Friday, May 24, 2013
Well, it is important, because what if it turns out it's AEG and Goldman Sachs? Then you'd also have a bit of a scandal on your hands.
Rhonda, I think you forgot one pointed, important question:
Who is funding Think Big?
Isaac points out one of the main issues that is very important: The Economic Engine report, on which everything else was based, claimed there would be $7B in new spending because of this $391M arena. That's really a claim from the "Theater of The Absurd."
Last week, Dave claimed that very few members of the local media were critical of the deal, and that could be taken as a sign of the deal's popularity. I don't know how Dave could have missed the mark by a larger margin. What it means is that local media wasn't reporting the news; instead, they were leading the cheers. That's a terrible approach.
It's not too late to go back and dismantle the $7B report. In fact, I think this is the right time to do it. If we don't, they'll continue to try to build on that "foundation", and if we allow that, we'll just get one weak plan after another.
A $391M investment that results in a $7B return over 30 years results in an annual ROI of about 60%. Okay, show me how many times in the business world have we seen that kind of annual ROI. Now, show the the last time a sports facility has had that kind of annual ROI. Show me.
What makes anyone think we'd break precedent to that degree?
The Maloofs were right to say, "Wait a sec.", even if their timing was world-class awful.
With that kind of ROI, the City wouldn't have been allowed to get anywhere near it. Local businesses would have funded the entire thing. What does that tell you?
That would be a good argument if all the other opponents were loonies. However, if Rewers can get his message on the street, he seems like viable candidate to me.
I don't work for him, by the way. All I did was look at his material (the link is in the article), and he sounds pretty good. He made specific recommendations. Tomorrow night, KJ will have a chance to make a gaffe that more people will notice. I suspect he will not disappoint us.
I still think KJ is going to win, by the way. And I still think he's trying to get this Council set up with 6+ SMI votes. That's really what this is about: Give me my SMI. If more people knew that, more people would vote for someone else.
He wants to set up a government structure where the arena decision is a financial decision that belongs to the mayor, subject only to a veto in the Council. That's all this is about.
I think our current mayor is making a very foolish miscalculation. He's not going to hit 50%+1 in June.
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