LOUISVILLE'S TOWERING INFERNO
It hasn't even been built yet and Louisville's Museum Tower complex is in flames. Taxpayers were promised two years ago this was a privately funded project, but the Metro government would be "giving" the developers the valuable riverfront land.
Then it transpired the project needed an especially one-sided TIF agreement and tens of millions in public improvements for the area. Then last week the mayor revealed the Metro needed to chip in $45 million to "get things started", money the government must bond and assume the debt for.
Even in the face of declining Metro revenues, Mayor Abramson is apparently committed to ramming through the additional funding, which will only exacerbate the ongoing fight over funding things suburbanites want, such as new libraries.
The deal itself looks worse with every turn. The developers, mostly the liberal side of the billionaire "whiskey Browns", have never done any project remotely like this and I think they are in way over their heads. With a national downturn in the real estate market, this project may get nixed anyway if the banks pull the plug.
I would hope if there are any more delays, the Metro Council has the courage to take back the property and open up the land to all comers, presumably some group not intent on feeding at the public trough.
For too long Louisville's elite politico/business leadership has wanted to take short cuts to building a great city, ignoring the hard work of attracting solid businesses to the county and instead wasted time and money on glittery ornaments for downtown. Now it looks like we lose on both counts. It's sad to realize this, but Louisville may be in for some really hard times if there is any sort of national recession.
On the bright side, that means lots of folks here will have the time to take in our great museums.
Then it transpired the project needed an especially one-sided TIF agreement and tens of millions in public improvements for the area. Then last week the mayor revealed the Metro needed to chip in $45 million to "get things started", money the government must bond and assume the debt for.
Even in the face of declining Metro revenues, Mayor Abramson is apparently committed to ramming through the additional funding, which will only exacerbate the ongoing fight over funding things suburbanites want, such as new libraries.
The deal itself looks worse with every turn. The developers, mostly the liberal side of the billionaire "whiskey Browns", have never done any project remotely like this and I think they are in way over their heads. With a national downturn in the real estate market, this project may get nixed anyway if the banks pull the plug.
I would hope if there are any more delays, the Metro Council has the courage to take back the property and open up the land to all comers, presumably some group not intent on feeding at the public trough.
For too long Louisville's elite politico/business leadership has wanted to take short cuts to building a great city, ignoring the hard work of attracting solid businesses to the county and instead wasted time and money on glittery ornaments for downtown. Now it looks like we lose on both counts. It's sad to realize this, but Louisville may be in for some really hard times if there is any sort of national recession.
On the bright side, that means lots of folks here will have the time to take in our great museums.
Labels: Business Community, Capitalism, Kentucky politics
posted by frank friday at 5:36 PM
1 Comments:
Frank, with the Mayor's HIGH approval rating, it is NO wonder he feels he can do NO wrong!
And, a recession will be here next year. It is just a matter of WHEN it will hit and NOT WHETHER it will come!!
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