Thursday, December 3, 2015

Proof the City of Greensboro and the Community Foundation's new TPAC parking numbers are bogus

This is the ticket sales estimate from AMS, who the Community Foundation hired to do the estimates and pro-forma.

31 performances will not have ticket charges with small crowds expected,
which means $15 per car to park will be very unlikely.

12 x 1,500 = 18,000

11 x 1,000 = 11,000

8 x 1,100 = 8,800

= 37,800 tickets sold most likely without premium parking charges,
because even if they tried to charge for parking for a free event, 
there are hundreds of free to low cost parking options 
within the immediate area, which the News and Record
and the Rhino Times has declined to report.
8 shows with 1,800 each for $25 per ticket

8 shows with 2,200 each  for $30 per ticket

14,400 + 17,600 = another 32,000 tickets sold for $30 or less 
= a total of 69,800 tickets not charged for or so low,
patrons would be extremely unlikely to pay $15 to park 
across the street from $3 or free parking

At 3 patrons per car, that's 23,267 cars
which will most likely not pay $15 a piece to park 
when there will be so much low cost to free parking 
within spitting distance of the venue.

City Council, the News and Record and the Rhino Times
are saying the increased debt to be borrowed by City taxpayers
is going to be paid for with 304 VIP parking spaces, 
across the street from hundreds of low cost/free parking.

The News and Record, the Rhino Times, City Council and Walker Sanders' Community Foundation are saying the extra debt and the debt already borrowed are going to be paid for with extra VIP parking, across the street from the Marriott's parking deck across the street, and Roy Carroll's parking for his soon to be hotel behind it.

These have been blatant lies.

A fraud upon our community, which Susan Ladd is an accomplice to
as she waxes hate/accusations only upon those she considers opponents
to Greensboro's establishment.
"The plan also calls for increasing the number of VIP parking spaces from 251 to 304.

The spaces will go for between $15 and $20 per performance, Lusk said.

Assuming at least two people per vehicle, the center would need to sell VIP parking to just over 15 percent of its projected 2,000 minimum attendees each performance to fill the spaces. If the spaces sell out for all 150 performances, that could generate between $684,000 and $912,000 each year.  Over 25 years that would generate between $17.1 million and $22.8 million."

Joe Killian
who'se boss Jeff Gauger allowed this to be printed.
It's not 150 performances.

150 - 47 free and low cost performances = 103

If the prior debt already needed the 251 already planned for spaces, 
304 - 251 = 53 extra spaces which need to be sold out 
after the 251 already accounted for that need to be sold out, 
for the other debt already planned for.

What are the chances of the extra VIP spaces selling out at 103 shows
to pay for the new debt?

$15 x 304 spaces = $4,560

103 x $4,560 = $469,680, which is very unlikely,
but only the 53 extra/last spaces can pay off the new debt.

53 x $15 = $795 per VIP sold out parking per show,
which is highly unlikely, but Nancy Vaughan has no problem
peddling this falsehood to the public.

$795 x 103 = $81,885 per year to pay for the increased debt,
along with another $1 ticket surcharge per person.

"Assuming 250,000 paid attendees a year, Lusk said, 
the $4 fee should raise $1 million a year toward debt service for 25 years."

the $51 million the city would spend 
over the 25-year life of the bond debt under the original plan

"...It’s not quite enough to cover the $67.3 million in bond debt
 the city would accrue under the new plan."

Joe Killian

$51 million - $67.3 million = $16.3 million more

$16.3 million / 25 = $652,000 per year.

$81,885 if they are amazingly lucky to sell out VIP parking at 103 shows
+ $250,000 for pie in the sky ticket charge take estimates = $331,885 per year 
 to fund $652,000 needed per year for the extra debt.

This will pass City Council Tuesday.

Whomever votes for it will have committed fraud upon our community
with the help of the News and Record and the Rhino Times.

They will have lied their way to get what they wanted
with the help of those in the press who were supposed to watch out
for the best interests of their readers,
and didn't, and most won't know.