John Wright's article in today's Standard-Examiner fairly well encapsulates what has been said re the Rec Center project, in Wednesday's article, as updated, here on Weber County Forum. For those who missed it, you can read today's John Wright's article here.Just to simplify matters, I've put together a series of tables, to show what the proposed upcoming refinancing and new financing looks like. You can check out my tables here.
The truly bizarre fact of these transactions, as has been pointed out preciously in our reader comments sections, is that the whole "house of economic cards" depends entirely upon the financial capacity of the Gold's and Fatcats' principals. No lender seems to have confidence in them. That's why the Gang of Six is forced to give them the taxpayers' public guarantee.
In the event of their default, the Rec Center will become a purely public project, funded by every last penny of tax increment and lease revenue that flows into our city projects, for quite a long time to come. 20+ years, to be exact.
As the Std-Ex article points out, public comments on this topic will be entertained in upcoming days, both in regular council sessions, and special citizen forums. If you give a half a damn about this city, I trust you'll all be there, speaking your minds.
The notoriously mendacious and oleaginous Comrade Jorgensen says we still have time to put the brakes on this madness:
Councilman Kent Jorgenson noted that while the public hearings are required by law, the open houses are not. He also denied that the rec center proposal already has been decided.
"Each council member has their own opinion of the project. However, it has not been formally put to a vote," he said. "Therefore, the issue has not been predetermined."
We should avail ourselves of every opportunity, I think, fellow citizens, to prove Comrade Jorgensen right for at least one time in his life. So please attend these meetings, and tell the reckless folks in city hall that we won't have this recipe for bankruptcy deftly shoved down our throats.
Failing that, we can always vote these bums out in November, I guess.
In the meantime though, we need to put our objections loudly on the record.
Comments, anyone?
12 comments:
Ogden City government is run by a Council of Financial Fools presided over by the biggest financial fool of all.
To even consider paying no more than 12% interest on a 20-year loan is the most incredible financial decision ever made by a municipality. Too bad it's illegal to just shoot them for being so brain dead.
After reading all the comments on "October - Surprise" I'm surprised that no one has come up with a great solution to the latest plan for the destruction of Ogden. You guys grumble a lot, but it seems to me that you're just a lot of hot air.
Why aren't we making plans to "RECALL" Mayor Godfrey before his nightmare totally takes Ogden down to bankruptcy and worse. I can't believe that Ogden is putting up with his plan to ruin Ogden, especially this latest plan to financially tie the hands of future leaders. Contrary to what Godfrey says about FatCats - they are not a financially stable company -- just get their public financial records and see for yourself! I believe that the high rec center may just be the straw that falls this fun arcade. Prove to me that enough tourists and sports enthusists will keep the rec center in the black. But FatCats and Golds Gym will be able to file bankruptcy and walk away from the rec center while, we the taxpayers of Ogden will be obligated to pay for this nightmare for 25 years while the City rots away under our feet because income for capital repairs is going to pay off this fiasco.
DON'T LET IT HAPPEN! If we have to recall Mayor Godfrey to stop it, so be it! He reminds me so much of the mad, egotistical Nero as he burned Rome down! Does anyone else feel the same way as "Little Old Lady?" Haven't we had enough of being ignored and walked on so that he could fulfill his egotiscal desire to create a monstrocity at the old mall site? He will be remembered all right, but it won't be for the good he did for Ogden! He has brought two questionable entities on board to manage a very high-risk venture with taxpayer dollars! He is gambling with Ogden's future -- and the odds are terrible! He won't be able to ignore a petition to recall him, but then he didn't ignore the petition that asked to put this nightmare to a vote -- he just had the petitions stolen and businesses who had the petitions threatened. He even had the gall to take the office staff out to lunch to celebrate the failure of the petition drive -- was that at taxpayer expense also, Mayor Godfrey?
A recall is the only way that I can see to stop his questionable end runs with our money! What do you think?
The so called "public hearings" and "open houses" this arrogant little two faces liar Jorgensen talks about is a big joke! It is farcial theater put on by this immoral bankrupt regime in a pathetic attempt at making the public think that our input is actually valuable and important! To the Mayor and five members of the council our opinions are absolutely of not value!
They will vote this obcenity into law and strangle this city for the next twenty years. They will approve the ego monument for this little idiot mayor. The financial future of Ogden will hang on the abilities of two bush league operators with shaky financial records.
The vote will be: Yorgensen - yes, Burdett - yes, Filliaga - yes, Stevensen - yes, Sasten - yes, Garcia - no, Wicks - no. Absolutely guaranteed.
Even if Yorensen and Burdett are voted out in November, they will saddle this city with this immoral and ridiculous Rec center for 20 years into the future. This may very well be the final nail in the coffin of our beloved Ogden!
Isn't this the same Jorgenson who campaigned on NOT tearing down the Mall and then made the motion TO tear it down?
So much for his little diatribe quote. The guy's definitely a voter for Godfrey's whims rather than this objective people's councilman he tries to portray himself as being.
He lies and is unethical in more ways than one.
C'mon, People.
If you were looking for personal investment advice, who amongst the gang of six would you contact?
You people need an undependent opinion.
Why not hire an outside accountancy firm for a second opinion on this?
What would be the harm?
Nobody in their right mind would pursue a money-loser like this.
Of course, that's merely my opinion.
Donald, a great idea! Maybe we can ask for donations to pay the accounting firm, but it would most certainly add credibility to our cause. NO WAY CAN WE LET THE COUNCIL AND GODFREY SHACKLE OGDEN WITH THIS STUPIDITY! We've GOT to stop them! NOW!!!
I don't think Utah has a recall provision for elected officials in the Code or Constitution.
In fact, I spent some time looking this morning, and all that I found was that a Council can conduct an investigation. Perhaps that is what the Ogden City Council is doing, what with having hired its own attorney.
I admit, it sounds really strange that this state would not have a recall procedure, but if it's there, I didn't find it.
Anyone?
Every City Council person must preserve their own integrity by demanding full disclosure on the financial deal on the Rec Center before any vote is cast.
The only way they will have the true picture will be to demand an outside study by a CPA firm unaffiliated with Ogden in any way.
Each Council person must demand that study before they cast a single vote. If there is no study there will be no vote so the Rec Center will be dead.
There has been no feasibility study done except by the lenders who have a bias to start with.
Any Council member voting for the Rec Center without such a study is violating their oath of office to serve "with fidelity" for their constituents.
Any administration that does not agree to such a study is deliberately misleading City Council members and the voters.
A financial report by in-house RDA members or a City financial officer is not adequate.
I have been a practicing CPA since 1956 and I know all the tricks to be done with numbers. An outside study of the Gold's and FatCats' financials that are supposed to be so great would be done confidentially. The bottom line would be to let the public know whether the figures really do fit, whether it really is a sound business deal or not and whether Ogden will be bankrupt if it is built.
This is the only way Ogden is going to start to heal the nasty division over this issue.
I challenge the Council to stand their ground and demand such a study to which all of us are entitled. I challenge the Mayor to be forthcoming for such a study to be done immediately.
The City Council holds all the cards on this issue. They can perform with integrity or deliberately fail to perform with integrity.
It wouldn't do any good to impeach the Mayor--it is the City Council person who casts the vote.
There is no recall provision in Utah because it is felt that elected officials stand election every 4 years and usually can't do too much harm before voters have a chance to throw them out (unless the voters reelect them and then the majority of those who vote to reelect, along with the majority who didn't vote at all probably deserve what they get). Elected officals can be thrown out if convicted of certain crimes if I am not mistaken.
As for the independent CPA report some have requested, the problem is that it would most likely come back supporting the project and then you all would cry that it wasn't independent or those doing it are incompetent kiss ups to the Mayor and City Council. Not that those may not be true but even if they were not true, an independent CPA report that concluded that things looked kosher would not be enough to convince you all that the Rec Center project was a good thing. And I am not saying that I thing it is, I am just saying that nothing short of a crystal ball showing you a fabulously successful Rec Center 20 years from now would convince most of you and even that would probably not be enough for some here.
I hate to break the news to you "Ogden Haters" but the MAJORITY of Ogden elected Mayor Godfrey. Yes, that’s right you and your lame bloggers are a tiny minority of people who can't stand to see progress. No one here ever has a solution but if you need criticism then WATCH OUT! Here it comes. The truth is Ogden is on its way up and you can't stand it because it wasn't your idea or maybe its because no one in their right mind would vote you into office. Whatever the reason this blog has a lot of what Ogden Doesn't need, negativity that has developed through stupidity. Every business, even if it is a city, has to spend money to make money. This is a fact. Nothing that you could think up to help Ogden (that is if you were to try and use your brain) would be free either.
Dear Mz "Anonymous"
The mayor and Stuart Reid have been in charge of the redevelopment of Ogden for 5 to 6 years now. In that time they have spent approximately 70 million dollars of public money on at least 10 different projects. Can you name even one of these projects that this duo has been involved with that has returned one red cent in profit to the tax payers?
Can you name me any one in private or public industry with a more dismal record? Can you name any business in the world that would not have fired them long ago for such poor performance?
You really seem to be blinded by your own ignorance and senseless allegiance to these two losers.
Interesting that after reading Jorgenson's comments and reviewing last night's vote that NOTHING CHANGED except that the Gang of Six broke their word and the term was increased from 20 years to 25 years.
The vote: 5 to 2, again. And good old KJ tries to tell us that each councilperson has their own opinion.
RUBBER STAMPERS, Donna Burdett, NO MATTER HOW MUCH YOU TRY TO DENY IT! Better to just stand up, be honest, and admit the truth....I cannot recall any substantive issue that you voted against the Mayor on. Can you or Jorgenson tell us just ONE? Betcha can't!
Where's your courage? Where's your dignity? Where's your service to Ogden's citizens?
New comments are not allowed.