Wealth Report Reports Shifting Wealth Away from the West

A study released by the Knight Frank and Citi Privat Bank Partnership has place the 10 countries with the most billionaires as follows:

1. United States 396
2. China 72
3. Russia 58
4. India 47
5. Germany 43
6. United Kingdom 42
7. Hong Kong 29
8. Switzerland 27
9. Japan 23
10. Canada 22

Some other fun facts that they published about American cities are as follows:

Economic Activity: New York City 1st, Los Angeles 10th
Political Power: Washington DC 1st, New York City 2nd
Quality of Life: New York City 9th, Los Angeles 10th, (Paris was 1st)
Knowledge and Influence: New York City 1st, Chicago 6th, Los Angeles 7th

Top Cities for Entrepreneurs: New Your City #4, San Francisco #9, Palo Alto #10, Dallas #19

Here is a link to the entire study. If you want to follow the money this is a good read.

https://www.privatebank.citibank.com/announce/The_Wealth_Report_2011LowRes.pdf

IS IT TRUE that the City County Observer has seen a jump in traffic in the last week since we finally have our automatic publication notification system working correctly?…that our traffic numbers have been challenged and even mocked by certain operatives who are unwilling to share their names?… that the CCO does extensive analysis of exactly how much traffic we have, where it comes from, how long each visitor stays and what they read when on the site?…that we continually examine what is happening with the use of Google Analytics a third party traffic characterization service?… that we also monitor our rankings on Alexa and most recently on trafficestimator.com?…that the numbers from trafficestimator.com coincide very well with the Google Analytics reports?

IS IT TRUE that trafficestimator.com has the CCO traffic estimated at 95,500 visits per month and rising?…that ranks the CCO as the third highest media website in the Evansville media market?…that the Courier and Press with a traffic estimate of 643,400 is first and WFIE with a traffic estimate of 240,000 is second?…that the CCO exceeds every other traffic estimate for such a site this side of Louisville including daily newspapers in Owensboro, Henderson, Madisonville, and a host of weekly publications?

IS IT TRUE that the new program of landlord registration has the potential to slow down or eliminate the continued abandonment of housing stock in the City of Evansville?…that this program has little capacity to provide any impetus to do the extensive repairs needed on a large number of homes that are currently uninhabited?…that one of the reasons that the number of abandoned homes in Evansville has doubled in the last 10 years according to the US Census is that there has been an adversarial relationship between landlords and code enforcement?…that this program with expedited permits and preferred treatment with complaints may really expedite getting the little things done to prevent future abandonment of habitable homes?…that Vanderburgh County Building Commissioner Ben Miller is a practical, fair, and honest man and that the CCO wishes this program the best

IS IT TRUE that Tom Barnett, Director of Metropolitan Development has accurately pointed out that there are 8,000 uninhabitable homes in Evansville that need at least $1 Billion in repairs to be decent again?…that if that $1 Billion is spent on these houses that they will only have a market value of $400 Million or 40% of the cost to repair them?…that with a shrinking population that there is no reason to think that there is even any demand for these homes?…that the cheapest and perhaps the best solution to this dilapidation issue is to spend $40 Million and just tear the things down?…that if enough of these houses are torn down in areas where the Combined Sewers are that there is the possibility to reduce the number of sewers that need to be repaired and thus saving some of the anticipated $500 Million bill to satisfy the EPA order?

IS IT TRUE that what Evansville really needs to counter the spiral of Detroitization is a vibrant economy, a growing population, an atmosphere conducive to entrepreneurship, available equity investment funds, cleanliness, a well kept park system, etc., etc., etc?…that the song remains the same and that the longer it plays the less likely that it will be to change that tune?…that maybe this is the year to make some real changes?…that we reiterate once again the THE CANDIDATES FOR MAYOR OF EVANSVILLE should offer the public some substance about how to start to repair the situations that started and continues to cultivate the Detroitization of Evansville?…the CCO and the people of Evansville are still waiting for direction for our aspiring political leaders?

IS IT TRUE that the Economic Development Coalition of Southwest Indiana has allocated some federal grant money to pay for a study of the potential that this area has for growth?…that Garner Economics of Atlanta has been commissioned to do this study?…that there are those who will be critical of hiring an outside of Evansville firm to do this study?…that when searching for opportunities that seem to have eluded the local business community and local governance for many years an outside firm is usually the best choice?… that Greg Wathen is very well connected in the economic development industry and made the best choice that he could make with the funds that were available?

IS IT TRUE that SWOT (strengths, weaknesses, opportunities, and threats) analysis were done and published in 2000 and again in 2007?…that in both cases these efforts were locally lead and chose all local participants?…that the results of these analyses were strikingly similar?…that would indicate that little or no positive change occurred between 2000 and 2007 to change the results?…that as informative as these exercises were that in the end they were just exercises?…that in one case there was some “strategic editing” done in the areas of identified weaknesses and threats?…that the “strategic editing” was done so as not to perturb the powers that be?…that this locally driven “strategic editing” is why Mr. Wathen is doing the right thing by hiring an outside firm to do this study?

IS IT TRUE that it is certain that this region has some untapped resources and unknown opportunities that can and should be acknowledge and exploited for economic growth?…that there have been opportunities identified in the past that just do not seem to get the attention of people who pursue them?…that we expect that this study will identify resources and opportunities with positive potential?…that we are quite interested to see if these opportunities will be new or recantations of opportunities published in the past?…that we hope and encourage that any good opportunities be pursued?…that Evansville’s economic problems are not in place because of lack of opportunities?…that there have been many opportunities brought forward but that the initiative, the funding (as in venture capital), and the talent have not been mobilized to capitalize on them?…that maybe this time it will be different?

IS IT TRUE that “CCO “MOLE #3” has just predicted that Conor O’Daniel is on his way to be elected to the second position on the Democratic AT LARGE City Council seat?

IS IT TRUE the political battle lines have been drawn between Davis and Tornatta? ….that the Tornatta campaign is all about keeping things the same while preserving the programs of Mayor Jonathan Weinzapfel and Davis is campaigning on the issue of “a new broom sweeps clean”?

IS IT TRUE that incumbent City Council Dan McGinn hasn’t spent one nickel on yard signs, TV, radio or newspaper ads? …. that we know the reason why? ….that Councilman McGinn has done an outstanding job in representing the needs of the citizens living in the 1st Ward? ….that the fact that he has publically taken Mayor Weinzapfel head on in many issues and won certainly helps enhance his popularity?

Charlotte Suburb Embarks on 25 Field Complex

Do you remember last year when the Evansville Convention and Visitors Bureau wanted to spend $18 Million on 8 little league baseball fields? There was actually broad support for the idea of having a classy ball park complex but the construction price came under fire for being excessive. It was eventually defeated.

Charlotte, North Carolina suburb Mooresville is now embarking upon their own $20 Million little league ballfields project so our curiosity has migrated to just what can you get in Charlotte for $20 Million? Here is what they are getting:

* 25 lighted baseball fields

* 60 cabins

* Laundry

* Dining Hall

* Concession Stands

The 25 fields and the team cabins are expected to draw 80,000 visitors per year and are being developed by private investors. The total public incentives committed to attract the investment was only $1 Million paid out over a 10 year period. The project is expected to create 20 full time and up to 500 part time jobs.

If the proposed ballfields project in Evansville would have involved a private investment of $20 Million and a public incentive of $1 Million there would have likely been substantial support. The cost of a ballfield also seems to be more in line with reality in Charlotte than it was here. Well, in a land of $239,916 apartments what can we expect?

You may read the entire contents at the link below.

http://www.charlotteobserver.com/2011/04/12/2216922/work-starts-on-170-acre-youth.html

MAYORAL PRIMARY RESULTS:

Democratic Primary: 246 total votes
Rick Davis – 184 (75%)
Troy Tornatta – 62 (25%)

Republican Primary – 194 total votes
Lloyd Winnecke – 115 (59%)
Douglas DeGroot – 79 (41%)

THE NEXT POLL: “What do you think of the proposed Evansville Vanderburgh City County Consolidation??”
There are options for both residents who live within the city limits, and outside the city limits. This poll should give us all a strong idea of what each demographic thinks about the proposed consolidation.
Vote on community-observer.com!

Funds Investments to have Regional Focus

The Houston Technology Center said Tuesday that the newly created Houston Technology Future Fund plans to raise $100 million in venture capital to fund early-stage technologies in the greater Houston area.

The fund would provide equity to technology companies within a 30-county area in the aerospace, energy, information technology, life sciences and nanotechnology sectors. John White, a partner at Houston based venture capital firm Murphree Venture Partners, will serve as CEO of the fund.

“Houston is a fertile landscape for entrepreneurship and has an extensive history of innovation,” White said in a statement. “We believe the Houston Technology Future Fund will not only assist these innovations in reaching commercialization, but will also provide a terrific return to investors.”

White will serve on the investment committee with Scott Crist of Houston-based Texas Ventures, Benton Mayberry of Houston-based Winston Sage Partners Inc., David McWilliams of BioHouston Inc. and Dennis Murphree, general managing partner of Murphree Venture Partners.

The advisory board includes J. Downey Bridgwater, HTC board chair and Sterling Bancshares Inc. (NASDAQ: SBIB) president and CEO and Walter Ulrich, president and CEO of HTC, as well as two unnamed representatives.

Source: Houston Business Journal

IS IT TRUE? Part 2: April 12, 2011 Apartment Refurbishment Reflects Waste in Government Pricing

IS IT TRUE that a well done project on the eastside in the area of income properties just celebrated its completion?…that the old Stonehedge apartments have reopened under the name Abbey Court?…that just last summer that the people of the neighborhood were upset at the prospect of Stonehedge being converted to low income housing?…that Stonehedge was purchased for $4.25 Million last summer and has just undergone renovations in the amount of $2.7 Million to bring the total cost of the project up to approximately $7 Million?…that when you divide that total cost by the 250 units that Abbey Court now offers that the cost per unit works out to $28,000 each?…that Abbey Court offers 1, 2 and 3 bedroom units at prices ranging from $514 to $874 per month?…that the average rent per square foot per month amounts to about 70 cents?

IS IT TRUE that the City of Evansville should take some lessons from the developers of Abbey Court when it comes to budgeting for apartment style units?…that the recently announced projects by the Office of the Mayor somehow manage to have per unit budgets that are over 8 times as expensive to construct than Abbey Court has been?

IS IT TRUE that the Cedar Trace Apartments III located at 2000 North Seventh Avenue is a project to construct 48 new apartments consisting of 14 one bedroom units, 24 two bedroom units, and 10 three bedroom units?…that a thinking person would be inclined to expect the cost of Cedar Trace III to be about 48/250 of the $7 Million spent on Abbey Court?…that such a thinking person would be very wrong to make such an assumption?…that the total development cost stated in the Mayor’s press release of February 28, 2011 is exactly $5,760,000?…that this development cost works out to exactly $120,000 per unit or 329% more per unit than Abbey Court was refurbished for?…that we wonder who in their right mind would embark on such an overpriced project?

IS IT TRUE that Cedar Trace III is a relative bargain when compared to another program announced in the same official press release?…that the VISION 1505 project located at 1505 North Third Avenue at the site of the abandoned SAFE HOUSE takes overspending to a new level?…that VISION 1505 proposes to refurbish the old SAFE HOUSE into 32 apartments at a staggering cost of $7,677,308?…that this works out to $239,916 per apartment?...that we once again wonder who in their right mind would embark on an even more overpriced project?

IS IT TRUE that Abbey Court was done at market price and will be a sustainable investment that pays off for the private developer?…that if the Abbey Court project were to have been completed by the City of Evansville with a SAFE HOUSE style of refurbishment budget that Abbey Court would have cost nearly $60 Million and would have to charge over $4,000 per month for a 1 bedroom apartment to make ends meet?…that we understand that government projects have some red tape and restrictions that raise the prices but in no way accept the assertion that the government should be spending a 700% premium over private pricing to get things built?

IS IT TRUE that in a world of a government that pays $100 for a hammer that can be bought at a big box retailer for $20 that people just shake their head and laugh?…that the people whose money is spent so frivolously are the taxpayers of America, nearly 118,000 of whom live in the City of Evansville?…that the $100 hammer is a better deal than the $239,916 apartments being proposed by the Mayor’s office?…that it is not so much the value of government that is raising the debt of the nation and all of the cities and states in it?…that it is the callous disregard of our elected officials to make rational decisions on what to pay for things that has saddled us with a staggering amount of debt?…that just because Uncle Sam hands a place like Evansville a token tax credit does not make it right to spend $239,916 on an apartment that could have been bought on the open market for $28,000?

IS IT TRUE that it is no wonder that the McCurdy Hotel stands vacant and a home to pigeons and Indiana brown bats?…that at prices like these the McCurdy will cost over $20 Million to restore?…that a good policy for elected officials should be that “if you would not spend your own money on something do not spend your governments money on it either”?…that after all the governments money is our money?

EPD Activity Report April 11 2011
EPD Activity Report April 11 2011 – 2

IS IT TRUE that the fireworks are heating up in the campaign to seek the Democratic nomination for Mayor of Evansville?…that the heir to the Weinzapfel thrown will absolutely have to fight for it?…that the City County Observer does not condone or approve of the first volley of name calling and accusations of not being a team player that has been lobbed by the Tornatta campaign at the Davis campaign?…that we would prefer that this nomination were decided by a battle of wits instead of a battle of nits?…that calling someone disloyal and disruptive to a machine that operated behind closed doors, spent lavishly on a temple of sport, and found legal but sneaky ways to circumvent the will of the people should be worn by Mr. Davis as a BADGE OF HONOR?…that it is better to be a member of the loyal opposition who seeks to better the conditions of the whole than a water carrier for a team with a reputation for breaking the rules?

IS IT TRUE that as we have stated now for a full week that there are some real game changing issues that need to be addressed by the next Mayor of Evansville?…that substance and not schoolyard drama is what should be used to judge whom is the best man for the job of Mayor of Evansville?…that position papers of substance with JOBS, INFRASTRUCTURE, PARKS, and COMPETITIVENESS need to be addressed and they need to be addressed now?…that failure to address these issues in a public way with plans and strategies of depth is the only way to prove any candidate’s worthiness to lead this city?…that Evansville has the legacy problems that it has like a languishing economy, federally chastised infrastructure, litter, blight, brain drain, overflowing sewers, and lack of transparency because the status quo that created these problems has been coddled and celebrated as opposed to being challenged?…that any candidate that does not challenge the status quo and minimally communicate some detail regarding positive changes is truly unworthy of anyone’s vote?

IS IT TRUE that in plain simple “if it ain’t broke don’t fix it style” rhetoric we have now been treated to the old adage “if you ain’t with us you are agin us” by Mr. Tornatta?…that as we reminded the President of the Evansville City Council a few weeks ago, Sir there are many things that are broke and they are in need of fixing?…that in truth if any candidate is not on board in accepting the stubborn facts that our best and brightest young people leave town for better career opportunities, a large portion of the town has the smell of neglect about it, that crime is escalating, and that the housing stock is increasingly dilapidated really needs to have an intervention?…that celebrating where we are as a city is about as worthy of a celebration as a basketball team that just went 3 – 23 and lost its senior day game by 30 points?…that dramatic change is needed and it is needed now if Evansville is to reverse the slide to become Evanstroit?

IS IT TRUE that we and the people of Evansville are still waiting for substance and vision from a worthy candidate?…that we and the people of Evansville expect and deserve honesty and transparency in government?…that we and the people of Evansville expect and deserve a full accounting of the capital projects that are under way and on the drawing board that will consume local taxpayer dollars?…that whether it has been Democrats, Republicans, Libertarians, Whigs, Greens, or even Know-Nothings that the machine that has brought Evansville to the brink of operating in a third world manner is not worthy of support?…that it really is time for change on the banks of the Ohio?…that we are begging for the details of that proposed change to step forward and claim his place as our next Mayor?