Thursday, January 28, 2016

From yesterday's STPAC press conference and questions asked

Fact Sheet;

"Local activist and blogger George Hartzman attended Wednesday’s press conference, where he repeatedly tried to ask questions about the project’s costs and financing. Coliseum Director Matt Brown said he and city staff would answer them after the conference."
As Roch pointed out at, in 2012 the construction estimate was $43.4 million, in 2013, the estimate was $60 million including the real estate, then $65 million including the real estate, and now it's $61 million, not including the real estate.

As commodity prices have tanked, I asked Matt Brown why the estimated costs have risen swo high between the first proposal and the latest.  He said he would get back to me with some specifics on why the costs have risen so much, as little in the way of explanation has been presented by the City, Kathy Mannning and the Community Foundation.

When the issue of projected costs came up at the press conference, I believe the fellow hired to do the work escaped the room without reappearing before I left the event.  His company has the most to lose if the prices were inflated.

The Community Foundation of Greensboro's Walker Sanders confirmed possession of about $14 million of the $35 million in donor pledges.  Sanders also confirmed the Foundation is charging administration and asset based fees for managing the money, but wouldn't say how much.

Walker Sanders told me he would provide the investment management fees and charges the Community Foundation has/is receiving from the monies,  The more the Foundation makes, the less money is provided to fund the STPAC with donor pledges.

Sanders also said the Community Foundation would provide the cost of guaranteeing the rest of the pledges.  A credit line or loan type of transaction was created to make sure the money appears.

If the $25 million is being borrowed, there are interest and origination costs, which will deplete the amount of money actually delivered to pay for the STPAC.

So as of yesterday, Matt Brown said he would provide an explanation as to how the projected costs rose so much and Walker Sanders said he would provide how much the Community Foundation is making and how much the loan is costing the project.

Yesterday was January 27, 2016
Supporting documentation and links;

Who said STPAC construction cost went up and why?

The STPAC supporters said the cost of building rose...

The Great Steven Tanger Performing Arts Center Lie; Part 28; Building Materials

Who said STPAC construction cost went up and why?

Control Fraud enabled by Greensboro's News and Record and the City of Greensboro

Dear STPAC and Say Yes Guilford and Say Yes to Education supporters who think all the unseen pledges have been delivered in cash;

How much have Durham taxpayers paid on top of the incorrectly reported debt not-included DPAC surplus, to bail out their version of the Carolina Theater, which is now going under from poor attendance?

What you won't be told by Greensboro's News and Record or the Triad Business Journal

65 plus 10.2 = 75.2, so where did the $78.1 million STPAC number come from?

"The [STPAC] project, currently budgeted at $78.1 million"

65 = 78.1 = $13.1 million

As construction costs plummeted, the price went up 20%?

If the cost overruns are "$10.2 million", why do they need $3.5 million "and" $9.6 million = $13.1 million?

This is yours Allen, Doug, Stephen, Joe, Jeff, Margaret etc...