Wednesday, February 1, 2012

Greensboro Performance Arts Center pitch lie number two, three and four?

...on Dec. 1, the city retired all $56.4 million in debt
for coliseum complex improvements, some dating to 1991.

Don "the man" Patterson

"In December 2011,
approximately $3.0 million in Coliseum Certificates of Participation
were retired (This included the final maturity on Arena Expansion debt issued in 1991.).

Wasn't it reported to be about $56.4 or $48 million in retired debt?

Based on this and the estimated debt capacity
of the net Hotel/Motel Room Occupancy Tax revenue,
the City can issue up to $15.0 million in COPs in FY 11-12
with an additional $15.0 million available in another 3 to 4 years.

Unless the money is used to fund the Coliseum's deficit
and pay for the Aquatic Center debt,
which could mean a tax cut?

...Upon retirement of the arena expansion debt in FY 11-12,
the tax proceeds shall be used only (i) for specific tourist-related events,
programs, and activities, such as arts, recreational, or cultural events,
or (ii) for promoting, improving, constructing, financing,
or acquiring facilities or attractions that enhance the development of tourism.

Or not, if Greensboro's City Council votes otherwise?

How stupid do some think others are?

How stupid have some others been?

Before expending the proceeds for any of the purposes listed in this subsection,
the city shall submit each project
to the Greensboro/Guilford County Tourism Development Authority.

When will the "project be submitted to the TDA?

The board of directors of that authority
shall make recommendations to the city
with respect to the projects within 60 days after submission by the city."

Greensboro Coliseum Complex Proposed Capital Improvements
Council Information Meetings
January 2012

The [Coliseum] recently retired $48 million in bond debt.

GN&R Editorial Board, Allen, Doug and Robin

Did the esteemed journalists get sold on the bigger number?

If they reported the bigger numbers on purpose,
are they not guilty of journalistic malpractice?

Who told them the big numbers?

Didn't the swimming holes get built with the same retired debt pitch?

Was the money borrowed for the Aquatic
included in those big numbers?

How about some integrity boys?

How about telling the truth?

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