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I don't know what's shabbier; that Ronnie Steine exercises an examined faith in the Mayor's office or that council members would be more affected by a YouTube meme than by public opinion.
Interesting news item just coming out apparently too late to enter the meeting tonight. Fitch drops the city bond rating to a negative outlook. From the release:
RATING RATIONALE:
--The Negative Rating Watch reflects the potential additional fiscal strains of a planned $638 million debt-financed convention center upon an already pressured general fund beset by slim reserve levels, significant long-term liabilities and constrained revenue-raising ability.
I wonder if anyone in the mayor's office will rush this news into the meeting room so everyone on the committee can see the results of the grand plan?
The MCC opponents continue to lash out. Let's listen to them defend their little Hitler video.
In important news, the Tourism Cmmt. approved the MCC 7-0, and the Finance Cmmt. approved it 9-1. CM Barry is included in the nine positive votes.
The MCC will be a huge success for Nashville. It builds on our city's strengths. The Metro Council is doing the right thing approving this project, and I appreciate them for that.
From Fitch:
Metro has operated in recent years within a narrow range of reserves that hovers around its policy of maintaining reserves in each major fund of at least 5% of the subsequent year’s budget. The policy provides for reserves that are below levels typical for an ‘AA’ category credit, which in part had contributed to the previously assigned Negative Rating Outlook. Sizable unfunded pension and OPEB liabilities relative to the operating profile, ongoing although currently declining support of the hospital authority, and a voter approved albeit potentially unconstitutional tax rate cap limit the government’s flexibility. While Fitch believes that the convention center may enhance economic activity in Nashville’s downtown, even the moderate amounts of general fund support that appear possible for debt service and operations would contribute to increased strain on the government’s finances to a point where the rating is no longer consistent with the current rating category.
Fitch believes Metro’s attractiveness as a tourist destination will enhance the prospects of a planned downtown convention center; arguably, the convention center will not suffer from a proposed $400 million expansion of the Gaylord Opryland Hotel and Convention Center due to distinct targeted attendees and locations. A proposed $250 million Medical Trade Center will likely additionally benefit from the breadth of the area’s substantial health care sector.
Has any proponent of the MCC attempted to rebut Jameson's piece in the city paper on Sunday?
I'd love to read it, or anything that is actually an attempt to justify the MCC beyond "it'll be really good and cool, trust us"
Dean cannot deliver as promised (revenue bonds) so he should keep his word and dump this turkey.
Yes I did rebut Jameson. The conversation on the Chamber floor was regarding the sameness of the HVS reports from a variety of Cities. What was not reported was that in response Havinski noted that Jameson was looking directly at a subsection of the report regarding retaining State Association business. While not condoning the fact that they had used the same information he did point out that in EVERY case a local Convention Center needs to retain its local business, i.e. State Associations. Therefore it is not unreasonable for every report to have the same information. He also pointed out that HVS was not asked nor do they "recommend" whether a project moves forward or not. That work is left up to those who do the voting. He also stated that the number of projects that have not moved forward using their research was somewhere in the 50% range.
I am so glad my councilman finally came to his senses and voted yes last night. We were overwhelmingly in support in district 24 (at least in the Richland/Whitland area) and think the MCC will be a good thing.
How cute that someone thinks they speak for D24/Richland/Whitland. I think the proposed CC is an abomination, and I do not appreciate the skullduggery employed to hide it from a referendum.
/also D24/ Richland/Whitland
I am not happy with the proposed CC, and I am even less pleased with the skullduggery employed to hide it from a referendum.
Our councilman is disappointing. Oops- redundancy.
yes but will you expect us to count that as 2 no votes! :)
Next thing you know, WSMV will start to cover psychotic politicians and shoplifting. Now that's a big negative in SteineWorld, and he is certain such reportage will steer voters to Ronnie's camp. Every day this freak sits in office is another stain on a city that doesn't need another.
Meanwhile, in non-challenged reality world, Nashville continues to see its bond ratings drop and allows an oligarchy to push it into being Memphis II.