This may surprise some of you.
I am not planning on attending the Harrison Square Public Hearing tomorrow.
I am very discouraged in the lack of financial information provided by the Mayor's Office and I see no reason to go to the Hearing. This issue will be voted on without the public or the members of City Council having a chance to analyze the financial details...
Tim Pape and Sam Talarico pretty much summed it up at the last meeting by declaring that you either trust the Mayor's Office and the proposal or you do not.
You can put me in the latter category.
The Mayor's office has posted some basic summary financial information on the City's website; however, they have not provided much of the information that an accountant would need to analyze the data and projections independently.
I currently think that the City is portraying a fairly rosy picture and I do not think that is appropriate.
I have spent a great deal of time looking at the limited financial information the Mayor's office has provided and I have to admit that there is not enough real data for me to make any accurate projections about the project.
If I were to guess then I would guess that the project will involve about 45% private financing and about 55% public financing when it is all said and done.
If I were to guess I would say they they are projecting hotel occupancy rates that are far higher then they the hotel will actually experience unless Fort Wayne becomes an active tourist destination in the next few years.
If I had to guess I do not think the City has including any overhead in their calculations.
If I had to guess I would guess that the City will not make the retail sales numbers that they are projecting in the first stage retail portion.
I think the largest risk to the City in the project is that Hardball Capital will not finance stage two or stage three unless things go very well for stage one.
I encourage all members of City Council to vote against this project.