IS IT TRUE? June 22, 2011 “The Hotel Appraisal”

IS IT TRUE that one of the documents that the CCO obtained by Freedom of Information Act is a Summary Appraisal Report issued to Martin Woodruff, CEO of Woodruff Hospitality LLC and dated September 20, 2010?…that this appraisal was made with respect to the Hyatt Place Hotel that was eventually chosen by the Evansville Redevelopment Commission as the winning response to their RFP?…that the appraisal did indeed specify that the hotel would be a Hyatt Place and would have 220 rooms, a gift shop, business center, pool, restaurant, bar, lounge, and fitness center?…that there is NO REFERENCE TO A PARKING FACILITY in the appraisal?

IS IT TRUE that as part of this appraisal that the real estate taxes on the completed hotel were estimated to be $260,000 per year?…that this amount of tax was estimated based upon an analysis done on eleven (11) newer hotels in the City of Evansville that range from 56 rooms to 250 rooms?…that this analysis resulted in an average assessment per room of $62,717 per room?…that the appraisal rounded this average up to $70,000 per room to estimate the assessment of the new 220 room Hyatt Place to be exactly $10,000,000?…that the math does not work ($70k x 220 > $10M) but that there was another assumption that the assessment would have a multiplier of 65%?…that an assessment of $10 Million was the basis to calculate the expected taxes of $260,000?…that the State of Indiana has a constitutional mandate for assessments to be at market value?

IS IT TRUE that there are typically three ways to arrive at an appraised value of a property?…that these are the COST APPROACH that is based on what it cost to build the hotel, the INCOME APPROACH based on the cash flow projections anticipated, and the COMPARABLE SALE APPROACH?…that the COMPARABLE SALE APPROACH is preferred because it reflects the current real estate market which does not always reflect the COST to build or the INCOME projections?

IS IT TRUE that the COST APPROACH appraisal of $33 Million must have been pretty easy to arrive at because the Project Uses and Sources Section of Woodruff Hospitality LLC’s bid document estimated that exactly $32,880,000 would be spent to get the hotel to opening day?…that this very same document did not include a parking garage and actually estimated the cost of a parking garage to meet City of Evansville codes to cost an additional $5 Million?…that those things alone now have the “official estimate” of the construction at $38 Million?…that when the miscellaneous other costs are included that this has been known to be over a $40M job for a long time now just as the CCO has published?

IS IT TRUE that the INCOME APPROACH yielded a stabilized (2 years after opening) appraised value of $34.8 Million entirely on the pro-forma that was part of the bid package?…that the projected occupancy rate used for this pro-forma was 68% occupancy at a nightly rate of $125 per room?…that this approach to valuation is very sensitive to initial assumptions and that if the assumptions would have been a more typical for the Evansville market of 60% and $99 that this approach would have yielded an appraisal of slightly under $25 Million?…that the appraisal reflects the calculation based on the input from the pro-forma which is dependent on the validity of the assumptions?…that there are plenty of market driven questions and uncertainties that could alter this method dramatically?…that the old adage of GIGO (garbage in = garbage out) applies?

IS IT TRUE that the best indicator of the market value of a piece of real estate is what the most recent sold comparable property actually sold for?…that this is why the COMPARABLE SALE APPROACH is the most sought after number for collateralization purposes?…that 14 sales were referenced in the appraisal as comparable?…that the sale dates of the properties ranged August of 2004 to November of 2006?…that the peak of the commercial real estate market came in 2006 and this appraisal was completed in 2010?…that confuses us because it seems to be common knowledge that the so called “real estate bubble” burst sometime between 2006 and 2010?…that we wonder why no more recent comparable sales were considered?…that given the date of the comps that the value of the COMPARABLE SALE APPROACH in this appraisal most likely reflects what the 2006 value may have been?…that this appraisal rejected the dollars per room approach and opted for a formula that simply multiplies the Gross Income PROJECTION from the pro-forma’s 3rd year and multiplies it by 4.15 to arrive at a value of $35,100,000?

IS IT TRUE that this choice sort of negates the entire theory of the COMPARABLE SALE APPROACH and relies on the assumptions of the INCOME APPROACH for validity?…that if the real COMPS were used that the MEAN SALE PRICE per room of $93,144 would yield a valuation for the 220 room Hyatt Place hotel of exactly $20,491,168?…that this reflects what the comparable value WOULD HAVE BEEN IN 2006?…that one thing that everyone knows is that commercial real estate of all kinds is worth less in 2011 than it was in 2006?…that if a conservative discount were applied to the 2006 value of 25% that a current market value (that is the price this thing would sell for if placed on the market) is closer to $15 Million than it is to $30 Million?…that therein lies the financing quagmire that the ERC and the winning bidder find themselves in?

IS IT TRUE that John Kish stood before the Evansville City Council in May and opined that the assessment would be equal to the cost to build?…that this sort of blows the estimate of the real estate taxes off the table?…that if the constitution says that assessments shall be at market value that market value is what they shall be?…that if the construction price really reflects market value that the real estate tax estimate should triple?…that you really should not be able have it both ways?…that obtaining an appraisal for over $30 Million and then pleading with the tax man for an assessment of $10 Million in a state with market value assessments is really trying to have ones cake and eat it too?…that we surely hope that sanity and constitutional conformity will prevail?

Finally IS IT TRUE that the appraisal assumes a full tax abatement will be granted for 10 years?…that if it is not that the income figures on the pro-forma should be adjusted down to reflect the payment of real estate taxes?…that this will reduce the appraisal’s valuation?

IS IT TRUE? June 22, 2011

IS IT TRUE that based on a call of reminder from Mayor Weinzapfel’s office that the City of Evansville DMD did indeed provide the City County Observer with access to all of the documents that we had requested under the Freedom of Information Act?…that this request was for everything between any City of Evansville entity and VenuWorks and with Woodruff Hospitality?…that our focus was and is on the management of the Arena and with the status of Evansville’s ability to actually get a downtown convention hotel off of the drawing board and onto the corner of Walnut and Martin Luther King Drive?…that we will be publishing more details of the pound of paper as the week progresses?…that there were no redactions and that nothing was held back?…that many of the caution flags that the City County Observer has raised and especially with respect to valuation are confirmed in the appraisal?

IS IT TRUE that it is now widely reported that there is a classic power struggle that is going on inside of Woodruff Hospitality LLC?…that at the present time that Martin Woodruff the majority shareholder controls the destiny of the ownership of the start-up business that was formed to build the downtown convention hotel that has had Evansville heads spinning for over a year now?…that the United States of America is a free and capitalistic nation and that Mr. Woodruff and the other shareholders of Woodruff Hospitality LLC are free to sell their shares to whatever QUALIFIED INVESTOR that they agree to sell them to?…that Mr. Woodruff and the other shareholders, one of which may be the Kunkel Group may keep their shares as long as they wish as well?…that in a free country that the market for the value that a corporate entity is perceived to possess and the negotiating skills of the ownership will determine any change of ownership?

IS IT TRUE that it has been reported for about a month that the Kunkel Group has intention to manage and acquire a majority interest in Woodruff Hospitality?…that it has been rumored for a few weeks but was just disclosed yesterday that there is another interested party?…that it sounds as though there may just be a bidding war going on for control of Woodruff Hospitality?…that we will be quite interested to see exactly how this Evansville episode of “Shark Tank” plays out?…that it had better play out quickly because the current extension of the closing date to show financing by Woodruff Hospitality LLC is June 30, 2011?…that is only 9 days from now?…that Woodruff Hospitality LLC requested a second 30 day extension to obtain financing from the ERC yesterday but that request was denied?…that if Woodruff Hospitality LLC does not satisfy this term in the “Downtown Hotel Development Agreement” by June 30th that there will be no valid contract in place to build a downtown convention hotel?

IS IT TRUE that the Evansville Redevelopment Commission just yesterday approved the reissue of a Request for Proposal to build the hotel that is essentially a request to assume the “Downtown Hotel Development Agreement” in its present form with the names and the dates changed?…that this opportunity is technically open to any interested party including Woodruff Hospitality LLC and the Kunkel Group should each entity choose to respond to the RFP in its present form?…that the real opportunity for the project to be reset to square one lies in the difficulty to obtain financing for the project according to the terms of the RFP?…that this will once again come down to VALUATION, COLLATERAL, AND LOAN GUARANTEES?

IS IT TRUE that in the commercial real estate market and particularly the hotel market of 2011 that the cost to construct greatly exceeds the present market value of the proposed hotel upon completion?…that this whole financing problem can be made to go away if the City of Evansville or some other entity that has the financial strength to guarantee the first loan steps forward?…that in the documents that the CCO examined yesterday that there were several letters from potential financiers stating exactly that in the respondents to the RFP bid packages?…that it has not just been the CCO that has taken this position during the past year but that some rather sophisticated financiers from “BIG CITIES” have been writing the same thing?

IS IT TRUE that just because someone writes an RFP with favorable or desired terms to themselves does not mean that the market will accept the terms nor does it mean that even a party that wishes to perform to the RFP can get financing?…that the next month will be the Reality Check for the financing phase of the Downtown Convention Hotel?

IS IT TRUE? Part 2 June 21, 2011 VenuWorks Duties and Contract

IS IT TRUE that the only contract between the Evansville Redevelopment Commission and VenuWorks that the City County Observer was provided by virtue of our Freedom of Information Act request is not really a long term contract at all?…that what is in place is a “Contract for Pre-Opening Consulting Services”?…that this contract expires on October 31, 2011?…that this document was entered into on February 24, 2011 with a stated goal to execute a “Definitive Agreement” within 30 days?…that it has now been 120 days and unless DMD is holding out on the CCO which we do not suspect that there is NO DEFINITIVE AGREEMENT BETWEEN VENUWORKS AND THE ERC TO RUN THE ARENA?…that this explains why there has not been any announcement of any dated and ticketed event for the Arena yet?…that execution of a DEFINITIVE AGREEMENT will void this temporary consulting contract?

IS IT TRUE that VenuWorks is paid only $8,500 per month plus expenses under the temporary contract?…that VenuWorks has taken the first step and hired an Executive Director for the Evansville assignment?…that if a DEFINITIVE AGREEMENT is not reached that the ERC is responsible for any severance that is due to be paid to the Executive Director?…that the ERC is responsible to provide VenuWorks with local office space until the Arena is opened?…that all indicators are that this space will be in the old Rug Merchant storefront on Main Street above the now closed Taste bar?…that the ERC has already approved a nice sign to hang in front of the Main Street office?…that all correspondence for VenuWorks is specified to be sent to their corporate address in Ames, IA?

IS IT TRUE that the Pre Opening Operational Tasks assigned to VenuWorks are paraphrased as follows?

A1 Provide personnel for all communications
A2 Submit complete marketing plan for advertising and sponsorships
A3 Submit written recommendations for Policies and Procedures to Operate the Arena
A4 Recommend marketing and event booking strategies
A5 Prepare a written list of supplies needed to start up the Arena
A6 Recommend a booking and rate policy for the Arena
A7 Recommend cost savings for the Arena
A8 Recommend strategies to solicit 3rd part vendor relationships (food, parking, tickets, etc.)
B1 Represent the Arena’s interests
B2 Implement booking and rental rate policies as approved by ERC
B3 Negotiate, execute and deliver in the name of VenuWorks all user agreements. If agreement is for more than one year then ERC approval is required.
B4 Negotiate, execute and deliver all vendor service contracts all of which are subject to the approval of ERC
B5 Implement all advertising and sponsorship sales consistent with the advertising plan approved by ERC
B6 Maintain accurate accounting records
B7 Issue timely financial reports to ERC
B8 Develop and implement a marketing plan for the Arena

IS IT TRUE that there have been no reports of any agreements that have been approved by the ERC for any of the tasks delineated in A1 through B8?…that we can therefore assume that there are no events booked, no vendors lined up, no rate structure in place, no long term contracts with tenants such as the Evansville Icemen or the UE Purple Aces signed, and no structural documents in place to secure recurring events like the Jehovah Witness convention, the Shrine Circus, Guns and Hoses, etc. etc. etc.?…that this really seems to be behind the 8-Ball when it comes to avoiding last minute rushes as we have become accustomed to with this project?

IS IT TRUE that the agreement is in paper form but that the CCO will digitize it soon and post a link to it on this website?

Call from Mayor Weinzapfel’s Office Prompted Release

On May 19, 2011 the City County Observer made three requests for the City of Evansville under the Freedom of Information Act. The request regarding Mayor Weinzapfel’s trip to Germany was honored quickly, professionally, and without incident. We found absolutely no problems with any of the expenses incurred by Mayor and Mrs. Weinzapfel on the trip that was substantially paid for without using taxpayer dollars from the City of Evansville.

Our other two requests were made to DMD and were responded to with letters of commitment in a rapid fashion. The date that they were due was June 16, 2011. That date came and went without further notice leaving DMD technically in violation of the FOIA. Yesterday and today the CCO made it known that DMD was in violation through the column IS IT TRUE.

This morning we were invited to come to DMD and given free reign of the materials that we requested and were basically treated like kings. DMD staffers informed us that Mayor Weinzapfel’s office had contacted them to make sure that the CCO request was honored. We do appreciate the kindness and cooperation of both offices.

What we made copies of are the following:

1. Contract for pre-opening consulting services between VenuWorks and the Evansville Redevelopment Commission.

2. Down hotel development agreement between ERC and Woodruff Hospitality LLC

3. Summary Appraisal Report: Hyatt Place Hotel

4. Hotel Project uses and sources: By Woodruff Hospitality

Some of these are short and lend themselves to scanning and posting and others are extensive and will be easier to digest when we have reduced them to a readable size. We will be posting this content over the next few days.

Rick Davis, Democratic Party nominee for Mayor of Evansville, said Monday that the community deserves a final say in the ultimate fate of Roberts Stadium.

“The facility is paid off – it does not have a mortgage – and I feel that we can find a useful purpose of Roberts Stadium once the new arena opens,” said Davis, 42, who is the current County Treasurer. “Taxpayers spent $17 million to refurbish Roberts Stadium in 1990, and they deserve to see that due diligence is exercised before a final decision on the fate of this building is made by City leaders.”

Davis made his comments less than a week after it was announced at a Parks Board meeting that the City had scheduled Aug. 3 as the day to begin mothballing the stadium, which opened in 1956 but underwent an extensive $17 million remodeling in 1990.

Davis said he went door-to-door in the neighborhoods surrounding Roberts Stadium during the last six months “and I did not talk to one single person who thought the building should be demolished.” He noted that he held 8 Town Hall meetings earlier in the year, and the subject of Roberts Stadium continually came up, “and I have said from the very beginning that we need to have a community discussion on how our community can “Reinvent Roberts.”

Davis pointed to other local municipal buildings that have been saved when the community felt their previous usefulness had expired, including the Old Post Office; the Old Jail; the Old Courthouse; and The Coliseum. He also noted how past city leaders had demolished other iconic buildings to the dismay of Evansville residents, including the L&N Railroad, the old Central High School, and the old Community Center.

“Obviously, the Stadium cannot compete with those other old buildings whose fate met the wrecking ball when it comes to architectural beauty,” said Davis. “But the fact remains: Roberts Stadium is and remains an icon in the Evansville community and deserves to be ‘reinvented.’ We have invested $127.5 million in a new Downtown arena, and I understand it would be counterproductive to keep Roberts Stadium in its existing manner, which would compete with the new arena. But I fail to see the value to spend good taxpayer dollars to tear down a 21-year-old, $17 million investment. What a waste of construction materials and taxpayer dollars. We can do better with our investment.”

Davis said he also felt the stadium should be left alone for until local leaders are able to determine the new arena is equipped to handle annual Roberts Stadium events, including whether sufficient parking exists in Downtown to accommodate patrons, as well as to allow time for the community to help decide the stadium’s ultimate fate.

“Once you lose a convention for one year, it gives that group of people an opportunity to look at other communities to host their events, and they may never come back,” said Davis. “It just makes good economical sense to keep the stadium available as long as possible as a life raft to potentially cater to these important conventions, which boost our local economy year after year, in the event that something unexpected arises after the arena’s opening.

Links Posted to Websites with Daily Savings

The economy may be improving and Evansville may be predicted to get over the economic flu sooner than other places but if there is one thing that the people of Evansville love it is a GOOD DEAL.

In the spirit of helping our readers find GOOD DEALS we are kicking off a new section of the City County Observer that we will simply call DEALS.

Today we start with three links to a site that we found called Brad’s Deals. There is a special site for MILITARY, another for TEACHERS, and a general link for those of us who are not quite as special as those who serve our country and teach our children.

Please follow the link below to “DEALS”.

http://city-countyobserver.com/deals/

Evansville Handles Recession Well but 10 Year Growth Reflects Population Shrinkage

The Evansville MSA ranked #117 of the 363 studied in the category of Gross Metro Product

Evansville’s Average Annual Growth Rate of 4.1% over a period of 10 years ranked #187 of the 363 metro areas studied. Surprising to some Evansville’s MSA ranked ahead of Lexington, Louisville, Indianapolis, and Chattanooga in this statistic that reflects improvement in productivity. Ranking in the last 5 are the rust belt cities of Kokomo, Flint, Saginaw, Detroit, and Springfield, OH.

Real Gross Metro Growth Rate from 2007 – 2009 had Evansville ranked at #201 with a -1.6% rate. A surprise local success story was Owensboro, KY that cam in at #56. Elkhart, IN ranked dead last at #363.

The 10 year employment change for the Evansville MSA was -3.8% reflecting the loss of population of the City of Evansville. The question is did these people leave because jobs went away or did the jobs go away because the people left?

The entire study is available at the following link.

http://www.usmayors.org/metroeconomies/2011/report.pdf

Conference of Mayors Predicts Evansville Recovery in 2013, other Hoosier Cities to take over 10 years

In Indiana, metro areas slated for a return to peak employment after 2020 include: Anderson, Elkhart-Goshen, Kokomo, Michigan City-LaPorte, Muncie, South Bend-Mishawaka and Terre Haute. Those metro areas are all predicted to recover the jobs lost in the recession beyond 2021.

An economic report from the United States Conference of Mayors estimates seven metro areas in Indiana will not return to pre-recession job levels for at least another ten years.

Other Indiana metros:

Indianapolis-Carmel, IN 2007 Q4 – Return 2013 Q2
Fort Wayne, IN 2007 Q1 – Return 2015 Q2
Evansville, IN-KY 2005 Q4 – Return 2013
Q1 Bloomington Peak in 2008 Q2 – Return: 2014
Q1 Chicago-Joliet-Naperville, IL-IN-WI (includes Gary) 2008 Q1 – Return 014 Q3
Cincinnati-Middletown, OH-KY-IN 2008 Q1 – Return 2014 Q4 Columbus 2008 Q2 – Return 2017 Q2 Lafayette, IN 2008 Q4 – Return 2013 Q3

June 20, 2011

U.S. METRO ECONOMIES | JUNE 2011
GMP AND UNEMPLOYMENT FORECAST

Key Findings

National Economic and Job Projections

• The report projects economic growth of 3.5% for the second half of the year, after 1.9% growth in the first half.

• Debt ceiling negotiators need to bear in mind that although the economy needs a credible long‐term deficit reduction plan, it does not need an immediate dose of austerity. Aggregate demand is too fragile.

• Job growth in 2011 will reach just 1.2%, only a bit higher than underlying labor force growth, resulting in an unemployment rate that only slowly retreats from its current rate of 9.1%.

• Unemployment will end 2011 at 8.6%, and not fall below 8% until late 2013.

• Only in the first half of 2014 will employment in the U.S. match its previous peak level of early 2008. Gross Metropolitan Product (GMP)

• In 2010, U.S. metro economies accounted for 89.8% of the nation’s gross domestic product and wage income, and 85.7% of all jobs—slightly down from 2008, but still the overwhelming majority of domestic product and wage and salary disbursements.

• New York metro ranked first with a 2010 GMP of $1.28 trillion, followed by Los Angeles ($738 billion), and Chicago ($531 billion)

• Following consecutive years of decline in 2008 and 2009, total real GMP increased by 3.1% in 2010, with 347 (out of 363) metros experiencing increases—a stark contrast to the previous year’s performance when 280 metropolitan areas saw it fall.

• Houston (7.6% real GMP growth), Oklahoma City (7.5%) and El Paso (7.2%) lead the nation’s 100 largest metros in real GMP growth in 2010. State and International Economic Output Rankings

• New York’s metro economy, when compared to nations, ranks as the 13th largest economy in the world; Los Angeles ranks 18th; and Chicago ranks 21st.

• Of the 100 largest economies in the world, 37 of them belong to metropolitan areas of the United States.

• Output from the metros of New York, Los Angeles, and Chicago was greater than that of 44 other individual states, and the combined production of the 10 highest grossing metros is greater than that of the combined 36 smallest states.

Metro Area Unemployment

• Through April 2011, double‐digit unemployment rates persist in 103 (28%) of the 363 U.S. metro areas. This number is down from 150 (41% of all metros) a year ago. 33 metros currently have rates higher than 12%, half the total of 66 from the same time last year.

• By the end of 2011, 75 metros will have double‐digit unemployment rates, and 193 metros (53%) will have rates higher than 8%.

• Most metro areas will suffer persistently high unemployment beyond 2011, many of which will continue with high rates into the middle and latter part of the decade. At the end of 2007, prior to the recession, only 50 metro economies had jobless rates above 6%. However, by the mid‐point of the decade (2015), we expect 198 metros (55%) to still be suffering unemployment above the 6% mark, with 61 metros still above 8%, and 13 metros above 10%.

• At the end of 2012, 311 metros will have unemployment rates above 6%; 173 metros will have rates above 8%; and 69 metros above 10%. Return to Peak Employment

• The vast majority of employment gains the U.S. will experience in the coming years will be provided by metro economies. In 2011, metros will add more than 1.2 million jobs, and comprise 86.4% of all new jobs in the U.S. through 2015.

• By the close of 2014 over half of the metro areas will have returned to their previous peak employment level.

• Forty‐eight metros are not expected to return to their peak employment during this decade.

• Not only are many metro areas struggling to climb their way back to their pre‐recession peak employment, 166 metros (46%) have suffered net payroll losses between the second quarter of 2001 and the second quarter of 2011.

Source: United States Conference of Mayors

IS IT TRUE that the City County Observer has still not been contacted by the City of Evansville Department of Metropolitan Development regarding the two Freedom of Information Act requests that were due us on June 16th?…that DMD is now 5 days into being in violation of Indiana Public Access laws?…that we have been contacted by people who say this is not the only time that DMD has blatantly ignored these laws?…that we have been contacted by several people advising us on exactly how to turn the heat up by seeking a delinquency ruling against DMD?…that when they are found to be in violation that the penalty will be to turn the documents over AND to pay any legal fees incurred by the CCO to obtain the ruling?…that would truly be a waste of taxpayer’s money and the easy way out is to just cough up the documents right now?

IS IT TRUE that Roberts Stadium has been given a chance by executive decision of Mayor Jonathan Weinzapfel?…that after sitting back, seeing all of the responses to the August 3rd trial balloon that was floated last week, reviewing the legal damages that could be awarded to SMG by shutting Roberts Stadium down on August 3rd, that Mayor Weinzapfel reached the only logical decision possible?…that decision is to allocate some funding in next year’s budget for the next Mayor of Evansville to deliberate and make the final decision on the Future of Roberts Stadium?

IS IT TRUE that it has been suggested that any decision about public money or a sweetheart deal for public land with regard to the recently approved POLE BARN INDOOR TENNIS CENTER may be more appropriate for the NEXT MAYOR as well?…that Mole #357 tells us that there is some resentment within private businesses that are in the sporting world who have not been given any sweetheart deals of public money and public land?…that we shall keep our feelers out on this one?

IS IT TRUE that Roberts Stadium by virtue of Mayor Weinzapfel’s decision just became a front and center election issue for this year’s City of Evansville elections?…that Republican candidate for Mayor, Lloyd Winnecke is on record as stating that discussions should already have been started but that it is not a candidates place to hold such meetings?…that Democratic candidate Rick Davis has repeatedly stated that he wants to fully examine how to get the most value out of Roberts Stadium?…that Roberts Stadium as an issue is not off limits to candidates anymore?…that both candidates should be working to formulate a plan for Roberts Stadium and should express their leanings in a more than platitudinal way before the November election?…that this is a chance to prove yourselves guys?…that we await each candidate for Mayor and even ideas from the candidates for City Council?…that Mayor Weinzapfel gave them all a license to think yesterday?

IS IT TRUE that we are somewhat mystified that News 25 was still running a piece at 10 o’clock last night about Dan Schall’s recommendation that Roberts Stadium be shut down on August 3rd after Mayor Weinzapfel’s decision was made public?…that we are beginning to wonder if Mr. Schall and the Mayor ever talk to each other?…that the Mayor’s decision put an end (we hope) to one of the most surreal weeks of any decision making process in recent memory?…that this does not seem to have been SNEGAL, but it surely does seem haphazard?

IS IT TRUE that it is not just the Jehovah’s Witnesses and the Evansville Icemen who are having some reservations about making the new Arena their home?…that Mole #357 tells us that the popular charity even Guns and Hoses is feeling sticker shock at the amount of rent that is being asked to use the new Arena for their event?…that Mole #357 has alleged that the price for the new Arena for a one night stand is triple that of Roberts Stadium?…that we are not surprised as the cost of the new Arena is about triple the estimated value of Roberts Stadium?…that this cost differential is a very good reason to keep both venues open for a while and to see how they can work together?…that we do not want to lose some of our legacy events and conventions because of price?…that Roberts Stadium has coexisted with the Coliseum for its entire life, that Evansville has enjoyed appropriate events in both venues, and that the Roberts/Arena combination can work too?

IS IT TRUE? June 20, 2011

IS IT TRUE that the City County Observer just had its second highest week ever for readership?…that the highest week was as expected the week of the 2011 primaries for the City of Evansville elections?…that we continue to climb in both Alexa.com and trafficestimate.com rankings?…that the number of people that are making the CCO a regular part of their day is steadily increasing?…that the statewide online publication Inside Indiana Business and the CCO have been consistently ranking similarly for the last couple of months?…that this is what we set goals to do a year ago when professional planning and daily publishing was being committed to?…that the CCO will be celebrating an anniversary in July?…

IS IT TRUE that insiders with financial savvy know that there is not sufficient information in place to make an informed public disclosure regarding the impact of bond underwriting if consolidation is passed?…that to even take such an action to a vote without sufficient numbers in place to inform the public of how such a merger could affect the coming increase in municipal utility rates is irresponsible?…that a full analysis needs to be conducted that includes the implementation of the EPA mandated improvements to the sewer system so that both the residents of the City of Evansville and Vanderburgh County will have some knowledge about how consolidation will impact their household budgets?…that absolutely NO SIGNIFICANT FINANCIAL SAVINGS have been identified by the consolidation committee, the Evansville City Council, or the Vanderburgh County Commissioners YET?…that this is beginning more and more to look like a faith based arranged marriage?…that as they say across the money saving bridge “THAT DOG DON’T HUNT”?

IS IT TRUE that both Republican Mayoral Candidate Lloyd Winnecke and City Council candidate E. Lon Walters have published position papers on the subject of JOB CREATION?…that both candidates are now on written record with the position that the formation of some INVESTMENT FUND so that Evansville money can back Evansville entrepreneurs?…that the City County Observer wholeheartedly agrees with these two gentlemen and hope to see other position papers coming forward in the near future?…that in a SWOT analysis that was conducted and included in 2000 that one of the weaknesses cited was the fact that there was NO INVESTMENT FUND IN EVANSVILLE?…that seven years later when another SWOT analysis was done in 2007 as part of the Wired Initiative that there was NO INVESTMENT FUND and that once again this fact was stated as a WEAKNESS and a THREAT?…that now four years later there is still NO INVESTMENT FUND IN EVANSVILLE?…that if a SWOT analysis were done again in 2011 that it would still be cited as a WEAKNESS and a THREAT?…that it should have been a STRENGTH and OPPORTUNITY by now?…that at least two candidates for office GET IT, that the business community at large seems to GIVE IT LIP SERVICE, and that the entrepreneurs who have BRAIN DRAINED to other places during the last 50 years certainly know it?…that we certainly hope that the newly stated awareness of the importance of INVESTMENT CAPITAL in the JOB CREATION EQUATION does not go on ignored by the wealthy of Evansville?…that as much as politicians need to support the concept of an Investment Fund and even purchase some shares in it with Public Money, that there is absolutely no place in the decision loop for private investment for political initiatives of any kind?

IS IT TRUE that people from all over Indiana and even in the Evansville community believe that there is sufficient wealth in this area to form an INVESTMENT FUND?…that either that perception is incorrect or that the people of wealth in Evansville prefer not to invest in Evansville talent?…that it is hard to make a justifiable case to an outside investor the Evansville is a good place for them to invest if local dollars are not made available to local businesses?…that the slogan to form an INVESTMENT FUND needs to be “If Evansville will not invest in itself, why would any outsider invest in Evansville”?