Wednesday, October 28, 2015

Greensboro buys a basketball team; How much? It really doesn't matter

"The team will play its home games in the Pavilion at the coliseum complex, Whitfield said, although the building will need significant renovation including a permanent roof, new locker room facilities and retractable seating for 2,500.

The team’s front office staff will be housed in second-floor offices at the recently renovated Convention & Visitors Bureau adjacent to the coliseum.

“Greensboro’s approach to the process was innovative,” Whitfield said. “Taking the Pavilion and renovating it into a basketball-style fieldhouse for us was very attractive. Especially when you could have offices for us right across the street.”

Details on renovation costs, who will do the work and how long it will take remained unclear Saturday, although hotel tax money is expected to pay for the Pavilion project.

No debate.

No vote.

Isn't the hotel tax paying for TPAC and the Aquatic Center?

“We’ve been assured the building will be renovated and ready to play by Oct. 1 of next year,” Whitfield said. “We’re assured they can meet that timeline.''

Don't expect any investigative journalism.

Don't expect any opposition.

"...WHEREAS, the City of Greensboro is evaluating options for financing the construction of the GPAC, including the use of the City’s share of hotel-motel taxes collected by Guilford County that are restricted for City Capital projects and other facility-based fees [which they already allocated to Aquatic Center debt]; and


1. The City Manager and City Staff are authorized to begin discussions with Guilford County to allow the City to access the City Capital account [which was already voted on and allocated to the Aquatic Center], derived from the County’s hotel-motel tax levy, to finance municipal financing instruments in the amount of $10,000,000.00 for construction of GPAC;"

Don't expect much of anything.

A water rate increase doesn't = higher taxes.

GPAC; Guilford County Commissioners meeting on AUGUST 15, 2013;

"C. Approve the request from the City of Greensboro to utilize the portion of the countywide Hotel/Motel Room Occupancy Tax that is restricted to capital improvements and related debt service for the proposed Greensboro Performing Arts Center project."

Say Yes Guilford is going to pay for every student's costs
because Susan Ladd said so.

Willful blindness.

What's another $10 to $20 million
as we descend into recession?

Greensboro's fiscal conservative;

On the $10 million GPAC bond and parking math

The City of Greensboro's GPAC operating loss pro forma that doesn't include debt service

On GPAC; If AMS projected 149 events, why is the City of Greensboro saying 180 with 100% sold premium parking at every show?

Speaking of Say Yes Guilford, 
look who is going to reap profits from donors
who thought they were giving to a scholarship fund;

Community Foundation Administrative Fee Schedule; "Investment expenses are charged to each fund in addition to the costs..."

On GPAC and the Bessemer/Renaissance shopping center deal correlations

Greensboro City Council Members voting on the GPAC are fiduciaries for Greensboro's taxpayers

GPAC Mess from the Rhino and News & Record; Sounds like the Community Foundation actually has $5 of $35 million

The Rino's John Hammer Carrying Roy Carroll's GPAC position, and the local Republican establishment

Greensboro's taxpayers do not know the following GPAC financing information after spending more than $11 million so far

Financially sustainable GPAC financing math and governing structure

The Rhino on GPAC/TPAC Line of Credit; "the term “letter of credit” was used loosely"

David Hagan's return on his $1,000 Robbie Perkins' Contribution; 58,600%, or $586,000

News & Record Letter to the Editor; David Hagan’s commissions don’t serve taxpayers

Answer from the City of Greensboro on the "binding commitments in private contributions for the GPAC."

On US Senator Kay Hagan's Brother in Law David Hagan, Making a Nice Slice off Greensboro's Taxpayers while Sitting on CFGG's Board

Kathy Manning, Randall Kaplan's wife, lobbying for a GPAC and their new hotel

On GPAC and the Community Foundation

Nancy Hoffman's perfectly legal contributions from GPAC task force members, as confirmed by city attorney S. Mujeeb Shah-Khan

Theoretically, the new GPAC proposal could work if...

Two reasons among many that a GPAC with 3,000 seats probably won't work as well as DPAC with 2,700 seats

From the "State of the City Report", by Keith Debbage for the Greensboro Partnership

Median earnings in Greensboro declined slightly (i.e., -0.3%) from 2011 to 2012 even though Durham (13.7%) and Raleigh (5.5%) experienced robust growth.

Per capita income in Greensboro declined by -1.2% from 2011 to 2012 while Durham (10.7%), Raleigh (4.8%) and to a lesser extent Winston-Salem (1.7%) all experienced noticeable growth.

Same Crony Capitalism, Different Year, Still Zack Matheny, Nancy Vaughan and Nancy Hoffmann's friends and contributors

John Hammer; "Mayor Nancy Vaughan had said that Melvin didn’t have any personal investment in the area that it was all Bryan Foundation money."