff – taste mini burgers from local chefs and help crown the People’s Choice Award.

Entrance and check-in for the event will be at Main Street and Riverside Drive and at Court Street and Riverside Drive. Tickets are $35 with a cash bar.

$35 tickets include admission, entertainment and food (beverages not included). Free water and a cash bar will be available. In the event of rain, the event will be moved to the Tropicana Events Plaza.

Purchase Tickets Online<http://evansvilleparksfoundation.us1.list-manage1.com/track/click?u=3585430076d31f7d1c391caac&id=3001650382&e=3fcb6363cc>

Sunday Baseball Rained Out; Moving To Monday

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The 22nd-ranked University of Southern Indiana-University of Indianapolis Senior Day doubleheader scheduled for noon Sunday has been postponed due to rain. The final home games of the 2017 USI schedule have been rescheduled for noon Monday with pregame ceremonies to honor the eight seniors at 11:30 a.m.

USI enters Monday’s doubleheader with a 27-16 overall record and a GLVC East Division leading 17-5 conference mark.

 

USI-Maryville softball doubleheader washed out

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University of Southern Indiana Softball’s Great Lakes Valley Conference doubleheader against Maryville University Sunday has been cancelled due to rain.

 

The No. 5 Screaming Eagles finish the regular-season with a 40-10 overall record and a 19-7 mark in GLVC play.

 

USI, ranked No. 1 in the NCAA II Midwest Region poll, will await the results of Monday’s GLVC doubleheader between Rockhurst University and McKendree University to find out its position in next week’s GLVC Tournament. A Rockhurst loss gives USI the top seed in the GLVC Tournament, while a Rockhurst sweep makes the Eagles the No. 2 seed.

 

This marks the second straight rainout for USI, which was unable to play the University of Missouri-St. Louis Friday due to rain. The Eagles had not had a GLVC game cancelled due to weather since 2014 prior to this weekend.

 

First Security Bank Launches New Website

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First Security Bank launched a new website, concurrent with the release of a new brand and look for the community bank. The new website, firstsecurity.net, provides clients and visitors quick and easy access to essential tools and information. The new website has a clean uncluttered design, improved functionality and enhanced ability to contact First Security Bank team members for all their banking needs.

The site is built on the Bank’s new brand, which was developed in coordination with the Bank’s new advertising agency of record, Mightily. The new brand, with the goal of better illustrating and messaging the Bank’s culture and approach to banking, will be incorporated throughout all banking centers and its four communities throughout 2017 and beyond.

“Through this process we discovered that our brand, our value, lay in the hearts of the people we served. We have the power to meaningfully affect lives. And we understand this power, quite literally, takes place one customer at a time,” said Michael F. Beckwith, President and CEO. “Everything we do is driven by our culture statement to make sure that we do what’s right by every stakeholder. This brand helps us let our communities and clients know our commitment.”

About First Security Bank

First Security Bank is a $600 million asset bank with 11 banking centers. With more than 120 employees, in its four markets and corporate offices, First Security Bank has differentiated itself from larger competitors with its focus on relationship banking and the ability to make credit and other business decisions locally.

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