IS IT TRUE that the grand illusion at the corner of Martin Luther King Boulevard and Walnut Street continues as there is no construction going on to begin the new convention hotel that has been the apple of political eyes for the last 6 and a half years?…now that we know the City of Evansville’s $20 Million portion of the cost is between a rock and a hard place from the perspective of bonding attractiveness, we expect that some tough choices are about to be made?…when competent bond counsel advises a client that things will be tight if things do not go perfectly, that is code for two things?…the first thing that is code for is that the interest rate is going to be higher than previously expected?…the second thing that it means is that some further form of guarantee will be necessary to make the bonds attractive to the investment community?…that guarantee will constitute insuring the bonds which cost more money and backing the bonds with a tax increase if the TIF revenues are insufficient to service the debt?…both of these things are likely to be on the table for the Mayor and the City Council to ponder before going forward with a bond issue of $77 Million to subsidize the downtown convention hotel and the IU Medical Center?
IS IT TRUE we live in a world where the leadership of Evansville has toasted $200,000 on an Earthcare deal that without the financial work of outgoing Councilwoman Stephanie Brinkerhoff-Riley would have cost the taxpayers $5 Million, a Mayor driven effort to spend over $10 Million on Roberts Park, a $13 Million bike path on North Main, and countless other baubles it is no wonder that the City is up against it’s credit limit?…imagine the surprise if all of those other nonsensical projects had been allowed to happen with borrowed money?…if those thing had moved forward we would not even be having a discussion right now about how high the interest rate may be to subsidize a hotel and medical school?…the city’s credit card would just come back declined?…the people of Evansville need to think long and hard about going all in on a hotel and medical school?…if the $127 Million Ford Center that was advertised by Project Manager John Kish as being cash flow positive from day one is now losing $8 Million per year, what on earth makes our elected leaders think another $77 Million is the magic bullet to return downtown Evansville to the glory days of the 1950’s?…Ford Center did not perform as the consultants said and the hotel will not either?…the only question is whether our leaders will take another trip to Fantasy Land on the way to bankruptcy court?
IS IT TRUE that Shelley Kirk, who we all got to know as our longtime newscaster is going back to her roots?…after 2 years in Mayor Winnecke’s old job of doing PR and marketing for the Evansville branch of Fifth Third Bank, Ms. Kirk has decided to return to the work she loved and head back to the WEHT & WTVW family of stations?…we wish her well as we wish everyone well who is offered the opportunity to go back to a place they love and a job they treasure?…we say “Good Luck Shelly from the CCO”?
IS IT TRUE that MIT economist Jonathan Gruber who is famous now for boasting about hoodwinking the American people and the Congressional Budget Office (CBO) into thinking that the ACA (ObamaCare) was not a tax so it could pass gave a mea culpa speech to the United States Congress regarding his regrets?…Gruber was asked some humiliating but patronizing questions like “how much were you paid to lie to us”, “does MIT hire stupid people”, and “are you stupid” by some members of congress in a partisan bash session?…when you cut through the clutter Gruber’s response was pretty much “I am sorry for calling a fool a fool and for embarrassing the Democrat Party”?…the reality of the situation is that Gruber’s boasting was a welcomed moment of honesty that we all should have known in the first place?…you can call Gruber lots of things for his service to the White House, but when it comes to his public declarations he is certainly not a liar?…we do wonder when telling the truth became stupid in American politics?
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