NOTE: John Stafford recused himself at this point and left the meeting. He wanted it noted that he was not part of the discussion or presentation because of a conflict of interest.
My note: [ did he leave the room because lying Dick was getting ready to speak?] my note ends here.
Discussion:
Mayor: This is the most significant cooperative between government and private initiatives. The project is a mixed use of a ball park, retail, hotel, and condominium purposes. We intend to never impose a tax rate.
The revenue stream will more than cover the costs. We have received more public scrutiny of this project than any other project we have done. It passed a bi-partisan vote through the council that is comprised of
three democrats and three republicans.
my notes Sam talks about brain drain>>>>>>>>>>>> WE NEED A VICTORY he says because we have lied to the people that all our ducks are in a row that property taxes will not be used. HA!!!..my notes
Sam Talarico, Jr.: Our City has been struggling to keep our young people. We have experienced what has been called “brain drain”, just like the majority of the State is experiencing. Should the back-up not be granted, it will not change the project. This project is well supported. We need a victory like this.
Steve Brody: This is a fifteen-acre parcel in downtown Fort Wayne (he showed a map of the project and all the individual parts of it). It includes a 3-story condo building above a retail center. There will be a 250 room hotel, a 900 space parking garage, a stadium, and a public park. We are very fortunate to have private investments of such caliber as White and Barry.
The expected timeline is to break ground this fall. The City already owns or has options on the land. The hotel should be completed by the fall of 2009. The ballpark and garage should ready for the 2009 baseball season.
Show me the money!!!!!
Jennifer Bell: I would like to go over the financing a little. $750,000 will be used from Community Revitalization Enhancement District (CRED) revenues, which will be available for fifteen years. The City
has pledged $20 million of CEDIT toward this project. There is also two TIF Districts that can be used.
This project is in it’s own District, called the Grand Wayne Center, and all revenues generated will be used,plus we can use up to 50%, or more if needed, from the Jefferson Mall TIF District. There is no intention of issuing general obligation bonds or imposing a tax rate. The back-up is for credit enhancement purposes
only.
Now that we have stolen the taxpayers money do you folks at the state level have any questions? You bet.
Questions by board members:
Dave: Your coverage statement shows only 110% - is that enough? Do you have enough of a lock on the team for the same number of years as the bond term?
Steve: The team in entering into a twenty-year license agreement. It is an affiliated team and will be here for a long time. As a member of the National Association of Baseball League, they are analyzed financially
every year.
The owners are contributing $7 million of their own funds to the project. The Fort Wayne Wizards are associated with the San Diego Padres. No team affiliated with a minor league team has ever went belly-up.
Mayor: There is a strong probability that the team will stay because the owners have contributed cash to the project and owns the land surrounding the stadium. Even if the stadium was not a part of this, there is
still enough revenue from the other components to cover the lease.
first- thankyou for the "above the fold spot that x-wire got lucky, and enjoys in your blogs pageflakes(am I a flake? wait- dont answer that! giggle!)
ReplyDeletebut :
nice analysis. braindrain is like the swinging door that rush limbaUGH is fond of using- which was is the door swinging? where are the people going? where is the money going? Our legislators in INDY need to loook around the state, the US, and the world. Where are the "creative class going? where are the opportunities? Its not that FTW is a bad place to be. All cities are equal- all humans are the same. human nature doesnt change. But look around the world- and see what the "best practices" are, and emulate them. gambling meccas. toruism, and entertainment . We will never be Las Vegas, Hollywood, NYC, amsterdam, San Francisco, China, or India (unless the statehouse decrees to drop the last 2 letters, then we will have the world at our command. )
where are the banking/fianancial meccas- why? offshore corporations? what are their laws?
states to incorporate? innovative taxation structures? and so on.
talk is cheap. so are our employers. illegal aliens. 1000 more burmese refugees. do they even speak chinese? let alone english? are we willing to accept a TB epidemicjust for the sake of "cheap labor"? a city full of child molesters? released felons that even their families wont take them in?
this city's leadership needs a wake-up call/reality check, if we are ever to become a regional economic powerhouse again.
heck- we dont even have any AMTRAK service to anywhere direct- after traveling to Waterloo, and leaving your car to bake/freeze for several days, with no security even. detroit? chicago? INDY? fuggadabout it.
Our Veterans? we all talk about these "brave patriots". but we close the VA hospital. we cut the VSO funding, and toss it to the county. its only been recently that George Jarboe got a little bigger office, and maybe a laptop. We have soldiers and marines returning with PTSD, and TBI (scrambled brains from IED blasts)missing limbs, and all the disruption that eternal wars and the Military industial complex requires. A grateful nation! hah!
we are once again putting alll our eggs in one basket- manufacturing. the auto industry is up and down with interest rates, gas prices, and the global economy. If we were suddenly to have peace, Raytheon, and ITT would be out of work, and their suppliers too. Walmart. Mcdonalds woo hoo!
So will I be able to sell beer from a cooler for $5 a can (24-oz) on the sidwalk before, during, and after the ballgames? follow the money! who's going to get rich from all this EE-cone-omic devilment?
meanwhile- taxes keep going up. we are in debt to our eyeballs- the rivers are clogged with logjams, river rats, MOSQUITOS!!!, and swimiing in the rivers? only if you have no fear of flesh eating bacteria, and fungussss.
combined sewer outflow separation? unigov of our waterworks(aquasource).
pension s underfunded.
ladies and gentlemen- we are spending ourselves rich! (and have I got a bridge to sell you.
but both parties are sold out to each other. the parties of greed! with our money to their pockets.
its time to say enough!
I'm fed up. I hate this city- the police, the crooks downtown, the lack of opportunities. the lack of a decent nightlife. and so on.
but I love FTW, warts and all, because if enough of us like minded people could agree on something, and look back to when FTW was Party town, then maybe we could reverse this downward "circling of the bowl", if you know what i mean.
arrggg!
Roach:
ReplyDeleteCould you slow down?!!!
Whoa, I hear you.
And only folks are just pretending things will get better if we all just pretend everything is fine in the FORT.