to fund Bailout Arena. (And I say "fuzzy" because there's been a lotta talk, but no U of L money has changed hands yet...)
LINK
As I remarked awhile back about their balance sheet, no one is setting any money aside for rainy-day repairs and the routine stuff that needs to be done with a $300+ million facility. The first bank account that gets raided with an operation hemorrhaging money is the capital fund. And Bailout is supposed to be banking $3 million annually to an account that has a current balance of $640 thousand.
Also note that...
It's also pretty obvious that U of L's additional funds aren't going to service the huge amount of debt as the Auditor (Harmon) says. Instead, it has to be put in the bank to build an already low capital account to keep the arena looking good. And after almost eight years when little money was saved, they gotta start now.
This will all turn out to be an exercise in futility IMO, and U of L will be the only entity writing checks and simultaneously crucified for its profiteering. If a few of you had any remaining hope for this to work itself out, you're just dreaming at this point.
Jim Host Pipe Dream Arena
LINK
As I remarked awhile back about their balance sheet, no one is setting any money aside for rainy-day repairs and the routine stuff that needs to be done with a $300+ million facility. The first bank account that gets raided with an operation hemorrhaging money is the capital fund. And Bailout is supposed to be banking $3 million annually to an account that has a current balance of $640 thousand.
Also note that...
"In a separate statement, Harmon alluded to the lack of a new lease with U of L, the building's main tenant, that would provide millions of dollars more each year toward arena debt. He said 'there is no firm commitment from other key parties to provide additional funds.' Cox and U of L officials said later Thursday that they were close to a deal..." [My emphasis added.]
So, while U of L is portrayed as dragging its feet to pony up more money, NOBODY ELSE is even as far along as U of L evidently is. Any wonder why U of L is less than enthusiastic about throwing good money after bad?
It's also pretty obvious that U of L's additional funds aren't going to service the huge amount of debt as the Auditor (Harmon) says. Instead, it has to be put in the bank to build an already low capital account to keep the arena looking good. And after almost eight years when little money was saved, they gotta start now.
This will all turn out to be an exercise in futility IMO, and U of L will be the only entity writing checks and simultaneously crucified for its profiteering. If a few of you had any remaining hope for this to work itself out, you're just dreaming at this point.
Jim Host Pipe Dream Arena
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