Sunday, December 18, 2016

Remember when Greensboro's City Council and its Community Foundation lied about how the STPAC debt would be paid for?

The Steven Tanger Center for the Performing Arts 
is designed to have "326 VIP parking spaces"

Dawn DeCwikiel-Kane 
Saturday, December 17, 2016 
News and Record

The First Bond Finance Lie was 250 spaces for 149 events, many of which won't charge for VIP parking to pay for a $10 million City of Greensboro borrowed bond, like Student Plays and Concerts, Dance Recitals and Dance Competitions, Other Non-Profit Uses and Other Commercial Uses - Family;

Yes, the document is gone
To suggest raising parking prices for fewer shows and still sell out premium parking every time, is economically irrational;

"In economics, the marginal rate of substitution is the rate at which a consumer is ready to give up one good in exchange for another good while maintaining the same level of utility.

The Second Bond Finance Lie by our elected leaders, Walker Sanders, Kathy Manning, the consultants and some of those tasked with acting in the best interests of taxpayers, was 250 VIP spaces and 180 events, which wouldn't work as the spaces were $20 and too expensive, and the spaces wouldn't be sold out for 180 events;
Notice how the top document is gone so they could say "The original local projection of event days was 220 [- 50 = 170 - load in days?]

Looks like the 'needed' annual gross revenue is $675,000 per year

So instead of using 149 events to calculate the income to pay off the bonds that the hired consultant predicted, city staff, council and whomever else was involved raised the number of events to 180 per year, with all 250 premium parking spaces sold out at each and every show, even though there will be plenty of free and much lower cost parking options in close proximity to the venue.  DPAC charges $5 to park in the decks near it.

How many free parking spaces are within 1/4 mile of the site after 6pm?

This was flat out bogus math, which means the City Council members who voted for it broke their fiduciary duties to Greensboro's taxpayers.

That being said, 326 VIP parking spaces for $10 a piece is $3,260.

326 VIP parking spaces for $15 a piece is $4,890.

The more high-dollar the show, the more that can be charged.

The higher the cost of parking, the less likely patrons are to pay extra for what is probably going to be $5 across the street at VF, which has several hundred spaces right next door.

326 STPAC higher cost parking spaces will rarely sell out, and the chances all the shows will sell out are relatively slim compared to DPAC.

149 shows minus 39 shows with little to no charge for parking = 110 shows to charge during

326 x $10 x 110 shows = 358,600 per year if they sell out every parking spot at every show, which is unlikely.

326 x $15 x 110 shows = 537,900 per year if they sell out every parking spot at every show, which is even less unlikely, as higher prices means fewer sales.

"Costs for the entire project will be covered by private donations, 
hotel and motel tax revenues, ticket fees and parking revenues
— not taxpayer money, [Matt] Brown said."

Taxpayers will make up the difference and Matt Brown knows it, 
as he has done the exact same thing over and over at the Coliseum

Dawn DeCwikiel-Kane, Greensboro's News and Record, City Council and Staff, Kathy Manning, Walker Sanders and the rest of our elites told quite a few lies to get this done at the expense of City taxpayers who are going to be left with a really nice lobby and annual losses in perpetuity.
Bait-and-switch; like when I sold above ground aluminum swimming pools in 1992.

When I arrived in Greensboro, I was trained to present a bait and switch one call close sales presentation to sell swimming pools.

I got two leads a day, and would drive anywhere from Blacksburg, Virginia to Rock Hill, South Carolina to make sales calls.

Told the marks I was a "manager", on my way to set up a demonstration pool in the next town.

The bait was a $999 pool advertised in TV guides, and I would downplay the quality of the advertised pool, and switch to a $13,900 pool in the presentation, took a little off the top if they wanted the "demonstration" deal, under which they agreed to write a letter of recommendation etc..., reduced the big number to an affordable monthly payment of $249, (reduction to absurdity) and pop a second mortgage on the home at least a 17% annual interest rate.

I made half of any deal over $7,200.

I have been telling this story among others in Financial Ethics classes for years, as an example of how to not get ripped off by some of who I used to be.

The STPAC promotion and propaganda has been the same thing only different.
The perversity of disinformation "Look for Tanger Center in 2019"

The Aquatic and Performing Arts Centers have been Trojan Horse Scams;

"...a trojan horse is an ...offer 
...designed to draw potential [Marks] by offering them .
..something of value for acceptance, but following acceptance, 
the buyer is forced to spend a much larger amount of money, being signed into a lengthy contract, from which exit is difficult...

Think about it.

The harmful consequences faced by the [Mark]
...may include spending far above market rate [or a] large amount of debt...

...the victim of the trojan horse 
is likely to end up spending far more money over time, 
either through continual withdrawals from the [Mark's indebtedness]
...or add-ons to a bill that must be paid 
in order to avoid loss of an object or service of prime importance 
(such as [police, fire or energy]).

Think about it.

...Auto-manufacturers and car dealerships 
will often advertise free or subsidized gas to car buyers 
for a certain amount of time, 
but increase the cost of the car in other ways."

Trojan Horse Scam

Kathy Manning, Randall Kaplan's wife, lobbying for a GPAC and their new hotel, with some Nancy Hoffmann, Dawn Chaney and Nancy Vaughan

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

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