
IS IT TRUE September 27, 2013
IS IT TRUE that the people who run the Facebook page that was on board to support subsidizing the now all but assured downtown hotel to the tune of $38.5 Million and their brethren in elected positions are a giddy as a teenager on prom night?…in a very real way we all are and even the most staunch opponents of the $38.5 Million handout were for a hotel in that location all along but were not in favor of a subsidy that was so high it would be like paying $10 per gallon for gasoline and being happy to do so?…some have even suggested that places like the CCO and the Facebook page of “citizens against†have finally seen the light and joined them?…they are a bit delusional in their backtracking?…the reality is that we, “against†team, and six practical minded members of the Evansville City Council drug the long time support it at any price group kicking and screaming into a palatable deal?…some may wonder where the $38.5 Million figure came from and the answer is straight from the City Council resolution that was prepared for the September 3rd meeting?…the truth of the matter is the thinking people in the room forced the hand of the emotion driven people in the room and today we have a deal with a $20 Million deal that includes a $7.5 Million subsidy that is the deal of the decade for downtown convention hotels that in other cities that have fallen on hard times after following their emotions on over subsidizing convention hotels?…when all things are considered, the $20 Million deal is exactly what it should have been in the first place to have a sustainable and expandable TIF district in place for the hotel?
IS IT TRUE in February of 2013 Mayor Winnecke was quoted as saying “This project in Downtown would indeed be transformational, not just for Downtown but for the entire region, more than just the Ford Center or the conventional hotel,â€?…he was of course speaking of the IU Medical School that should be the next and only spending initiative under serious consideration for the City of Evansville until this issue is settled?…we must all be cognizant of the fact that Mayor Winnecke is the Mayor of all of Evansville and not just the downtown?…there are at least three other locations within the city that are viable candidates for the IU Medical School?…those are namely the Roberts Stadium field, the State Hospital grounds, and the old North High School?…since this project is according to the Mayor transformative for the whole region focusing all of our efforts just on the downtown would be short sighted?…to lose the IU Medical School to another county because all of our eggs were tossed into one basket would be a tragedy?…once the buzz of euphoria from getting the 9 – 0 vote to proceed with the hotel has dissipated we hope that our elected leaders will put their Tom Terrific thinking caps on and develop a competitive proposal for IU that offers several locations within the City of Evansville?
IS IT TRUE one cannot underestimate the importance of the apartments associated with the downtown hotel as a tax revenue source to make this TIF sustainable?…quite frankly Evansville will need the property taxes from these apartments to service the debt on the parking garage that is a City owned subsidy for the hotel and apartments?…it is estimated that the annual debt service on the parking garage will amount to $375,000 while the apartments if assessed at $20 Million will be paying $400,000 in property taxes (apartments are a 2% tax as opposed to hotels being at 3%)?…those numbers are so conveniently appropriate that one would actually think it had been planned?…Monday night’s resolution should include the apartments in it along with some freedoms for the City to rent out parking spaces at market rate for Ford Center events?…the number of spaces will be rather low compared to the seats in the Centre?…if there are 100 events per year that sell 100 parking spaces at $20 per event that would add $200,000 of revenue to the public coffers?…that would just about pay for the operation of the parking garage?…when all definable and predictable revenue streams into the TIF are accounted for it really does seem like the bonds can be serviced from property taxes, parking fees, and food and beverage taxes from day one?…that is why this is an acceptable deal to move forward with?
IS IT TRUE the CCO wishes all of our readers, especially our new ones courtesy of the Courier a great weekend?…this week we have already had a record day, record week, and by the end of today a record month for internet traffic?…we expect next month to break this month’s records?