IS IT TRUE? December 23, 2011

IS IT TRUE that the appointments keep rolling out of the Transition Team and that two more blue chippers are being announced today?…that Russ Lloyd Jr. will be our next City of Evansville Controller?…that the unwritten rule of being controller is that job one is that you can’t run out of cash to pay the bills?…that former Mayor and soon to be Controller Lloyd will have his handfuls paying the bills that are being run up by the Weinzapfel Administration in its last days in office?…that whatever the budget for 2012 was thought to be it is already busted by Mayor Weinzapfel’s December spending binge?

IS IT TRUE that Ted Ziemer will be name to be the next City of Evansville Attorney?…that this is another win for Mayor Elect Winnecke and his Transition Team?…that few people know that Mr. Ziemer was a champion of placing roughly $500,000 of the Vanderburgh County economic development funds into the hands of GAGE to help local businesses back in 2008 when Mayor Weinzapfel and Tom Barnett were redirecting revolving loan funds to pay for Front Door Pride houses, most of which are still sitting empty with a for sale sign up at nearly $100,000 less than was paid to build them?…that a champion for business who can actually add a column of numbers will be a welcome addition to the Office of the Mayor of Evansville?

IS IT TRUE that our illustrious Evansville Redevelopment Commission paid $603,000 for a parking lot and then turned around and leased that same parking lot to City Centre Properties LLC for a total of $1.00 for 40 years?…that we wonder if CCP has paid that dollar because if they have they control the parking lot for the next 36 years?…that if CCP wants to make some real trouble they could just hold onto that parking lot to get out of the parts of the deal that may not be so favorable to them?…that the chickens have come back to roost at the McCurdy with the pigeons, bats, snakes, and rats?

IS IT TRUE that it has now been 1,700 days since the announcement was made on May 14, 2007 that the McCurdy Hotel was to be refurbished into luxury apartments?…that it has now been 1,553 days since the Evansville Redevelopment Commission at the request of Mayor Weinzapfel approved the spending of $603,000 to purchase the parking lot?…that City Centre Properties and Scott Kosene the developers of the McCurdy project are both listed as contributors to the Weinzapfel for Mayor committee for 2010?…that that there are 8 days remaining in the Weinzapfel Administration?

IS IT TRUE that there are now 309 days remaining in the two years that the EPA had given the City of Evansville to present an acceptable solution to the Combined Sewer Overflow problem?…..that this plan is an expensive and complex endeavor that needs immediate attention to avoid the embarrassment and expense of another round of fines?

IS IT TRUE that the MAGICAL MYSTERY DEVELOPER has been identified and that once again the Kunkel Group has a tie to something proposed in downtown Evansville?…that there is nothing wrong with that but with as in all projects that involve financing these days it will be very important that the CASH DOWNPAYMENT that will become equity in the project needs to be secured, proven beyond the shadow of a doubt, and locked away before the Evansville Redevelopment Commission signs onto another open ended, whenever you are ready we are ready agreement with anyone?

IS IT TRUE that the official name of the newly formed Bloomington based business that is the latest in line to turn the McCurdy Hotel into apartments will be called McCurdy Development LLC and includes Ben Kunkel and Randal Lloyd among its partners?…that from a construction cost perspective McCurdy Development seems to have a little more of a realistic expectation of what the cost to refurbish a vintage hotel into 80 or so apartments will be?…that it has been reported that McCurdy Development is owning up to a new estimate of $13 Million for the job to be completed?…that this works out to $162,500 per apartment?…that we assume that the figure includes returning the lobby and other common areas to their former grandeur?…that a good rule of thumb is that the rent for such units will need to be in the range of 1% of the cost per month or $1,625 to make the project cash flow?…that renting out 80 apartments at a price of $1,625 per month in downtown Evansville is a very aggressive goal?

IS IT TRUE that at this rent level the annual expected revenue at 85% occupancy including some retail space will be about $1.4 Million yielding a value of roughly $10 Million at a typical GRM (gross rent multiple) of 7?…that given a post construction value of $10 Million that at 70% loan to value a loan of $7 Million should be possible to secure?…that will only leave a GAP OF $6 MILLION to be made up for with equity or economic incentives?…that there have already been economic incentives of $1.403 Million squandered on this project so the CCO wonders just how deep the well of the ERC is?…that unless McCurdy Development LLC comes forth with cash equity of about $3 Million and incentives of another $3 Million are made available that the City of Evansville will be in for another ride on the “MAD HATTER’S TEA PARTY” from Disneyland to get this thing financed?…that we shall cross our fingers that next Tuesday’s special meeting will include a financing plan that addresses the financial plan?

IS IT TRUE that as with the other BALLS & CHAINS that the Weinzapfel Administration has been heaping onto the incoming Winnecke Administration that it is our firm belief that the decision on the McCurdy needs to be made by what shall surely be a different cast of characters on the ERC?…that holding special meetings by an outgoing ERC presided over by and outgoing Director of DMD to assign and bless yet another deal that is of importance has pushed the envelope of arrogance and hubris past the point that the City of Evansville has ever seen or shall ever see again?…that the True Colors of the Weinzapfel Administration have completely obscured the façade in the last 6 weeks?

IS IT TRUE that we are certain that the paparazzi seeking missile known as Mayor Weinzapfel will be at the front of the pack for pictures next Tuesday morning or before taking credit for searching the world over and finding a substitute developer for the McCurdy in a week?…that we wonder exactly why this knight on a white horse did not show up two years ago?…that we wonder just how much of an impediment the $800,000 in incentives paid to City Centre, the $603,000 parking lot, the roughly $1 Million mortgage at Fifth Third Bank, and the allegedly outstanding bills of over $300,000 will be to the assignment of the development agreement?…that with secured notes like that on the McCurdy this special meeting may struggle to maintain specialness?

IS IT TRUE that the Evansville Redevelopment Commission has called a “special meeting” for December 28th, 2011 at 10 AM in Room #307 of the Civic Center?…that no agenda has been released so we must engage in some speculation?…that maybe we will learn the identity of the “MAGICAL MYSTERY DEVELOPER” that supposedly already has a contract in place to assume the agreement between the ERC and City Centre Properties LLC to turn the Vintage McCurdy Hotel into an apartment building?…that the ERC would have to give their blessing to any such agreement and maybe 5th 3rd Bank who holds the first mortgage would too?

IS IT TRUE that the Mole Nation is starting to get some information flowing in that indicates that the new downtown Convention Hotel may just find its way onto this agenda if the overtime fingers can type fast enough to put a binding agreement together between Kunkel and the ERC?…that the publication of this meeting without so much as any AGENDA at all has many of our readers pretty aggravated?…that we do not suspect that the current Chairman of the ERC Mr. Bob Goldman gives a rat’s backside because he insinuated to one of the CCO Moles in a hallway conversation that “TRANSPARENCY IS A PRIVILEDGE THAT IS GRANTED BY THE ERC AS IT SEES FIT”?…that upon checking the laws of the State of Indiana regarding the posting of an AGENDA, that it seems as though there is no requirement to post any AGENDA at all for a special meeting of the ERC?…that this ERC is following their leader right to the end and has willfully chosen to PUBLISH NO AGENDA?…that this may be legal but it is not right?…choosing to behave in a secretive and wrong manner is an affront to the taxpayers of the City of Evansville?…that we do need to demand that our state leaders change this code to make the posting of an AGENDA at least by subject item mandatory?

IS IT TRUE that we are all being primed up for a “PAY CUT” of about $20 per week by the Obama Administration to try and pressure the Republicans in congress to extend the temporary reduction in the FICA taxes levied on earned income from employment?…that what is not being said by the Obama Administration is that this $20 is the $20 that we are all counting on to be set aside to cover Social Security and Medicare expenses for us when we reach the age of eligibility or become disabled?…that of all taxes that cutting this particular tax that is designed to fund direct benefits to retired workers puts the only federal wealth transfer program that most people agree is working at financial risk?…that President Obama is not only being hypocritical on this one he is being personally inconsistent?…that in the words of Warren Buffet the CCO respectfully asks the President and the Congress to “please take these taxes and do not pass this extension”?…that we expect our benefits to be solvent when we reach the age of eligibility and the only way to do that is to fund it fully?…that playing politics with the solvency of the retirement benefits of the nation is not worthy of either the President or the Congress?

IS IT TRUE that the USI Eagles and the KWC Panthers find themselves ranked #2 and #4 in the most recent Division II basketball poll?…that the USI vs. KWC games have always served as an Evansville and Owensboro version of a proxy game between IU and UK?…that the officials at USI and KWC should consider moving their upcoming meeting to the Ford Center as a home game for USI?…that we bet that the rent would be covered many times over if the marketing is done correctly?

IS IT TRUE that another local favorite the Murray State Racers are one of only 6 undefeated teams in Division I basketball at 13 – 0?…that the Racers are going to be favored in every remaining regular season game and the OVC tournament?…that no other team among the undefeated ones is expected to finish the year undefeated?…that Murray State may just be poised for a #5 or higher seeding, a top 10 ranking and a drive to the Sweet 16 or even the Elite 8 this season?…that the UE Aces need to start taking lessons from teams like Valpo, Butler, Murray, VCU, George Mason, etc.?…that the old UE would be competing for a berth in the NCAA every year and a drive deep into the tournament every 5 or so years?…that we wonder exactly where that ambition went?