Monday, May 21, 2018

The math in Matt Brown's email and what was presented to the public on STPAC is the same

Greensboro Police case 2018 05 21 046, as of earlier this afternoon.

330 x 18 = $5,940 x 150 = $891,000 per year from 330 VIP parking spots at $18 a piece sold out at every event for 150 events over 15 years

Turns out the math is exactly the same; $10 million + $1.6 + $500,000 + $1.079 million = $13.179 million from VIP parking, which is what the proposal presented to the public was, and was what Greensboro's City Council voted for;

$10 million + 2.1 + $1.079 million = $13,179,000 million from VIP parking = $13.179

At least Matt Brown, Kathy Manning and Walker Sanders let a misleading proposal made public and voted on by Greensboro's City Council.

If there is no way the STPAC is going to sell 330 VIP parking spots at every event, the proposed avenue of finance is a fraud, which explains why City Staff declined to provide any explanation;

There was no mention of the interest expenses in Matt Brown's presentation to council on December 19, 2017.

Sharon Hightower was less than informed prior to the vote.

Sounds like the information had just been released the Friday before.

Item 41

Control fraud occurs when trusted officials in positions of responsibility subverts an organization and engages in extensive fraud for personal gain.

The Mayor, City Manager and top department heads of of the City of Greensboro, are uniquely placed to remove the checks and balances on fraud upon the public.

Accounting tactics can position these executives in a way that allows co-conspiritors to engage in accountancy fraud and embezzle money, hide shortfalls or otherwise defraud investors, or the public at large. A control fraud will often obtain "investments that have no readily ascertainable market value", and then shop for appraisers that will assign unrealistically high values and auditing firms that will bless the fraudulent accounting statements.

Some control frauds are reactive in the sense that they turn to fraud only after concluding that the business will fail.

AMS assumed 3 persons per vehicle;

If Greensboro's City Council and staff assume 3 people to a car and a 50% use of public parking decks at 150 annual shows, and the best case scenario has 275,200 admissions...

275,200 / 150 = 1,835 patrons per performance, even though some would have far fewer as some sell out.

1,835 / 3 = an average of 612 cars per performance.

As the map by City of Greensboro's Adam Fisher above notes, there are 488 free on street parking spots within 1,200 feet of the site.

612 - 488 = 124 spaces that may be charged for in public lots.

Most folks from Greensboro would most likely avoid downtown if there's a show, so let's say 200 of the available nighttime free spaces aren't vacant as some go elsewhere within the 1,200 feet.

573 - 200 = 412

The News & Record has 168, and Gate City Lincoln and the Children's Museum have 156 = 324, without counting all the other lots.

At least 412 + 324 = 736 free public and most probably less expensive non-public parking.

1,835 / 3 = an average of 612 cars per performance.

At least 736 available probably less expensive non-public parking - 612 = 124 more non-public parking spaces per performance, not counting anyone paying to park in a deck.

Most would likely want to park in a lot with multiple points of egress as opposed to a deck with far fewer.

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."