IS IT TRUE the parking garage that is part of the $37.5 Million that the City of Evansville is committed to spending to entice HCW to build a convention hotel in downtown Evansville is a part of the proposal that is worth doing some analysis on to determine if any of the $5.4 Million that is proposed to be spent constitutes an outright gift to HCW as $20 Million of direct subsidy to the hotel portion does?…first we must remind our readers that former Mayor Weinzapfel, current Mayor Winnecke when he was a Vanderburgh County Commissioner, and countless supporters of the Ford Center project strongly and rightly asserted that the Ford Center would not need any additional parking to prosper in downtown Evansville?…they had maps, they had studies, and despite the fact that many people were grumbling about downtown parking THEY WERE RIGHT?…the Ford Center, the Centre, the Victory Theatre, Signature School, and all of the downtown businesses are doing just fine with parking availability AS IT CURRENTLY IS?…it is therefore safe to assume that the new parking garage proposed as part of the downtown convention hotel project is there for the hotel and the apartments alone and would not be built but for the needs of the hotel and the apartments?

IS IT TRUE the proposed parking tower will have a minimum of 336 parking spaces and will cost $5.4 Million which equates to $16,071 per space?…the hotel development agreement explicitly states that the parking garage is an inducement to HCW to get them to build the apartments and that the City of Evansville will lease spaces to HCW for the 78 apartments at a rate of $55 per month per space?…if each apartment uses two spaces as is customary about 156 of the 336 spaces will be dedicated to apartments?…the city is also agreeing to lease an additional 150 spaces to HCW on behalf of the hotel at a rate of $4,000 per month or $26.67 per space per month?…these two sources being substantially all of the revenue to the City of Evansville for this parking tower will mean that the City will be getting $12,580 per month ($150,960 per year) for our investment of $5.4 Million?…that is a revenue base of 2.8% per year without considering operating expenses or interest?…the interest rate will most certainly exceed 2.8% so even in a sold out situation this parking garage is a NET LOSER FROM DAY ONE?…given a more reasonable interest rate of 5% this parking garage is guaranteed to lose the City of Evansville $119,040 per year plus operating expenses and maintenance that have been estimated to be at least $100,000 per year?

IS IT TRUE it is safe to say that this parking garage that is not needed in the absence of a hotel is a pure gift of $5.4 Million to HCW plus an additional $220,000 per year for the next 25 years that takes another $5.5 Million from the coffers of the City of Evansville that could be used for other more necessary projects?…chalk this parking garage up as HCW plus $10.9 Million and people of Evansville minus $10.9 Million over the next 25 years?…over the next several weeks we shall look into the other “soft costs” of this project and see just how much of it is gifting and how much is investing in infrastructure?

IS IT TRUE we just about had a stroke when we read the article in the Courier and Press about City Council Attorney Scott Danks tax dispute and wonder why a disputed balance is worthy of front page news?…Mr. Danks openly admits that his own calculation has him owing the State of Indiana $70,000 but that the State is using a tax warrant as a negotiating tactic to try and shake him down for the $91,244 that they say he owes?…either way this is a big tax bill and the reality of this situation is that Mr. Danks and the State will agree on something in the middle?…when that agreement is reached Mr. Danks will pay his bill and go on about earning the kind of living that enables him to pay $400,000 per year in taxes?…we think this report was not only preliminary but that it was politically motivated?…we find it interesting that City Councilman Jonathan Weaver was sought out by the CP to express his opinion on Danks’ personal tax issue when he is neither a CPA, and IRS agent, or even so much as a qualified preparer for H&R Block?…he probably is well qualified as a recognized public figure to dress up like Lady Liberty and dance on a street corner soliciting business for Liberty Tax Service but then only if his recent black eye has healed?…the attack on Mr. Danks by whoever put this issue onto the CP’s plate is a cheap shot built on the politics of envy?…that envy was pointed out clearly in the comment section of the CP where he was vilified for having such a high income and called every kind of tax cheat imaginable?…one thing the CCO knows is that as City Council Attorney Scott Danks has brought a breath of competence and sanity to a position that has recently needed such things?…we look forward to the day this is settled as we know it will be and Scott Danks can get back to serving Evansville in the legal world where such dollars are earned with thoughts and deeds?