Monday, August 18, 2008

Arena financing plan calls for county general fund dollars


According to a report prepared for the OCFC:





From a June 4, 2008, Blade article:













* Verification of the anticipated investment income;
* Documentation of the receipt of the anticipated hotel tax equity;
* Executed luxury suite leases under the Founders Program; and


But the report also includes this:







Tim Higgins said...


You have been warning about this for months, and I am sure that the enjoyment of being right has to be tempered with the knowledge of the sink hole that we in Lucas County seem to have stepped into.

Once again, "The Devil Is In The Details". Concessions, Naming Rights, and Parking revenues, once promised as significant sources of revenue; now seem in jeopardy. Meanwhile, cost continue to rise with no absolute budget number in sight.

Topping it off, we have politicians assuming that they know more than the experts and ignoring their recommendations. Instead we get the equivalent of, "These are not the droids you're looking for...", while our Commisioners run off to find other things to meddle with.

I'd cry if I didn't think that the tears would be wasted.

Carol said...

The lack of solid financial planning and total honesty in the push to get this arena built is consistently indicative of the mindset of the current commissioners.

With all the recent hoopla over out bond rating was this only a red flag waved in the face of Wozniak/Gerken/Konop? A flag with the words "Spend Spend Spend" on it?

The certain demise of any household would be to operate in the same manner that our commissioners do. If these three manage their households like they manage this county they would all be in bankruptcy court!

Do they truly not understand that in this economy (a challenging one for sure!) that businesses are scaling back, people are being laid off, stocks are not strong and every dime is being accounted for? Do they not realize that this makes it very unlikely that any business, large or small, is going to race to the front of the line to purchase a suite or the naming rights to this disaster? I'll bet many don't even buy season tickets!

"If you build it they will come" was a tag line for a really great movie. I don't feel that it is a true reality for Lucas County/Toledo.

If we don't stop raising taxes on everything under the sun in order to support this irresponsible spending then this county/city is sure to become a ghost town.

The Tidy Bowl man would be envious of the speed with which we are circling the bowl. And that is unacceptable to me. But I am only one person - and apparently one that doesn't really count no matter how many times I vote against this stuff.

And don't get me started on COSI ...

Roland Hansen said...

Two words:
Rip off!

Black Swamp Road Geek said...

Simple Maggie

County bails out the city by purchasing the adjacent port lawrenece garage for ridiculously low price below appraised value but enough to help with their budget, then the county turns around and hires the city (or its contractor) to manage it but collects the money for arena events

And that is just enough gray area that Section 79 does not come in to play. The city will accept the low price because of the "condition" of the structure

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