On the way home the guys on ESPN 1070 radio are bemoaning the fact there are no good sports on TV tonight. There is, however, a Madison City Council meeting broadcast live on our very own city television station. Tonight’s main bout is Mayor Dave vs. City Council over whether the city should cash out a $115 Million endowment fund gift, pay off the bonds, then purchase and operate the brand spanking new Overture Center, for a buck.
City Attorney Report: In June of 2001, Overture Development Corporation (“ODC”) borrowed $115,000,000 through bonds issued by the Community Development Authority of the City of Madison (the “Bonds”) as part of the financing of Phase I construction of the Overture Center. Debt service on the Bonds, which is interest only until the Bonds mature in 2036, is the sole obligation of ODC; neither the City nor the CDA have any legal, contractual or moral obligation to pay debt service.
Madison was given $205 Million to build and operate a building and they have screwed it up. The first hour features person after person making eloquent, reasoned, researched and intelligent arguments that the city should refinance, rather than cash out and purchase the Overture Center like Mayor Cieslewicz desires. The few people supporting the Mayor’s 'all in' position make comments like “the oil based economy is ending”.
Over the next three hours, Alderpersons pontificate about the risk of the stock market like a eighth grade introduction to economics class. Several representatives point out the dismal financial failure that was Madison's operation of the Civic Center. This little exercise in “Urban Planning” has once again reinforced my believe that government is fundamentally inefficient at handling money, and expanded eminent domain power for “Economic Development” is dangerously wrong.
Alderman Tim Bruer just asked Mayor Dave to leave his chair, based on a point of order, and the Mayor grumbles then moves down to the microphone set up for the guest speakers. Mayor Dave then asks the Council “Are you feeling lucky?” Well I ain’t.
Over the next three hours, Alderpersons pontificate about the risk of the stock market like a eighth grade introduction to economics class. Several representatives point out the dismal financial failure that was Madison's operation of the Civic Center. This little exercise in “Urban Planning” has once again reinforced my believe that government is fundamentally inefficient at handling money, and expanded eminent domain power for “Economic Development” is dangerously wrong.
Alderman Tim Bruer just asked Mayor Dave to leave his chair, based on a point of order, and the Mayor grumbles then moves down to the microphone set up for the guest speakers. Mayor Dave then asks the Council “Are you feeling lucky?” Well I ain’t.
