The Piercing Truth

This is right from the dictionary and seems to describe Albuquerque, Berry and Schultz. Fascism (f ash ,izem) noun An authoritarian right wing system of government and/or social organization. (in general use) extreme right wing, authoritarian, chauvinistic and/or intolerant views or practices. Fascism tends to include a belief in the supremacy of one group over another, national, ethnic, especially social strata or monetarily; a contempt for democracy, an insistence on obedience to a powerful leader, and a strong demagogic approach. Compliments of one of our Eyes

May 4, 2009

400 MILLION Reasons

The Sunday Journal reported that a group of "marketing, advertising, and other professionals" is pushing to get another city boondoggle on the October ballot. Apparently, this group of "other professionals" doesn't include an accountant, banker, or anyone with a business major. The arena and hotel that ad guy Steve Wedeen would have us build would cost no less than $400 MILLION tax dollars.
"The impact is phenomenal," Wedeen said in a recent interview. "This is really an economic-stimulus package that invests in a smart, sound industry."
The impact to the tax payer is obvious... higher taxes. As for whether or not the arena without-a-team business is a "smart, sound industry"... we beg to differ. More to the point, Wedeen would have the City of Albuquerque follow the "City of Vision's" lead and build an arena that loses money. If that weren't enough, Wedeen and his group would have the city go into the hospitality business by building a publically funded hotel.
Business leaders also want more analysis of whether the project would generate adequate operating revenue and question projected attendance figures for minor league sports teams that would play in the center.

The Greater Albuquerque Chamber of Commerce wants a more detailed financial analysis before announcing whether it would support such a project.
You know you've got problems when even the Greater Chamber of Commerce has reservations about your business plan. Worse an attempt by private investors to build a downtown arena has already failed because no one would give them the money. And that was back when they were giving money away to people who could never pay it back.

This is a plan that only an advertiser would try to sell. An undersized arena with no proven anchor tenant next to a perpetually struggling convention center. If Wedeen is so taken with the idea then he should put together an investor group, build it with private money and prove us all wrong. If he's successful, he'll be fabulously wealthy (at least until Obama and Co. get a hold of him) and he should be.

There are 400 MILLION reasons not to build a new Downtown Boondoggle and each one comes from "investors" who have no direct control over the enterprise. Talk about greed! When someone asks for their dream to be built not through their own efforts and abilities but on the backs of his fellow citizens... that's greed and the worst kind of greed.

7 comments:

Anonymous said...

12 Facts About You.

1. Your reading my comment
2. Now your saying/thinking thats a stupid fact.
4. You didnt notice that i skipped 3.
5. Your checking it now.
6. Your smiling.
7. Your still reading my comment.
9. You know all you have read is true.
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Anonymous said...

I agree, if the Chamber is against it then anyone with half a brain would know it is a bad idea. The Chamber usually sides with terrible business decisions (Terry.)This sounds like Smarty would benefit, go figure.

Anonymous said...

Enough already!!! A downtown arena, especially funded by the city, is simply dumb.

I've said it before and I'll say it again: there had been talk about a possible arena being built with the renovations at Winrock mall. Doesn't anybody else get that it makes 400 million times more sense to do that instead of downtown?

Anonymous said...

I don't get the fascination with the Down Town location. I agree that the Tingly location makes much better sense.

It's centrally located.
Lots of parking.
Easier access from I-40.

So what's the advantage of Down Town?

Anonymous said...

You misspelled Barbour, and don't get your hopes up that this guy who is new to town and a member of the Gray Panthers, http://www.nmenv.state.nm.us/hwb/documents/12-8-2007_Gray_Panthers_Comments.pdf, is going to be viable in the District with such a high number of Sandia employees and military retirees.

It will be interesting, but crow will be on the Eye menu regarding Harris, again, on the day after the election.

Anonymous said...

From downtown, marty could look out from his nest, perched on the 11th floor and say, I made this.
It's all about the dictatorship.

Anonymous said...

Winrock, YES!

It's a given. Great location, plenty of hotels, eating, parking, Housing is not all around it. Just off the interstate and close to the Big-I.

Tingley?, no way. Horrible venue uless you bulldozed it and the racino and started over. Parking sucks and costs a pretty penny(ies). Where to eat? Hard to get in and out of.

Winrock! What more can be said?