ZAP! #36....January 4, 2011
Here’s one resolve that you can probably scratch off your 2011 list...that the voodoo financing for the Entertainment Center will cease. It’s just not going to happen!
The Irving city council in all probability will vote to extend the deadline for Billy Bob to secure his $50 million share of the $250 million Entertainment Center project. As noted in the CCR’s blog
( http://controversialcommittee.blogspot.com/ ), Billy Bob had until December 31, 2010, to have his money in the bank. While the council could cancel the agreement and seek another firm to handle the concessions, why would they? After all, Billy Bob and the city have the best con job going as it pertains to their attempts to finance the $250 million project. The Kool-Aid for the proposed center just keeps flowing while the city still does not have a definitive or approved plan to even finance their $200 million portion of the project.
If you missed Brett Shipp’s (Ch 8 -TV) investigative report on the latest issue facing the Entertainment Center, go to the following link. One of the surprising items noted in his report is that no city official would return his phone calls or comment on Billy Bob’s missed deadline. Maybe if Brett just took a couple sips of the mayor’s batch of Kool-Aid, then he could get a city hall response!
http://www.wfaa.com/video?id=112831899&sec=553117
(Click to see the Ch 8 video)
It really is difficult for tax payers to know what is actually going on (sans political hype) when their elected officials will not or fail to respond in a timely manner, return phone calls, or go on camera with media outlets to discuss the issues that could place a financial burden on tax payer billfolds.
While the city continues to test different voodoo financing models, the bond underwriters must be wondering if the city just thinks that if they will just sip the Kool-Aid and approve any finance plan the city throws at them everything will be okay. Tax payers should hope that the bond underwriters have strong constitutions and have available anti-hype medications before putting any stamp of approval on the city’s plan.
A reader sez:
“...it is suicidal for any member of the city council to remain intransigent to inquiries from the media or the public.” Anonymous
A reader sez:
“Brett Shipp is covering the project well.” Anonymous
