Med mart bonds cost millions more with private company

What is this in this article about how poorly this medcon deal is constructed?

"The project is Cleveland's most important economic development prospect."

What is that? Editorializing in a news article? Is this the opinion of the writer, Joe Guillen? WhatEVAH! In your dreams Joe!

"The arrangement with Chicago-based Merchandise Mart Properties Inc. could cost the county about $75 million, said Jim Swan, managing director at New Jersey-based Bergen Capital, a firm that specializes in bond financing.

Fred Nance, an attorney for Squire Sanders & Dempsey who is representing the county in the medical mart deal, acknowledged the ownership structure will cost the county more. But he said the sacrifice is worthwhile."

Oh yeah? It sure is easy to spend other people's money isn't it Fred? Bernie Madoff had a great time spending other people's money. Got you're own Ponzi Scheme goin' here Fred?

Fred and Tim are laughing in their beers cause they've got us by the balls. Dimora is cowering at home - haven't heard of him throwing any Pee Dee reporters out of meetings lately have ya? And Peter Lawson Jones is so busy with his law practice and his starring roles and interviews with coolcleveland that he is playing the go along get along host with the most for this deal. Is anybody running the county? Maybe we should turn over the BOCC and install MMPI for the whole shebang - they know how to make money.

As Norm points out: "the “small circle of friends” here who had been in command of planning the MedCon, from the beginning, are no longer in control, and serious, out-of-town, business-driven professionals have taken charge, leading to selection of a site and plan for the MedCon that is not disgraceful, and in many important ways is excellent."  (Excuse me, WHO is collecting our tax dollars?)

NR: "I expect MMPI wants to negotiate a good, fair deal for all stakeholders in a great new development project in our community." (I expect MMPI wants to make money. So does Nance: "MMPI's parent company, Vornado, is a real estate investment trust. Such companies have to generate a certain amount of their income from real estate. MMPI's ownership of the Cleveland mart and convention center helps satisfy the requirement, Nance said.")

NR: "As this is a “Kennedy” project, I doubt MMPI wants to lock-out union workers, or tax citizens without representation, and I doubt they want to be associated with such things in the press – mainstream or new media. All that is bad for good businesses... and bad for “those” Kennedys." Since when did Kennedys become beyond reproach? CapeWind is stymied by NIMBYism led by Ted Kennedy... But wait - Kennedy was not called because Burris was (Illinois Senate). If he's called now... that'd leave us with um... Falanga's? Do we know anything about Falanga's?

NR: "I am confident it was MMPI that put an end to negotiating the MedCon with Roman and Nance, and decided a new process be taken to reach intelligent decisions about this complex project, as it seems is now being done."

Put and end to negotiating with Nance? Not yet they haven't - Nance is still in there swinging. Roman is lookin' sorta like yesterday's news, isn't he?

But wait, maybe they have been running the show all along: "Nance said MMPI is the best at running convention centers with a theme, and the firm would not have joined the venture if it couldn't own and operate the complex."

Damn and I thought it was gonna be a party center - you know "those corporate things with a bunch of drunk people takin' about synergy" (Lemon - 30 Rock). But I was wrong - this is gonna be more like a theme park. Ooooohhh, I get it now. And the theme is medical equipment or is it medical furniture or is it just furniture, or will it be art? "MMPI is also reviewing the list of conventions it hosts in other cities and is considering diverting some of those conventions to Cleveland. The company also will pursue other shows not related to the medical industry."

And let me suggest another thing again - it was reputedly Floyd Loop  CCF's former CEO who had the medmart idea. He had a feasibility study done by Price Waterhouse Coopers which told him it would be a big money loser. I imagine that this study is long gone, but it may well have remained in the files that Cosgrove inherited. It would be a money loser for CCF... "Hey! Let's get tax money to do it!"

Now that they have the tax money, we should all go along, right? Wrong. We should be searching for ways to question Hagan's ethics (not recusing himself from the vote), we should be questioning the constitutionality of a law that allows this gaping loophole. 

Naw, let's just sit back and watch sports. This summer maybe home demo can become a favorite past time. Can't afford tickets to the Monster Truck Rally? Hey, let's go watch some demos over in the hood. 

While we kick back with a beer, a smoke and a joke, we're funding not only the arts and sports, but also a hulking boondoggle of a rip off. What's another $75 million? "Aw shucks man, thas nuthin'."