Friday, December 2, 2011

ER #25: Are You Smarter Than A Councilperson?

City Hall Elevator Rumblings #25

Rider #1: Did you hear the piercing squeals when council members received their packets for the 12-8-11 council meeting?

Rider #2: Boy, did I. At first, I thought the emergency sirens were issuing a tornado warning. Why was there such an outcry? Did councilman Webb finally hear what all the shouting is about?

Rider #1: No, it seems that the city manager recommended -- in the agenda packet -- that the council not pursue the $170 million estimated bond proceeds (net amount and this figure poses the most risk) for the construction of the Entertainment Center. Instead, he is recommending the $105 million bond package. This would severely alter the project from its original design concept of $250 million. The total project cost would now be reduced to around $185 million...assuming Billy Bob comes up with his $80 million contribution.

Rider #2: Probably, the two squealing the loudest will be Billy Bob and the former project cheerleader/mayor. And all the council members who collected campaign contributions and ethics violations resulting from Billy Bob Bucks now have a cover to duck under...if they are smart. They could change their Kool-Aid sipping tune to: “The City Manager Made Me Do It.”

Rider #1: Don’t put the supply of Kool-Aid away yet. This group could be foolish enough to go against the advice of their financial and bond advisors by committing tax payers to a $250 million project that is built of fluffy finances and poses a high risk factor for actual revenues generated.

Rider #2: This should be an interesting meeting. Will the council take the high risk road, or be mindful that tax payers are ultimately responsible if their judgement is irresponsible?

A note from counsel: These “candid” elevator conversations have been injected with fabricated nouns, verbs, adjectives, conjunctions, adverbs, modifiers and maybe a few dangling participles….Mark Holbrook