Basketball in Kentucky is huge, and its about to get even huger.
The Curmudgeon has learned through his inside sources that a press conference will be held at 6:00 p.m. today to announce the relocation of a current NBA team to Owensboro.
Details are very sketchy and apparently this deal is moving through very quickly but the Curmudgeon has interviewed a person very close to the situation (that person's identity will not be revealed in order to protect him/her).
As part of the downtown devlopment, a new stadium will be built to house the team and the team will begin play in Owensboro at the start of the 2012 season.
"The team has been struggling financially in the market they are currently in and were looking to relocate," states the source "the team looked at the success the Oklahoma group has had and decided to give a smaller market with less competition a shot".
Kentucky is known for having a very rabid basketball fanbase. The team looked at the bigger cities, Louisville and Lexington, but did not want to compete with the local college teams (the Cardinals and Wildcats).
"Marketing this team in a town such as Owensboro is a completely new way of thinking for the NBA. With the current recession, competition for what little entertainment dollars there are floating around is cut-throat. We believe we are going to tap into an untouched market with strong demand. The current redevelopment of Owensboro's downtown area and plans already in place for a new arena really was perfect timing for this deal."
While Owensboro seems like an extremely small population to support such a major-league team, my source believes the team will draw fans from surrounding cities like Evansville and Bowling Green. "When you look at the actual market size that the team will be drawing their fans from, it is comparable to cities like Sacramento, CA and Oklahoma."
The Curmudgeon pressed to learn which team was involved with the move but that piece of information is being kept tightly controlled. "The current owner, who is moving the team and not selling, wants to be able to personally address staff and players before they hear from other sources."
It looks like Owensboro may be taking its first steps towards the big time and oh yeah. . .APRIL FOOLS!!!!!!!!!!!!!!!!!
Showing posts with label Owensboro Downtown. Show all posts
Showing posts with label Owensboro Downtown. Show all posts
Wednesday, April 1, 2009
Friday, February 20, 2009
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.
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.
Wednesday, February 4, 2009
Owensboro Downtown Master Plan - Part two
While well over half of Daviess county and Owensboro sat without electricity, the most important issue for a combined City and County government meeting last night was to raise the taxes levied on my (and everyone elses) insurance policies by 4%, excluding crop and health insurance. Surely this new tax revenue will be utilized for a sound investment in the city, maybe infrastructure upgrades????. . .well. . .ehh. . .sorry. . .no.
This new tax revenue will be used to float a roughly 80 million dollar bond that will be invested in the downtown master plan. Surely there is a pool investors setting on the sidelines just waiting for a commitment from Owensboro before breaking out the shovels and starting the redevelopment of downtown. . . .well. . .no. . .but 27 other cities that have done this same thing have seen dumptruck-loads of money just pouring in.
Man, for the elected officials of a small city like Owensboro to make such a commitment, they must be looking at one heck of a rock-solid redevelopment plan. . .well. . .no. . .just a couple of pretty pictures put together by the Gateway Planning Group, a private developer.
So, you just doubled the amount of taxes you levy on me for protecting my house and my car in case of disaster so that you could dump $80 million into a project put together by a private developer which is only a couple of pretty pictures, probably to risky for investment from a banking institution, with no commitments from any other outside investors?
OK, so if this were Bowling Green, KY, a growing city with a young population and a vibrant economy . . .a city the same size as Owensboro that is kicking its rear-end in every way, I would have no problems with such a proposal. But this build-it-and-they-will-come thing only works for baseball fields in the middle of a corn field in Iowa or somewhere. In my opinion, the city leaders have not proven themselves capable of handling a project of this scope successfully.
The city wants to attract young successful people with families back to the area, so the next time you see a young successful person with a family (either here in Owensboro or out of town), ask them if they want to live in a fourth floor apartment above a bar in downtown Owensboro. I like to think of myself as young and successful and while the thought of living over a bar at first seems like a great idea, on second thought, I like the quite solitude and hangover-free Mondays that the county provides (that doesn't make me un-successful does it?)
Yeah on paper this type of project looks good and will attract the more successful hi-techy type, but I don't think jumping in feet first to a project like this is the way to go about it.
Just wait until the city starts using eminent domain to seize downtown properties just to hand it over to private developers to fulfill this plan.
More to come. . .
This new tax revenue will be used to float a roughly 80 million dollar bond that will be invested in the downtown master plan. Surely there is a pool investors setting on the sidelines just waiting for a commitment from Owensboro before breaking out the shovels and starting the redevelopment of downtown. . . .well. . .no. . .but 27 other cities that have done this same thing have seen dumptruck-loads of money just pouring in.
Man, for the elected officials of a small city like Owensboro to make such a commitment, they must be looking at one heck of a rock-solid redevelopment plan. . .well. . .no. . .just a couple of pretty pictures put together by the Gateway Planning Group, a private developer.
So, you just doubled the amount of taxes you levy on me for protecting my house and my car in case of disaster so that you could dump $80 million into a project put together by a private developer which is only a couple of pretty pictures, probably to risky for investment from a banking institution, with no commitments from any other outside investors?
OK, so if this were Bowling Green, KY, a growing city with a young population and a vibrant economy . . .a city the same size as Owensboro that is kicking its rear-end in every way, I would have no problems with such a proposal. But this build-it-and-they-will-come thing only works for baseball fields in the middle of a corn field in Iowa or somewhere. In my opinion, the city leaders have not proven themselves capable of handling a project of this scope successfully.
The city wants to attract young successful people with families back to the area, so the next time you see a young successful person with a family (either here in Owensboro or out of town), ask them if they want to live in a fourth floor apartment above a bar in downtown Owensboro. I like to think of myself as young and successful and while the thought of living over a bar at first seems like a great idea, on second thought, I like the quite solitude and hangover-free Mondays that the county provides (that doesn't make me un-successful does it?)
Yeah on paper this type of project looks good and will attract the more successful hi-techy type, but I don't think jumping in feet first to a project like this is the way to go about it.
Just wait until the city starts using eminent domain to seize downtown properties just to hand it over to private developers to fulfill this plan.
More to come. . .
Friday, January 30, 2009
Owensboro Downtown master plan - part one
So our fair city has decided to "revitalize" the downtown area once again. I won't do any research about how many times Owensboro has "revitalized" their downtown, although it has been several times that I can recall. Downtown buildings have been remodeled, re-opened, and are currently re-decaying from little to no use.
The riverpark center with its IBMA headquarters and bluegrass museum was supposed to put us on the map. It didn't take long for the IBMA to flee to Nash-vegas. Now the only events being hosted by the big red tobacco barn by the river seem to be proms and afternoon performances for busloads of children. Actually the best use I have seen of the place in a long time will be the superbowl party thrown for the city residents during this time of disaster. In defense of the riverpark center, I think the Friday after Five series and Winter Wonderland events have been phenomenal successes, but these two events can only fill at most 20% of the center's calendar.
The focus of this new revitalization revolves around a "Downtown Master Plan". Downtown will be transformed into a "walkable city" and I'm sure the term "mixed-use" has been thrown around several times too. Apparently all these big-time professional city planning "gurus" have decided that cities of the future will be made up of these tiny communities where everything is in one little area. You will basically live in an apartment above where you work and will walk across the street for groceries and one block down to see a show. Apparently, the great leaders of Owensboro have been drinking the kool-aid prepared by these "gurus".
On paper this vision of a mixed-use community is not at all bad in my opinion. However, in order to have a successful mixed use development, it must truly be mixed use, meaning grandma is living next to the twenty-something year old couple with four kids and the drug store for grandma to pick up her prescriptions is next to the honky-tonk bar frequented by the twenty-something year old couple. Once the grandma's overrun the youngin's or vice-versa, your mixed-use development becomes a retirement village or a ghetto. In addition your "big box" stores are typically frowned upon in such areas so no walking to wal-mart grandma.
Lending institutions realize that creating (and maintaining) this mixed-use utopia is risky and therefore it is hard for developers to get the funding to put together such a project. So how do you get a project like this off the ground - well you let the taxpayers of the city take the through the issuance of bonds to finance the project. Wait, did I just say that - an investment is too risking for a lending institution so taxpayers should foot the project? Sounds like the taxpayers of Owensboro are going into the junkbond business.
When Keith Lawrence isn't to fond on some new "vision" for Owensboro, red flags should start waving, and he is staying on the fence on this one (by the way, read the article online quick, before the MandI cranks back on the free access). Will this round of revitalizing be any different? I know where I'm placing my bet on that one, but I'm not tipping my hand just yet...more to come later. Fire away in the comments and we will see how far down this rabbit hole we go.
The riverpark center with its IBMA headquarters and bluegrass museum was supposed to put us on the map. It didn't take long for the IBMA to flee to Nash-vegas. Now the only events being hosted by the big red tobacco barn by the river seem to be proms and afternoon performances for busloads of children. Actually the best use I have seen of the place in a long time will be the superbowl party thrown for the city residents during this time of disaster. In defense of the riverpark center, I think the Friday after Five series and Winter Wonderland events have been phenomenal successes, but these two events can only fill at most 20% of the center's calendar.
The focus of this new revitalization revolves around a "Downtown Master Plan". Downtown will be transformed into a "walkable city" and I'm sure the term "mixed-use" has been thrown around several times too. Apparently all these big-time professional city planning "gurus" have decided that cities of the future will be made up of these tiny communities where everything is in one little area. You will basically live in an apartment above where you work and will walk across the street for groceries and one block down to see a show. Apparently, the great leaders of Owensboro have been drinking the kool-aid prepared by these "gurus".
On paper this vision of a mixed-use community is not at all bad in my opinion. However, in order to have a successful mixed use development, it must truly be mixed use, meaning grandma is living next to the twenty-something year old couple with four kids and the drug store for grandma to pick up her prescriptions is next to the honky-tonk bar frequented by the twenty-something year old couple. Once the grandma's overrun the youngin's or vice-versa, your mixed-use development becomes a retirement village or a ghetto. In addition your "big box" stores are typically frowned upon in such areas so no walking to wal-mart grandma.
Lending institutions realize that creating (and maintaining) this mixed-use utopia is risky and therefore it is hard for developers to get the funding to put together such a project. So how do you get a project like this off the ground - well you let the taxpayers of the city take the through the issuance of bonds to finance the project. Wait, did I just say that - an investment is too risking for a lending institution so taxpayers should foot the project? Sounds like the taxpayers of Owensboro are going into the junkbond business.
When Keith Lawrence isn't to fond on some new "vision" for Owensboro, red flags should start waving, and he is staying on the fence on this one (by the way, read the article online quick, before the MandI cranks back on the free access). Will this round of revitalizing be any different? I know where I'm placing my bet on that one, but I'm not tipping my hand just yet...more to come later. Fire away in the comments and we will see how far down this rabbit hole we go.
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