IS IT TRUE that the company managing the arena, VenuWorks, has been quoted that they may reveal the company that bought naming rights for the new downtown Arena soon?…that VenuWorks Evansville Executive Director Scott Schoenike said on July 19th that a company has been chosen, but there were some lingering legal details to complete?…that one of those lingering details must be the fact that VenuWorks does not have a contract and that multiyear contracts like naming rights must be approved by the Evansville Redevelopment Commission in a public meeting?…that the next such meeting according to their schedule will be on August 2nd?…that the Freedom of Information Act request that was filed by the City County Observer has a drop dead date of July 30th so we should have all of the communication that has been exchanged regarding the premium seating and sponsorships before the ERC has an opportunity to approve any AFTER THE FACT actions?

IS IT TRUE that in between all of the hubbub over the downtown Convention Hotel at the ERC meeting on July 19th that a little noticed resolution was passed regarding the premium seating in the arena?…that the minutes have not been approved yet and they have not been posted to the website?…that it looks like we will be finding out soon just what privileged few were approved as buyers of premium seating that has never even been offered to the public?…that we shall know soon who are the golden children of Evansville who have been so favored by the Weinzapfel Administration and the ERC that they were able to buy premium seating at unpublished pricing that was never even offered as an option for the un-favored people?…that these rascals in charge need to remember who it is that they work for and hope that the people of Evansville have short memories?…that the arrogance of selling every premium seat in a public building in private transactions is just beyond comprehension?…that rather than the Latin term Carpe Diem (seize the day) the Latin motto for the premium seats could be Premo Diem (Squeeze the Day)?

IS IT TRUE that if one really wished to understand the depth of the problem with finding financing for the proposed downtown Convention Hotel that examination of what existing hotels in similar locations or even superior locations are going for under the auctioneer’s hammer?…that auction.com that advertises itself as the nation’s leading real estate auctioneer and loan sale advisor has a 372 room hotel that is operating and in quite good condition in Richmond, Virginia that will auction off online during the August 15 – 18 auction?…that the unpaid loan balance on this 372 room hotel is $29.5 Million?…that the opening bid meaning the least amount that the lien holder will accept for this 372 room hotel is $1.7 Million?…that this amounts to 5.76 cents on the dollar relative to the loan amount?…that when developers that are attempting to find conventional financing for the downtown Evansville Convention Hotel that this is the kind of deals that they are competing with for financing?…that as long as foreclosed hotels and distressed sale hotels are selling for 5 cents – 10 cents on the dollar that conventional financing will be a very difficult if not impossible thing to sell for a new construction loan in Evansville?…that the details of the auction are on the following link?

http://www.auction.com/Virginia/notes-auction-asset/123002446-1472-See-Due-Diligence-Documents-RICHMOND-VA-23230.html

IS IT TRUE that for those who are willing to register on this site that the entire due diligence study done by outside professionals is available?

IS IT TRUE? July 26, 2011 Special Evening Edition

IS IT TRUE that the Evansville Redevelopment Commission has scheduled a special Executive Session for Thursday July 28 at 11:30 am at the EVSC administration building boardroom?…that although no agenda has been released that the topic of discussion shall be the downtown Convention Hotel proposals?…that it has been put forth that a decision will be recommended to hire some outside firm to do a complete vetting of the two proposals that have been submitted?…that the ERC will be calling in a pinch hitter to bat for them on the all important 3rd Strike?…that this body has survived 2 strikes thus far with much damage to the credibility to itself and that it would very much like to have a paid outside source to blame should the third strike go whizzing by again?…that this should have been done the first time folks?

Batter Up!! Thank you sir may I have another?

IS IT TRUE that there is another 3rd Strike opportunity that is coming home to roost for the Evansville Redevelopment Commission?…that this pitch is called the McCurdy?…that someone has done some landscaping work down there this week which may just be good news for the project?…that the Mayor’s beanstalk that was being used by rats to climb up to the top floor to steal food from the pigeons and bats has been eradicated?…that we hope that this is good news and congratulate whomever has been doing the yard work on a job well done?

IS IT TRUE that in the event that Lloyd Winnecke becomes the next Mayor of Evansville in the November election that his seat on the Vanderburgh County Commissioners will be up for appointment?…that the heir apparent to Commissioner Winnecke’s seat is thought to be none other than County Councilman Joe Kiefer?…that in the event that Mr. Kiefer is appointed to the Vanderburgh County Commissioners that will leave a place on the Vanderburgh County Council?…that Mole #3 who is retiring from the molehill in November allegedly has his desires set upon Mr. Kiefer’s seat on the County Council?

IS IT TRUE that the new director of the Evansville Convention and Visitor’s Bureau, Mr. Bob Warren has been tasked to go forth into the world and publicize the tourism opportunities of the City of Evansville?…that going forth into the world to do such things requires money and promotional materials?…that the City County Observer supports these efforts and encourages the Vanderburgh County Council to appropriate at least $300,000 so that Mr. Warren will have the resources to do this important part of his job?

IS IT TRUE that City Councilman and Chairman of the Budget Committee John Friend, CPA went to Mayor Weinzapfel to suggest a vetting committee for the downtown Convention Hotel proposals?…that Councilman Friend (D) suggested that City Councilmen Curt John (D) and Dan McGinn (R), County Councilman Russ Lloyd Jr. (R), and ERC member Greg Elpers CPA should join him on the vetting committee?…that the Mayor rejected Councilmen McGinn and Lloyd on the basis that they would make the vetting committee TOO POLITICAL?…that we find that to be hilarious?

IS IT TRUE? Part 2 July 26, 2011

IS IT TRUE that for those that are sort of confused regarding the flip flopping of Mayor Weinzapfel and project manager John Kish regarding the support for the use of EB-5 funding for the new downtown Evansville Convention Hotel, we have some questions and some observations that must be pointed out?…that the Arena itself utilized a federal program that reduced the interest rate on the bonds issued to pay for the construction and the early stage operation of the Arena?…that this program was called the “Build American Bonds” and was put into place as a way to stimulate public investment during the Great Recession?…that the powerpoint presentation given by the City of Evansville touts the “Build America Bonds” as having the capacity to save the City of Evansville $67 Million over the life of the bonds issued to finance the Arena?…that works out to an average of over $2 Million per year in interest with the early years having a higher savings than the later years?

IS IT TRUE that in order to pay 35% of the interest back to the City of Evansville to service the debt on the Arena that the federal government has to get that money somewhere?…that this money is dependent on the selling of federal debt to “foreign investors”?…that if foreign investors buying US government debt is okay for the Arena we wonder why a different program using foreign investors is not seen as reliable by the same people who patted themselves on the back for getting approved to use “Build America Bonds” to finance the Arena?…that double standards are becoming the standard operating procedure down at the Civic Center?

IS IT TRUE that with two classes of bonds being used to finance the Arena that it is essentially a “NO DOWN PAYMENT” project?…that having substantial up-front equity in cash by both wannabe developers of the new downtown Convention Hotel is becoming a litmus test for moving forward?…that as a private enterprise that this is exactly a necessary condition for VETTING?…that if a 10% cash down payment would have been a condition for starting the Arena that there would not be an Arena?…that nowadays the only entities that are still able to do things line “NO MONEY DOWN”, “NEGATIVE EQUITY”, & “SPECULATIVE PRO-FORMA” deals are government projects?…that the same government that force austerity and very tough due diligence upon private enterprise are still running wild on borrowed money using the same techniques that allegedly caused the financial meltdown in 2008?

IS IT TRUE that maybe we should just hire the management of the National Football League to negotiate a treaty between the House, the Senate, and the President to deal with the looming default on the debt crisis?…that the NFL got a deal done a full month ahead of their looming deadline?…that the NFL is a pure meritocracy when it comes to who gets playing time?…that winning teams sell tickets and that the financial rewards of winning absolutely force the teams to put the best talent available on the field without regard to anything at all?…that to get the best players the teams must pay the best players the most money?…that there is no room for a team owner to put a dumb-bunny crony onto the football field unless it is for one play to get his brains knocked out?…that the NFL and other professional sports do not have a diversity problem?…that the NFL and other professional sports create millionaires of nearly all of the people that have the talent and discipline to be hired and excel on the job?…that the NFL and other professional sports organizations are one of the most adept groups at shaking down local governments for tax money for stadiums and arenas?…that maybe we should just hire the NFL to deal with problems like VETTING?

IS IT TRUE that GE just announced that it will be moving the headquarters of its X-Ray Business Unit from Wisconsin to China?…that GE accompanied that statement with a statement that no jobs will be lost in Wisconsin by the move?…that we can only say two words to that statement?…that those words are “YEAH, RIGHT”?