Bye-Bye Big E

Seems like the ole Owensboro Powers had a card they weren't showing when they decided to increase taxes on insurance premiums. Instead of using some of that cash for a new parking garage downtown, they are going to purchase the shuttered Executive Inn and tear it down.

So now I guess you are expecting a rant about how this is a bad idea, well maybe my vacation has softened me a bit but this may not be a bad idea.

In the last decade or so, the "Big E" has gone through a series of owners ranging from fronts for ponzi schemes to car-dealers turned Donald Trump wannabe. After the last foreclosure on the property this spring, it appears that the property's prospects had deteriorated to the point that another less-than-reputable owner couldn't be found. Even the bank that owned the property had given up trying to maintain the property (well, I don't think they tried to begin with). The city and county had put together an offer of (I think) around $6 million for the property this summer that was turned down so it looks like the city's wait-and-see approach has knocked a million or so off the pricetag.

Owensboro was faced with the reality of having a deteriorating chunk of bricks and concrete overlooking all that new development that's coming. My understanding is that the hotel was in such bad shape that it would have to come down. It does to show the sad state of the city's economic environment that what should be a prime piece of riverfront real-estate would not be enticing enough for some developer to come in and redevelop themselves. The property will honestly be worth more once the hotel is gone. I think the city is showing a little forethought that this property could be an eyesore for years to come and is being proactive about the situation. What I don't want to see is the city razing the hotel and then turning around and selling the land for less than purchase price a year from now - then you will see a real crazed curmudgeon rant.

The fact that the money for this purchase was somewhat underhandedly obtained makes me think the city leaders have more cards up their sleeves than they are showing on this downtown redevelopment project. Since I agree with this move, I won't say much about their underhanded actions, but lets try to keep all the cards on top of the table from now on.