the City County Observer has secured and would like to make available to our readers the February 28th letter agreement between Earthcare Energy and the city of Evansville. It is Earthcare’s failure to perform according to the conditions set forth in this agreement that was given by Mayor Winnecke as the reasons for declaring Earthcare to be in default.
Link to Letter:
Source: Office of Mayor Lloyd Winnecke
IS IT TRUE June 1, 2012
IS IT TRUE Moody’s has downgraded the bonds that were sold to finance the YUM Center in Louisville to JUNK BOND STATUS?…the reasons given for the downgrade are lower than anticipated revenue from the Tax Increment Financing (TIF) District that was established to partially service the debt AND higher than anticipated operating costs?…the YUM CENTER has enjoyed good top line cash flow with the University of Louisville men’s and women’s basketball teams as the anchor tenants both of whom are in the top 5 in the country in their respective sports?…that UL women’s basketball is #2 in the country for attendance and the men sell out every game in the YUM CENTER?…that the concerts at YUM have been the marquee concerts like Lady Gaga and Rush that also sell out the house at over $100 per ticket?…that the magnificent top line is not enough to keep the debt from being downgraded to JUNK?…that we are wondering how long it will be until the Ford Center debt is up for a grade review and how it will stack up to Louisville?
IS IT TRUE CCO Mole #14 tells us that earlier this year a highly respected and credible investor floated the idea of doing a complete refurbishment of the McCurdy Hotel into a classic hotel that reflects the era in which it was built?…that this refurbishment idea would result in at least the number of rooms that the Winnecke Administration paid $75,000 to learn were needed by Hunden Strategic Partners?…that we hear they were not even interested enough to return the phone call as they are bound and determined to build a new FREEWAY HOTEL next to the Ford Center as that is the only way they think The Centre can be saved?…the financial package needed to get the McCurdy resurrected will be less than will be needed to attract a developer/operator that meets the desired criteria to do a new hotel?…that we also hear that the financial world in downtown Fort Wayne is not all wine and roses as far as the Convention Center and the new Hotels are concerned?…that there is a growing realization in the convention industry that the days of big conventions going to one horse towns is over?…that as conventions go Evansville is and will always be a one horse town compared to places like Las Vegas, Los Angeles, and New York City?
IS IT TRUE that the CCO has done some follow up on the situation with the overturned grave stones at the City of Evansville cemeteries?…that this is a big problem as there are many tombstones turned over?…that in the case of the Oak Hill Cemetery we have confirmed that the gates are not being locked at the end of the day?…we have had a number of calls and emails from concerned citizens letting us know that they have complained about the fact that the gates are not locked only to be dismissed by the cemetery manager?…we also have a contract and it explicitly states in the contract that the owner of the each grave is responsible for making sure that the monument on that grave is maintained?…we had to read that one a couple of times for it to sink in that in most cases the person or people in the grave are responsible to maintain their own monument?…Jay Leno should come to town and put together a batch of jokes on that little nuance?…we bet they have never gotten one phone call from the dead to complain about the condition of the headstones?…there seems to be some humor in everything?…that the laziness associated with not locking those gates is not one of the things that should be laughed about?…that if the Mayor appointed crypt keeper is too darn lazy to lock the gates at night then Mayor Winnecke should find another crypt keeper?…that finally the contract still states that Jonathan Weinzapfel is the Mayor of Evansville?…we guess the City that was willing to hand $5 Million to an out to town business can’t afford new cover pages to accurately reflect who the Mayor is?…that could just be a lazy manager too?
BOARD OF PARK COMMISSIONERS
Â
REGULAR MEETING
KEVIN WINTERNHEIMER CHAMBERS
ROOM 301, CIVIC CENTER COMPLEX
WEDNESDAY, JUNE 6, 2012
12:00 NOON
Â
AGENDA
Â
1.​CALL TO ORDER
Â
2.​MINUTES​May 16, 2012
Â
3.​CONSENT AGENDA ​  Â
       a.  Request Re:  Approve and Execute Park Use Application by WNS for “Music on the Hill†on
          August 11, 2012.  – Foster
       b.  Request Re:  Approve and Execute Park Use Application by WNS for “Wandering Owl Wine     Â
          and Beer Trail†on October 20, 2012. – Foster
       c.  Request Re:  Approve Family Camp Out at Wesselman Woods for “Camp Out & About†on
          July 27 – 28, 2012. – Foster Â
       d.  Request Re:  Approve and Execute Independent Skating Pro Contract with Sylvia Niemeier
          at Swonder Ice Arena. – Crook
       e.  Request Re:  Execute Agreement with Midwest Roofing and Insulation Co. Inc. for Helfrich
          Pool Bathhouse. – Boberg
       f.  Request Re:  Execute Agreement with JH Rudolph & Co., Inc. for Cart Paths at Fendrich and
          McDonald Golf Courses. – Boberg
       h.  Request Re:  Approve and Execute Landscape Maintenance License with Steve and Susan
          Harp for Kids Kingdom Playground. – Boberg
       i.  Request Re:  Approve and Execute Landscape Maintenance License with Freeman, Will &
          Niemeier, Inc. for Franklin and Wabash Median. – Boberg  Â
                                              Â
4. Â Â Â OLD BUSINESS Â Â
      a.  Request Re:  Roberts Stadium Recommendation. – Mayor Lloyd Winnecke
      b.  Request Re:  Award Bids for Paving, Sealing and Striping Parking Lots at Various Parks and
         Golf Courses. – Boberg
      c.  Request Re:  Approve and Execute Change Order #2 with Natare Corporation for Garvin
         Pool. – Boberg Â
            Â
5. Â Â Â NEW BUSINESS
      a.  Request Re:  Award and Execute Agreement for Grading of Wesselman Park Batting Cages. –
         Boberg
      b.  Request Re:  Approve Budget Transfers and CIP Reprioritizations. – Boberg Â
     c. Request Re:  Any Other Business the Board Wishes to Consider and Public Comments.  Â
Â
6.     REPORTS​
     a.  Dan Schall, Park Maintenance
     b.  Denise Johnson, Executive Director
         Â
7. Â Â Â Â ACCEPTANCE OF PAYROLL AND VENDOR CLAIMS
Â
8.    ADJOURN​
MOODY’S DOWNGRADES EVANSVILLE, IN MULTIFAMILY HOUSING REVENUE BONDS (GNMA COLLATERALIZED MORTGAGE LOAN – VILLAGE COMMUNITY PARTNERS III, LP PROJECT) SERIES 2001 FROM Baa1 TO Ba2
Global Credit Research – 16 Jun 2011
APPROXIMATELY $1.5 MILLION OF OUTSTANDING DEBT AFFECTED
Village Community Partners III, L.P.
Fully Supported
IN
Opinion
NEW YORK, Jun 16, 2011 — Moody’s Investors Service has downgraded Evansville, IN Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan – Village Community Partners III, LP Project) Series 2001 from Baa1 to Ba2, affecting approximately $1,481,000 of outstanding debt.
RATING RATIONALE
The bonds are primarily secured by revenues from mortgage-backed securities (“MBS”) guaranteed as to full and timely payment of principal and interest by the Government National Mortgage Association (“GNMA”). Other sources of funds, such as certain accounts held with the trustee and investment earnings on those accounts, also provide security.
The rating action results from a projected revenue deficiency originally identified in our Special Comment titled “Moody’s Completes Review of Housing Transactions Affected by Low Reinvestment Earnings” published in June 2010. A recent cash flow review, assuming 0% reinvestment rates consistent with both the current interest rate environment and our methodology update titled “Change in Interest Rate Assumptions for Housing Transactions Which Rely on Investment Earnings Prompted by Unprecedented Low Interest Rates” published in November 2009, demonstrates that the projected stress date has not changed and is now less than 3 years into the future. Pursuant to our methodology, the transaction’s current cash flow projections are not consistent with its former rating.
DETAILED CREDIT DISCUSSION
We project numerous cash flow insufficiencies throughout the life of the transaction, the earliest of which could occur in 6/2014. Although frequent, the expected losses of these shortfalls are very small relative to the debt service payable during the respective periods. The sum of all present value losses is approximately $4,765, or 0.32% of outstanding bonds.
The projections used to determine the expected loss and stress date assumes 0% reinvestment rates throughout the life of the deal. Higher interest rates would benefit the transaction by providing additional returns on excess cash that would be used to fulfill debt service. At this time we have identified break-even reinvestment rates of approximately 0.25% and 2.30% to avoid a default in 2014 and throughout the life of the deal, respectively.
METHODOLOGY
The principal methodology used in this rating was Methodology Update: Ratings that Rely on Guaranteed Investment Contracts published in December 2008.
REGULATORY DISCLOSURES
Information sources used to prepare the credit rating are the following: parties involved in the ratings and public information.
Moody’s Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.
Moody’s adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody’s considers to be reliable including, when appropriate, independent third-party sources. However, Moody’s is not an auditor and cannot in every instance independently verify or validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to a time before Moody’s Investors Service’s Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody’s Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.
Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.
Analysts
Shane Mullin
Analyst
Public Finance Group
Moody’s Investors Service
Gregory W. Lipitz
Backup Analyst
Public Finance Group
Moody’s Investors Service
Contacts
Journalists: (212) 553-0376
Research Clients: (212) 553-1653
Moody’s Investors Service
250 Greenwich Street
New York, NY 10007
USA
A City that Refuses to Honor it’s Dead is not Worthy of Respect
In yet another in our face example of abject failure with respect to maintenance and accepting responsibility on the part of the City of Evansville, Todd Robertson, the executive director of the Evansville Transportation and Services Department charged with running the cemeteries has laid the responsibility for maintenance of tombstones at the feet of the families of the deceased?
Why are we not surprised that this is the official position of the City Administration that has recently been exposed for needles in the parks, intentionally allowing Roberts Stadium to deteriorate, and not even having the foresight to spend $100,000 to keep the Mesker Park Amphitheatre painted and mold free? It was widely seen as arrogant and impractical several winters ago when then Department of Metropolitan Development leader Tom Barnett asserted the downtown merchants were responsible for snow removal at a time that over half of the storefronts were abandoned? Based on recent history we must ask if the City of Evansville has the capacity to do anything right that involves maintenance?
The attitude regarding the maintenance of tombstones in City owned cemeteries is the last draw? This policy is not practical, it spits in the face of our heritage, and it is not acceptable. Each and every person buried in these cemeteries represents a part of all of us. Each and every person buried in these cemeteries represents a commitment on the part of the City of Evansville to provide honorable maintenance in return for the payment that was made by or on behalf of our dead. To be cavalier in doing basic day to day tasks like locking the gates at night so vandals can’t wreak havoc and then make a public statement that the tombstones that need resetting are the responsibility of the relatives is not only arrogant it is impractical? Many of the dead do not have relatives yet their desecrated or poorly maintained headstones make the City of Evansville’s cemeteries look like a scene from a zombie movie.
The City County Observer calls upon Mayor Lloyd Winnecke to mobilize his growing army of fitness buffs who help with exercise videos and attempts to set world records for doing pushups in the park to take this issue on. If there is one thing that Mayor Winnecke deserves accolades for it is cleaning up blight. Desecrated tombstones are the most insulting form of blight that there is. To allow the stated opinion of Todd Robertson to stand is to sanction and enable the dishonor of our dead. The solution to this is simple and the time to correct this abomination is right now. To do anything less that restate the policy toward the dead and take immediate actions to reset these markers is simply whistling past the graveyard.
Who: Sculpt EVV Sculptors, USI students and staff
What: Installing artworks for Sculpt EVV outdoor public sculpture show
When: Friday and Saturday
Where: Haynie’s Corner Arts District
FRIDAY: Wade Kramm of Pennsylvania will install Craft Stick House, an over-sized Popsicle stick that is a tribute to the familiar childhood activity. Kramm plans that his work will be at its mid-way point around 11:00 a.m. on Adams Street near the Haynie’s Corner fountain.
SATURDAY: Wisconsin artist Amelia Toelke will install Comings and Goings, a large-scale sculpture referencing signage and labels. Sue Berkey of Iowa will be installing Running Dog, a bright red steel sculpture with a pop art quality about it. Both sculptures will be installed around 10 a.m. on the site at the corner of Jefferson Avenue and Second Street. USI students and staff will assist with Saturday installations.
What is Sculpt EVV?
Sculpt EVV is a nationally-advertised, juried outdoor sculpture exhibition opening June 9. Juror Marilu Knode, executive director of Laumeier Sculpture Park in St. Louis, Missouri, carefully selected 12 nationally-submitted sculptures for this exhibition. The sculptures will be displayed at various locations in the Haynie’s Corner Arts District through April 2013. An opening celebration on June 9 will include docent tours and announcement of the winners. The Sculpt EVV opening is allied with the Arts Council’s Art EVV Juried Art Fair and Music Festival from 5 to 9 p.m. June 8 and noon to midnight June 9 at Haynie’s Corner. Sculpt EVV and Art EVV are free and open to the public. For a schedule and more info, go to http://www.sculptevv.org/.
Sculpt EVV is part of the City of Evansville and the University of Southern Indiana’s partnership to provide Evansville citizens a significant cultural celebration honoring the City’s bicentennial (1812-2012). Key sponsors for this event include the City of Evansville, the University of Southern Indiana, Architectural Renovators, and Forty-One South online arts and culture magazine.
The Board of School Trustees of the Evansville Vanderburgh School Corporation will meet in executive session at 4:00 p.m. on Monday, June 4, 2012, in the John H. Schroeder Conference Center in the Office of the Superintendent in the Technology and Innovation Center, 951 Walnut, Evansville, IN. The session will be conducted according to Senate Enrolled Act 313, Section 1, I.C. 5-14-1.5-6.1, as amended. The purpose of the meeting is for discussion of collective bargaining, (2)(A); initiation of litigation or litigation that is either pending or has been threatened specifically in writing, (2)(B); purchase or lease of property, (2)(D); and job performance evaluation of individual employees, (9). The public School Board Meeting will follow at 5:30 p.m. in the Board Room at 951 Walnut Street, Evansville, IN.
