SAY NO TO THE STATUS QUO -- LEGACY REVIEW COMMITTEE HAS GOT TO GO: The nine member Legacy “Review” Committee is just another farce in a looooong line of farces, whose purpose is to dupe the taxpaying community. The Committee is to be made up of 3 members of City Council, 3 members of the Henry administration, and three citizens (one selected by the Mayor, one selected by City Council, and one selected by the committee). This is a farce for a good number of reasons. First, the three City employees appointed by Henry are dependent upon Henry for job security. So they can be counted on to do whatever the Mayor bids them to do. For the record, those so-called appointees are: Al Moll, Director, Fort Wayne Parks & Recreation Department; Heather Presley-Cowen, Deputy Director, City of Fort Wayne Community Development Division; and Stephanie Crandall, Legislative & Business Liaison, City of Fort Wayne/Mayor’s Office.
Secondly, the 3 members of City Council “appointed” are downright laughable. All three of these guys have approved every single Legacy expenditure to date. Does anyone really expect them not to continue this status quo? Also, two of the three, Tom Smith (R-1st), Tom Didier (R-3rd), and Geoff Paddock (D-5th), are bought and paid for by Steel Dynamics. A quick review of campaign finances from 2011 and before prove Smith and Paddock are supported by Steel Dynamics. Why is this so relevant? Because Steel Dynamics founder, Keith Busse, was one of the main thrusts behind the “memo” from “community business leaders” to the original “Legacy Task Force” as to how Legacy Fund monies should be spent on “transformational projects.” Ironically, many of those “community business leaders” who signed the memo were also members…..MEMBERS…..of the original Legacy Task Force. This means these people essentially sent a memo to themselves to provide guidance and give legitimacy to the steering of the Legacy Fund honeypot to their pet “transformational” projects. Sadly, the only thing “transformational” about these projects is the funneling of community dollars away from taxpayers and into the pockets of those “community business leaders” via City of Fort Wayne/County of Allen contracts or the selling of goods and services to these projects, as funded by Legacy Fund monies and/or taxpayers dollars. (Of course, my favorite funnel remains the redirecting of the food and beverage tax away from paying down the Memorial Coliseum debt and into the Capital Improvements Board, which then makes that money available for these same so-called “transformational” projects, like the Ash “Cash and Slash” Brokerage project. That was pretty slick.)
Of the three council appointees, Tom Smith should be most ashamed. He was on Council during the time the administration entered into the agreement with the EPA regarding federal mandate to clean up the sewer overflow and decrease contaminants in the rivers. He knows that Legacy monies should be saved so that interest can build and pay off the new sewer tunnel. (Will somebody PLEASE run against this guy?!!) Of the remaining council members, Tom Didier and Geoff Paddock—I almost feel sorry for them. Both are possible Mayoral contenders and this puts both of them in the hot seat of increased public scrutiny. (Its interesting to note the absence of Mitch Harper from this line up.) I feel the worst for Paddock because if he doesn’t do the Mayor’s bidding, then the Mayor could retaliate with an attempted take-over of Headwaters Park by the Fort Wayne Parks Department as had been threatened in 2011. Also, if he fails to do the Mayor’s bidding, he will wind up with campaign coffers that will be minimalized due to Steel Dynamic’s withdrawal of support.
The above six appointees make up the majority on the new Legacy “Review” Committee, so the remaining three citizen appointees are rather moot. However, we are already gearing up for the 2015 municipal elections and with that will come some maneuvering by the three city council appointees. Two or more council members may not be as reliable as before. Therefore, for the powers to be to maintain control over the Legacy Funds, they need to be careful in their selection of “citizens.” Specifically, they need to make sure at least two of the three are “committed” (in bed with) to the “cause” (the establishment).
The first citizen to be selected is Ron Turpin of Lincoln Financial Group. Turpin is a VP for Lincoln Financial Group. He is also a board member of Greater Fort Wayne (which is a combination of the former Chamber of Commerce and Fort Wayne-Allen County Economic Development) and Riverfront Fort Wayne. Yep, he is pro-river front development. Guess which way he will be voting when it comes time to any “review”??
Now, some of you may be wondering what the tie in to Lincoln Financial Group is where all of this stuff is concerned. Municipal bonds. Huh, some of you are saying? Municipal bonds are essentially loans that municipalities take out for projects to pay for things upfront. Just like any loan, there is usually interest that has to be paid—although savvy financial investors can avoid interest on bonds….or they can create a plethora of additional interest to be paid on bonds. Now, why would anyone work to create additional interest on a municipal bond?? Well, if you are a bondholder or an investor in a bond, that is how you make your money from the bond. Municipal bonds and the money market is a complicated topic….too complicated for me to go into any real detail here. Just know that like Steel Dynamic (makers of structural steel—and to a lesser extent, their Whitley County neighbor, C. Henry Steel—headed up by Charles Henry, the Mayor’s brother), Hanning & Bean (real estate developers), Lincoln Financial Group plays a part in this whole “transformational” scheme via financing/municipal bonds. (As a matter of disclosure, Lincoln Financial Group is not the only one who plays in the financial arena with municipal bonds. Tower Financial Group, the former parent company of Tower Bank, as headed up by…..Keith Busse, Jerry Henry—another of the Mayor's brothers, and others.)
Folks, the Legacy Review Committee is merely a way to give legitimacy to future projects and take the heat (and accountability) off of City Council members. The Legacy Review Committee can give “recommendations” to City Council and City Council will approve those “recommendations” because “who are they” to “doubt” the “recommendations” of the “Legacy Review Committee.” Taking the heat off of City Council is important as the upcoming 2015 elections draw nearer. Those benefitting financially from this racket have a lot to lose if the current City Council were all voted out and replaced with new council members. The Legacy Review Committee is nothing more than an “out” for City Council, which is why it has to go.
Secondly, the 3 members of City Council “appointed” are downright laughable. All three of these guys have approved every single Legacy expenditure to date. Does anyone really expect them not to continue this status quo? Also, two of the three, Tom Smith (R-1st), Tom Didier (R-3rd), and Geoff Paddock (D-5th), are bought and paid for by Steel Dynamics. A quick review of campaign finances from 2011 and before prove Smith and Paddock are supported by Steel Dynamics. Why is this so relevant? Because Steel Dynamics founder, Keith Busse, was one of the main thrusts behind the “memo” from “community business leaders” to the original “Legacy Task Force” as to how Legacy Fund monies should be spent on “transformational projects.” Ironically, many of those “community business leaders” who signed the memo were also members…..MEMBERS…..of the original Legacy Task Force. This means these people essentially sent a memo to themselves to provide guidance and give legitimacy to the steering of the Legacy Fund honeypot to their pet “transformational” projects. Sadly, the only thing “transformational” about these projects is the funneling of community dollars away from taxpayers and into the pockets of those “community business leaders” via City of Fort Wayne/County of Allen contracts or the selling of goods and services to these projects, as funded by Legacy Fund monies and/or taxpayers dollars. (Of course, my favorite funnel remains the redirecting of the food and beverage tax away from paying down the Memorial Coliseum debt and into the Capital Improvements Board, which then makes that money available for these same so-called “transformational” projects, like the Ash “Cash and Slash” Brokerage project. That was pretty slick.)
Of the three council appointees, Tom Smith should be most ashamed. He was on Council during the time the administration entered into the agreement with the EPA regarding federal mandate to clean up the sewer overflow and decrease contaminants in the rivers. He knows that Legacy monies should be saved so that interest can build and pay off the new sewer tunnel. (Will somebody PLEASE run against this guy?!!) Of the remaining council members, Tom Didier and Geoff Paddock—I almost feel sorry for them. Both are possible Mayoral contenders and this puts both of them in the hot seat of increased public scrutiny. (Its interesting to note the absence of Mitch Harper from this line up.) I feel the worst for Paddock because if he doesn’t do the Mayor’s bidding, then the Mayor could retaliate with an attempted take-over of Headwaters Park by the Fort Wayne Parks Department as had been threatened in 2011. Also, if he fails to do the Mayor’s bidding, he will wind up with campaign coffers that will be minimalized due to Steel Dynamic’s withdrawal of support.
The above six appointees make up the majority on the new Legacy “Review” Committee, so the remaining three citizen appointees are rather moot. However, we are already gearing up for the 2015 municipal elections and with that will come some maneuvering by the three city council appointees. Two or more council members may not be as reliable as before. Therefore, for the powers to be to maintain control over the Legacy Funds, they need to be careful in their selection of “citizens.” Specifically, they need to make sure at least two of the three are “committed” (in bed with) to the “cause” (the establishment).
The first citizen to be selected is Ron Turpin of Lincoln Financial Group. Turpin is a VP for Lincoln Financial Group. He is also a board member of Greater Fort Wayne (which is a combination of the former Chamber of Commerce and Fort Wayne-Allen County Economic Development) and Riverfront Fort Wayne. Yep, he is pro-river front development. Guess which way he will be voting when it comes time to any “review”??
Now, some of you may be wondering what the tie in to Lincoln Financial Group is where all of this stuff is concerned. Municipal bonds. Huh, some of you are saying? Municipal bonds are essentially loans that municipalities take out for projects to pay for things upfront. Just like any loan, there is usually interest that has to be paid—although savvy financial investors can avoid interest on bonds….or they can create a plethora of additional interest to be paid on bonds. Now, why would anyone work to create additional interest on a municipal bond?? Well, if you are a bondholder or an investor in a bond, that is how you make your money from the bond. Municipal bonds and the money market is a complicated topic….too complicated for me to go into any real detail here. Just know that like Steel Dynamic (makers of structural steel—and to a lesser extent, their Whitley County neighbor, C. Henry Steel—headed up by Charles Henry, the Mayor’s brother), Hanning & Bean (real estate developers), Lincoln Financial Group plays a part in this whole “transformational” scheme via financing/municipal bonds. (As a matter of disclosure, Lincoln Financial Group is not the only one who plays in the financial arena with municipal bonds. Tower Financial Group, the former parent company of Tower Bank, as headed up by…..Keith Busse, Jerry Henry—another of the Mayor's brothers, and others.)
Folks, the Legacy Review Committee is merely a way to give legitimacy to future projects and take the heat (and accountability) off of City Council members. The Legacy Review Committee can give “recommendations” to City Council and City Council will approve those “recommendations” because “who are they” to “doubt” the “recommendations” of the “Legacy Review Committee.” Taking the heat off of City Council is important as the upcoming 2015 elections draw nearer. Those benefitting financially from this racket have a lot to lose if the current City Council were all voted out and replaced with new council members. The Legacy Review Committee is nothing more than an “out” for City Council, which is why it has to go.
No comments:
Post a Comment