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”?

IS IT TRUE? July 26, 2011

IS IT TRUE that if Washington Square Mall can coexist with Eastland by being different and unique that Roberts Stadium should be able to coexist with the new Arena by being different and unique?…that Roberts Stadium like Washington Square will need a private developer with money and vision to make that happen?…that such a person came forward to reinvent Washington Square and the same should happen with Roberts Stadium?…that there is one and only one formerly successful shopping Mecca that did not survive the urban mall movement?…that would be downtown Evansville?…there are good reasons for that?…that abundant and easy to find parking with no parking meters is a big reason for that?…that indoor shopping during the 250+ days per year that we have cold, heat, or precipitation is another reason that malls beat downtown?…that for downtown to compete as a shopping destination again it has to offer an overwhelmingly better shopping experience than the mall does?

IS IT TRUE that there is some local good news with respect to brain drain?…that Fahkara Malone who started dazzling local basketball fans as I recall in about the 6th grade as a member of the Washington Middle School team that never lost a game is coming home to Evansville as a member of the UE women’s basketball staff?…that Fahkara was and is a high talent lady with diplomas from Memorial High School and Purdue University?…that she will be working on a Masters while doing her new job at UE?…that attracting Fahkara back to Evansville is a wonderful small step to countering the brain drain?…that we welcome Fahkara home and congratulate UE on a good hire?…that we hope that she can achieve her long term goals and prosper without having to brain drain a second time?

IS IT TRUE that when President Obama was addressing the nation last night on national television that it was easy to assume that he was speaking directly to the people of Evansville regarding the downtown hotel fiasco?…that the President referred to the “three ring circus”?…that after the President’s speech that the Republican response invoked the names of “The Three Stooges”, and “The Marx Brothers”?…that it is good to see that our congress and our President agree that the situation in Washington is deserving of making denigrating jokes about?…that they asked for their jobs and that now they need to just do them?

IS IT TRUE that one of the most puzzling silences in the local political arena has been the silence of the two Mayoral candidates on how the Evansville Redevelopment Commission should have handled the whole lack of VETTING with respect to the Downtown Convention Hotel and the McCurdy?…that if ever there has been a chance to step forward with a plan that shows knowledge and fortitude that this hotel fiasco has offered the candidates a perfect opportunity to do so?…that with one candidate holding the office of Vanderburgh County Treasurer and the other occupying a senior vice president office in a large bank that one would presume that both should have experience and knowledge of the VETTING PROCESS?…that the ERC needs their help?…that establishing a process through which investments of public money into private enterprise are professionally analyzed is a difficult but vital cog that is missing in the machine of Evansville’s governance?…that rather than exchanging barbs with each other over the efficacy of spending $150,000 to hire high school kids in the summer to pick up paper and paint over graffiti, why not spend your creative juices putting together a plan to solve the VETTING PROCESS problems that are on display daily from the failures of the Evansville Redevelopment Commission?

IS IT TRUE? July 25, 2011 Special Evening Edition

IS IT TRUE that the City County Observer is now on its 23rd day of leading the Courier and Press in minutes of viewing per month as measured by 3rd party web portals Alexa.com and trafficestimate.com?…that the lead as checked this morning has grown to 44%?…it appears as though the CCO will maintain this lead for a full month now?…that it seems as though there is a big market for calling out blundering in government right here in Evansville and that having the courage to actually point it out pays off?

IS IT TRUE that in a short 106 days we will all know whether it will be Lloyd Winnecke or Rick Davis who will become the Mayor that will assume responsibility for executing the decisions that are playing out right now?…that that there are 159 days remaining in the Weinzapfel Administration?…that the latest extension in the four year saga of the McCurdy start date expires in 6 days?

IS IT TRUE that we wonder if EB-5 financing would be acceptable to Mayor Weinzapfel to raise the funds that would facilitate the refurbishment of the McCurdy Hotel?…that the McCurdy is in the same Census Tract as the proposed downtown Convention Hotel?…that we would bet that the Mayor would be beating the drums of encouragement of EB-5 funding to convert the McCurdy convalescent home for bats and pigeons into an apartment building, a classic hotel, or anything whatsoever other than a dangerous eyesore?

IS IT TRUE that it has now been 1,546 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 1,399 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?

IS IT TRUE that there are now 463 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 we will be very interested in how much money is placed into the 2012 City of Evansville budget to do the design work that is required to design an acceptable solution that will get the blessing of the EPA that took Evansville to court to force the repair of the sewers so that the Combined Sewer Overflows are compliant with federal laws?