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Maggy Longfellow
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Well I can not believe that Joe and the Dud can not scrape together $30MIL. Heck I can come up with $30MIL to build a prefab underground garage. Must be some type of complicated engineering feat? What happened to finance plans A, B, C and BS?? Enter mystery financier number two without a will or checkbook.
Toggle Commented May 15, 2015 on CentrePointe is Still in Trouble at CivilMechanics
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For some reason Joe and the Dud still want a free parking garage. Again the Dud has filed multi-million dollar bankruptcy four times, has two multi-million dollar liens on the CentrePointe Property and still owes the city for lost parking spaces, sounds like junk bond status from any economic perspective. Several underground garages are prefab so what is the delay? How hard is it to lay rebar and forms to pour concrete made right in Lexington at Forbes road and Manchester street?
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I remember Finance Plans A, B, C, and BS. The city in secret said it was pleased with Finance Plan BS the current finance of CentrePointe so it must be sound finance even though nothing has been built and the Webb Co. is asking for TIF Bond Issue immediately. Jeff Ruby Steakhouse to offer flying pigs and unicorns on the menu.
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All of the Downtown Lexington Kentucky Projects completed by the Webb Companies and subsidiaries were funded by bankrupting Kentucky Central Life Insurance. Thousands of Kentuckians lost their entire savings and entire retirement annuities. The Webbs stole $130Million and only paid back $6Million with a deal cut by Governor now in office.
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When CenterPointe was first envisioned in 2005 the Cost Benefit Analysis overestimated economic benefits showing a sustained economic growth of 5% to 6% over thirty years. Even with a rosy economic forecast for thirty years the Return On Investment for any bonds issued was 50 years. If a TIF district is established the property taxes of the TIF district do not increase for the thirty year bond pay off. Property taxes outside the TIF district will increase to cover the tax revenues lost due to the bond issue over thirty years. Louisville has changed the size of the Yum Center TIF district because not enough tax revenues were realized to pay off the TIF bonds.
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Sep 22, 2014