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The Sale/Purchase of Nationwide Arena

Home Forums General Columbus Discussion Sports The Sale/Purchase of Nationwide Arena

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  • #340172

    Static-X
    Member

    cheap said:
    i can’t believe there is not an uproar over this.

    had this been put to a vote,i believe voters would kill this deal.

    that’s why this move was made,and why it should cost several city council members their jobs.

    i don’t much care for the repub city council candidates,they don’t do anything for me,but i have to make a stand and vote for them.

    People need to stop voting with their blinders on. The mayor and his 7 blind mice have been running this city for the last 12 years now, and it appears that it will be ran for another four. Just because your Rep. or Dem., that doesn’t mean you have to vote for only your party. How do you think Obama won? Many Republicans actually voted Democrat. It’s time for CHANGE!! Sound familiar?

    #340173

    News
    Participant

    Blue Jackets Deal Sweet But Can’t Compare To Bengals’ Lease
    December 5, 2011
    by Mandie Trimble
    89.7 NPR News Reporter

    The proposed public purchase of Nationwide Arena remains in the hands of Franklin County Commissioners. County officials are still hashing out the details of the agreement which would give free rent to the Columbus Blue Jackets. Nationwide Arena would not be the only publicly owned arena in Ohio, and WOSU takes a look at how the proposed Blue Jackets deal compares to other Ohio pro-sports team leases.

    READ MORE: http://beta.wosu.org/news/2011/12/05/blue-jackets-deal-sweet-but-cant-compare-to-bengals-lease/

    #340174

    News
    Participant

    Ohio’s $10M loan for Nationwide Arena deal approved
    Business First by Jeff Bell, Staff reporter
    Date: Monday, December 12, 2011

    The complicated deal to make Nationwide Arena a publicly owned venue is nearing the finish line with the state signing off on its part of the agreement Monday.

    READ MORE: http://www.bizjournals.com/columbus/news/2011/12/12/ohios-10m-loan-for-nationwide-arena.html

    #340175

    Mister MooCow
    Participant

    The complicated deal to make Nationwide Arena a publicly owned venue is nearing the finish line with the state signing off on its part of the agreement Monday.

    “Complicated”? Try “Byzantine to the point that it’s impossible for the concerned public to stop it”.


    no mooo-re bailouts!

    #340176

    News
    Participant

    Franklin County Commissioners Approve Arena Deal
    December 20, 2011
    by Mandie Trimble
    89.7 NPR News Reporter

    Franklin County Commissioners, in a unanimous vote, approved the deal that allows a city-county purchase of Nationwide Arena. One speaker urged commissioners to reject the $42.5 million purchase. Michael Walton, a Columbus attorney, said buying the arena is a bad move because it will not solve the problem: a losing hockey team. Two other speakers argued the deal was a good one.

    READ MORE: http://beta.wosu.org/news/2011/12/20/franklin-county-commissioners-approve-arena-deal/

    #340177

    News
    Participant

    Nationwide Arena: Control handed to private board
    By Lucas Sullivan
    The Columbus Dispatch
    Sunday May 20, 2012 5:59 AM

    Control of publicly owned Nationwide Arena has been transferred to a private, nonprofit board, a transition that could shield its operation from taxpayers and restrict access to public records. The Franklin County Convention Facilities Authority, created and governed by county commissioners and the city of Columbus, has given control of the arena to Columbus Arena Management, or CAM, the authority’s executive director, Bill Jennison, said.

    READ MORE: http://www.dispatch.com/content/stories/local/2012/05/20/control-handed-to-private-board.html

    #340178

    thirstychef
    Participant

    Good to see that the city is doing what it needs to do. It worked for the auto industry, it worked for the banks, so why not the CBJ/Nationwide Arena!!

    #340179

    cheap
    Member

    thirstychef said:
    Good to see that the city is doing what it needs to do. It worked for the auto industry, it worked for the banks, so why not the CBJ/Nationwide Arena!!

    keep following that yellow brick road.

    #340180

    cheap
    Member

    #340181

    thirstychef
    Participant

    As someone on this site once said;

    If you give money to rich people/businesses, it’s a “bailout”.

    If you give money to poor people/businesses, it’s an “investment”.

    I don ‘t see any difference. As another wise person said, why not do both!

    #340182

    thirstychef
    Participant

    cheap said:
    keep following that yellow brick road.

    So I am walking down this yellow brick road you told me to go down, and I think to my self; “what a might fine road, I wonder who built it?”

    The I find out that this big construction company built it, and made good money doing so. I dug a little deeper and found out that the company had employed alot of little munchkins to build the yellow brick road, which was good because the munchkins all needed jobs.

    The I thought; “did the magical wiz decide we needed this road?” No, no magical wiz decided this, but a group of elected officials decided to buy the road. Come to find out we all voted for these so called officials.

    So I get to walk down this nice yellow brick road, and all these nice restaurants and businesses benefit from all the people who use the road. The road seems a bit expensive, but alot people and businesses find it useful, so it seems to be a good thing overall.

    Thanks for the advice, I sure enjoyed the walk.

    #340183

    Buster Bluth
    Participant

    thirstychef said:
    So I am walking down this yellow brick road you told me to go down, and I think to my self; “what a might fine road, I wonder who built it?”

    The I find out that this big construction company built it, and made good money doing so. I dug a little deeper and found out that the company had employed alot of little munchkins to build the yellow brick road, which was good because the munchkins all needed jobs.

    The I thought; “did the magical wiz decide we needed this road?” No, no magical wiz decided this, but a group of elected officials decided to buy the road. Come to find out we all voted for these so called officials.

    So I get to walk down this nice yellow brick road, and all these nice restaurants and businesses benefit from all the people who use the road. The road seems a bit expensive, but alot people and businesses find it useful, so it seems to be a good thing overall.

    Thanks for the advice, I sure enjoyed the walk.

    …well there it is, elected officials are omniscient and their investments are always good ones.

    #340184

    thirstychef
    Participant

    Buster Bluth said:
    …well there it is, elected officials are omniscient and their investments are always good ones.

    Not true for everyone,it is a matter of percieved value.

    Some people think the Short North Arches at over cost of 3 million to the city are a wonderful addition to the area. I think they are bit overvalued, but I am comfortable with the city’s decision, even though it did not work the first time……

    #340185

    NDaEast
    Participant

    <Quote>Not true for everyone,it is a matter of percieved value.
    Some people think the Short North Arches at over cost of 3 million to the city are a wonderful addition to the area. I think they are bit overvalued, but I am comfortable with the city’s decision, even though it did not work the first time……<quote>

    The issue here is the $250,000,000 (that is a quarter of a BILLION dollars) bailout was enacted simply to keep local ownership of a failing private business enterprise — and if the FCA has its way the public will not see how the money is spent on our PUBLICLY-OWNED arena. Will the bailout engender a round of bonuses for the Blue Jackets executives who have run this franchise into the ground — just like on Wall Street?

    The whole premise of the collapse of the Arena District if the Blue Jackets leave town is a lie. 80% of arena businesses are commercial office tenants — their continued occupancy has nothing to do with whether or not the CBJ is in town 40 nights a year.

    On your walk down this yellow brick road, did you note that when you look beyond the hype and into the substance: since 2004 the 43215 zip code has lost 6,317 jobs (going from 65,222 jobs in 2004, to 58,905 jobs in 2009 (Source: U.S. Census Bureau, American Fact Finder, County Business Patterns, 2004-2009.), and has lost 258 business establishments, going from 2761 to 2503 businesses (same source).

    Zip Code 43201 (Short North) lost 14 business establishments and 2,381 jobs during that same period.

    The Arena District is lively and interesting and a successful redevelopment of the former Pen site, but to say it is an economic success is not supported by the facts. Further, many of the jobs and businesses in the Arena District were simply poached from other areas of the city and the county.

    The numbers are clear and unambiguous: since the Arena District was built out (at least from 2004 forward), jobs and businesses have diminished substantially in the area.

    The propaganda pushed on us by public officials that this has to do with saving 8,000 jobs is bullsh*t. This was simply a bailout of two failing business enterprises, and a $250M net loss to the taxpayers of the City of Columbus who are absorbing the loss of these private businesses. To add insult to injury, this bailout comes on the heels of us citizens in good faith voting ourselves a 25% tax increase just two years ago, to fund basic city services (police and fire we were told). Now we’ve got enough money to kick into entertainment ventures??!!??

    Nationwide Insurance is a $20B a year company, with annual profits approaching $1B. Nationwide’s annual PROFITS are more than the entire annual operating budget of the City of Columbus — and WE bailed THEM out? They have far more capacity to take the loss that they caused when they decided to privately fund the arena and invest in the Blue Jackets.

    The Arena District will not shrivel up and die if the Blue Jackets go out of business or leave town. The NHL has clearly indicated its commitment to Columbus. The issue was the bad business decisions by those who owned the Blue Jackets. This bailout was only to keep the local owners of the Blue Jackets in their ownership position, and to avoid receivership when the banks refused to extend additional credit to the owners to support their business losses. Nationwide could have made all the concessions that the City of Columbus made on their behalf — they had more resources to do so, and it was their mess in the first place.

    Forbes Magazine on 4/24/12 ranked “The Least “Cost-Efficient” NHL Teams (2011-12 Regular Season)

    Rank Team Cost/Point Efficiency Ratio
    1 Columbus $821,538 133.7%
    2 Toronto $812,625 132.3%
    3 Buffalo $784,607 127.7%
    4 Anaheim $721,319 117.4%
    5 Calgary $716,583 116.6%
    Takeaways:
    – The Columbus Blue Jackets were the least efficient NHL team this season, performing at a clip that was roughly 34% less efficient than the league median…”

    With this record of incompetence and mismanagement, the Blue Jackets — who also have a value of just $152M which makes it the 28th out of 30th most valuable NHL franchise team (or should I say third least valuable franchise?). These people have bungled their own money — Yet we allow the President of the Blue Jackets the right to secretly spend OUR public dollars?

    Citizens should be outraged at the bailout, and at the arrogance of the public officials who now declare their taxpayer supported actions should be secret from the people who fund them. The Mayor was clear, and I support his position that the CFA/Blue Jackets should be publicly accountable for their spending. Andrew Ginther was not clear where he stands on open access to public records: I would like to see where each member of Council — who all voted to approve a bailout contract that had not yet been drafted — stands on this issue.

    #340186

    DavidF
    Participant

    Your employment numbers end at 2009, which coincidentally was I believe the height of the recession.

    You’d get my credibility if you used current numbers, not seriously outdated ones.

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