IS IT TRUE that both of the new football stadium that are under construction for the EVSC have had construction delays and will not be available for the scheduled first games of the season?…that both Harrison and North will have to reschedule their opening games to other venues as they have for years since they have not had stadiums of their own?…that we hope that the new downtown Arena does not have last minute delays in opening that cause events to be moved?…that Harrison and North had the good sense and good fortune not to mothball the stadiums that they have called home and that their problem will be an inconvenience but not a big deal?…that if the Arena is not completed on time and UE games with Butler and IU need to be moved that we wonder with Roberts Stadium mothballed exactly which high school these certain sellouts will be moved to?…that some oversights are simply unnecessary risks?

IS IT TRUE that Nexstar has taken another dive into the Evansville video media market?…that WEHT Channel 25 has been bought by Nexstar for $18.5 Million?…that is a parallel move that Nexstar which has owned WTVW (Fox 7 or Local 7) is being sold to a subsidiary organization called Mission Broadcasting for only $6.7 Million?…that when the ownership and the passion for a business moves out of town that it all comes down to numbers and just going through the motions?…that we hope for additional investment in these stations so that competitive high quality local news will survive and thrive in Evansville?…that we hope that these investments will be a conduit to grow and become better?…that we will not be holding our breath on this one?

IS IT TRUE that the City of Evansville through a subsidiary non-profit organization was at one time semi active in making loans to local businesses?…that at the end of 2009 there were a total of 21 loans outstanding amounts to $4,017,015 with the smallest balance being only $2,000 to the Evansville Convention and Visitors Bureau and the highest being a balance for $1,367,419 on a $2,300,000 to Citizens Bank which was reportedly made on 3/25/2008?…that we are certain Citizens Bank was taken over by Fifth Third Bank at least 5 years prior to that date so we are sort of confused how that could be possible?…that the range of interest rates on the loans is from a low of ZERO PERCENT to a high of 7.25%?…that the Kunkel Group occupies both ends and the middle of that spectrum having a loan for $310,000 at 0%, $150,000 at 6.25%, and $221,250 at 7.5%?…that the most common interest rate is 3%?…that a list of the loans with amounts and holders is on the following link?

http://city-countyobserver.com/2011/08/09/city-of-evansville-outstanding-economic-development-loans/

IS IT TRUE that a certain trip recently made to California originated and terminated in our very own Evansville Regional Airport?…that despite all of the hoopla about the FAA and the government shutdown that the flights all left and arrived on time?…that there was not a single thing that could have been improved with respect to the travel experience into and out of EVV?…that when the flights into and out of EVV are compatible with ones schedule and priced competitively that EVV is just about the most pleasurable airport experience in the United States?…that the City County Observer encourages all local air travelers to give EVV a chance with your next trip?…that all things being equal our airport delivers great value and needs to be supported locally?

IS IT TRUE? August 8, 2011 Special Evening Edition

IS IT TRUE that the downgrade of the debt of the United States caused a bit of a panic at the stock market today and that the words of President Obama only accelerated the slide in stock prices?…that the one thing that did not seem to get its price chopped by the debt downgrade was the debt that was downgraded?…that it looked as though investors were exiting positions in American companies to stick their cash into American debt?…that there was even discussion among the so called “financial elite” that many of the companies that are considered “bellwether” stocks actually have much lower bond ratings than the USA?…that these businesses do not have armies to back up their collection power?…that some folks will ask “just what on earth does this have to do with Evansville”?…that is in the next paragraph?

IS IT TRUE that in the middle of a discussion regarding how to price additional risk into debt and stocks as such risk is created a discussion that is most applicable to the Evansville IceMen and the Arena was touched upon?…that this discussion centered on just how illogical it is to increase the interest rate on the debt of a business that is growing rapidly and struggling with cash flow?…that the agreement was that what may be good for the debt holder (or leaseholder) in the short term may just destroy them in the long run?…that forcing the IceMen to pay more when less people attend is exactly the same as raising interest rates on a business that has marginal cash flow?…that if the City of Evansville wishes to be seen as competent in financial matters and as a good partner for future tenants or events at the Arena, they must assume some of the risk associated with playing in a $128 Million venue?…that if the eyes of the world were on the Evansville Arena and that if it were a stock that this is one stock that would be dropping like a rock due to instability and counterintuitive financial decisions?

IS IT TRUE if John Kish (Arena Czar) and the Mayor didn’t want Ice Hockey at the new downtown arena then the people of Evansville deserve to know why they spent nearly $2 Million on tubing and condensers to establish and maintain an ice surface in the new Arena?…that this floor ice system shall stay intact in a frozen state through most of the year even when basketball is being played above it?

IS IT TRUE our that one of our “MOLES” working for the state tell us that Indiana State Board of Accounts shall be conducting a 2010 “State Audit Exit ” interview with key members of the Weinzapfel inner circle on this coming Tuesday between 9:00 to 11:00 in the morning in the Mayors conference room? …that we hear that the 2010 State Audit should be an interesting read?

IS IT TRUE that if the Weinzapfel Administration was serious in talking with the Evansville IceMen Hockey management team then why did he allow the Arena Czar John Kish to go on vacation this week? …this would be a great time to allow Evansville City Councilman John Friend, CPA and Budget Chairmen, At Large City Councilmen Curt John, Attorney and 1st Ward Councilmen Dan McGinn, Attorney to sit down and talk directly with the “IceMen” management team to hammer out an agreement that both parties can prosper with? …that this is a great example of why the Mayor has made financial and legal mistakes time and again because never takes advantage of the free “Brain Trust” that the population of Evansville offers?

IS IT TRUE? Part 2 August 8, 2011

IS IT TRUE that in a meeting of the Vanderburgh County Commissioners on April 9, 2001 that it was discussed and adopted that the land where the Executive Inn was forced by covenant to remain a 3-Star Hotel for 10 years?…that the covenant transferred with the land and carries a $30,000 per month in liquidation damages if the hotel is not maintained for those 10 years?…that the covenant seems to have expired recently?…that the current owner of this land is the City of Evansville?…that the time that the City of Evansville has owned the land and/or had consigned the land to a surrogate is close to 2 full years?…that according to this covenant that was adopted by a Vanderburgh County Commission made up of David Mosby, Catherine Fanello, and Richard Mourdock that the City of Evansville may just be on the hook to the county for over $720,000 in liquidation damages?…that attorney Mike Schopmeyer was very careful to use the term liquidation damages and to point out that penalties are illegal but the liquidation damages are not?…that unless this has been amended or nullified that it would be the source of some very interesting damages?

IS IT TRUE that the McCurdy can has been kicked quietly down the road and that the City of Evansville probably hopes that it stays quiet because they have a real bad deal on their hands if the full financing does not work out?…that a first mortgage was recorded on 11/19/2008 in the amount of $1,663,862 and that Fifth Third Bank is the holder of that mortgage?…that as of August 4, 2011 that this mortgage is still on the rolls of the Recorder?…that there is a second mortgage of an undisclosed amount on the McCurdy Hotel that is held by the City of Evansville?…that this second mortgage refers to a development agreement that was not attached to the second mortgage?…that City Centre Properties purchased the McCurdy for a total of $818,500 and that the date of record of the transfer was 11/21/2008?

IS IT TRUE that the City of Evansville through incentives of $800,000 and the purchase of a parking lot for $603.000 is now into the McCurdy Hotel for $1,403,000?…that was all cash paid out that came from taxpayers of Evansville?…that City Centre Properties has apparently gotten $800,000 from the City and taken out a loan in the amount of $1,663,862 from 5th 3rd Bank and received title to the McCurdy Hotel and the $603,000 parking lot all for the sum of $818,500?…that given the amount of cash that has been placed in the hands of City Centre Properties that it is confusing why the taxes are paid after penalties have been assessed and the general upkeep is only done after citations have been issued by DMD?

IS IT TRUE that the meltdown scenario at the McCurdy is one in which the financing to proceed with all of the refurbishment work is never secured and that City Centre Properties decides to hand the keys to the property over to the first mortgage holder 5th 3rd Bank?…that banks in general do not wish to own real estate?…that in such an event that 5th 3rd will most likely liquidate the McCurdy Hotel for whatever the market will bear?…that unless the market would bear an amount that has net proceeds in excess of $1,663,862 that the City of Evansville will lose all of their investment of $1,403,000 and will not have anything at all to show for it?…that this scenario is a driving factor in not wanting to rescind the agreement with CCP as was done with Woodruff Hospitality LLC when they were unable to find financing in a timely manner?

IS IT TRUE that if this is what some would call being good stewards of the taxpayers money that we really wonder what it means to be wasteful?…that there is a very real probability that if this whole deal falls apart that the City of Evansville will be out $1,403,000 and will not get the McCurdy Hotel back?