Economist W.E. Heasley On The GPAC Financal Plan

"Hence politicos want to build yet another monument to themselves under the auspice of “doing something”. More succinctly, a “some people system” where the plans of the few supersede the plans of the many. [Yawn]

Moreover, government produces nothing that the private sector would not have produced, absent tax. Hence government is merely a transfer agent.

The spontaneous/emergent free market appears not to see a demand for a music hall. If a demand existed the free market would respond and a music hall would already exist. That is, there is no appreciable demand hence no supply is provided.

Enter notional propositions, ill prepared cost/benefit analysis and failure to account for land and ongoing maintenance costs. However, politicos through the mechanism of government wield the power of “the transfer agent”. In order to build yet another monument to themselves under the auspice of “doing something” transfers are rearranged to suit the particular politicos through the mechanism of government.

Furthermore, if the sponsors are so sure of themselves, then in the cost/benefit, where is the counterfactual? If the monument is not built and such hotel/motel taxes where used to say, pay off existing debt then permanently removed [tax reduction], what would the outcome be of the counterfactual? One can not present a meaningful cost/benefit without providing the counterfactual or opportunity cost. "

See the plan here.

By the way, Walker Sanders of the Community Foundation of Greater Greensboro has promised to guarantee $80 Million in funding should something go wrong. Of course, we would like to know the vehicle in which Mr Walker plans to tie up said $80 Million and where he plans to come up with the cash as the Community Foundation hasn't that much liquidity. In other words, as we've been saying since the beginning, "Show us the money!"

PS. Perhaps Mr Walker should also be asked to disclose the Articles of Incorporation of the Community Foundation of Greater Greensboro before such agreements are entered into. I'm betting the articles of incorporation forbid such activities and should the City of Greensboro enter into such an agreement illegally it could get very messy. "Show us the Articles of Incorporation!" The copy on file in Raleigh.