Faulty Fairgrounds math

“Fairgrounds $15M purchase approved” is the headline on the front page of today’s Dayton Daily news. This is what we would now call “alternative facts,” or in the past- an “F” in math.

No worries, because no matter how much you sell the Fairgrounds for to “Meds, Eds and Feds” you keep the most valuable piece of undeveloped, virgin land in Downtown out of the category of contributing tax entity. No money generated to the schools, and- with this latest plan- which is really no plan, no idea of the number of jobs that will be created- the normal excuse for the public financing of private institutions (otherwise known as either corporate welfare or screwing the little guys).

UD and Premier will redevelop the property after market analysis and community input, according to a news release from the county…. The closing is supposed to take place no later than 15 days after the end of the due diligence period, which can be extended to the end of March if the buyers choose. UD and Premier will take possession of the property no later than Oct. 1, the letter states.

UD and Premier agreed to try to retain the historic roundhouse and incorporate it into their redevelopment plans.

In exchange, the county will provide them with a $2 million credit at the time of closing, which will be applied to the first and smaller of the two payments.

“We’re very pleased that as part of this deal the county is going to be able to contribute money to not only to keep that building where it is, but to improve it,” Commissioner Foley said.

Under the agreement, UD and Premier will not be required to renovate the building by any specific date.

The institutions also can decide that the roundhouse should be taken apart and reassembled at a suitable site somewhere else. But the building has a historic designation and, if moved, would have to be reconstructed to meet historic rehab standards, officials said.

Foley said he’s confident the development will create jobs, reshape the neighborhood and support two major anchor institutions.

“We’re excited that this next step has been accomplished. We look forward to working with our partners to develop plans for future,” said Premier Health in a statement.

The purchase agreement also says the city of Dayton will work to approve a memorandum of understanding outlining how it is prepared to participate in the construction of the infrastructure to benefit and support the redevelopment project.

The city also would be expected to take ownership of the title to the fairgrounds property to make the development eligible for tax increment financing incentives.

As for the financing, UD and Premier are expected to each pay $5.25 million of the sales price.

About $2.5 million is expected to come from a state grant that was previously awarded to the Dayton-MontgomeryCountyPort Authority. And the remaining $2 million is from the county.

Source: Fairgrounds’ $15M purchase approved

As far as this math challenged writer can figure, the Fairgrounds was sold for $10.5 million- making this the steal of the century.

And, the “historic roundhouse” isn’t worth much more than a pole barn, which is all it was then and now. If we are worried about preserving buildings in this town, let’s start with ones that have taxpaying people in them, that we’ve been tearing down faster than Trump tweets.

This after, two developers probably invested hundreds of thousands of dollars to develop a real plan with measurable returns on investment to the community, that were tossed out, so we (the taxpayers) could basically donate this property to two institutions that already don’t pay a lick of property tax- and cried like babies when told they’d have to pay an assessment like the rest of us for new streetlights based on a democratic formula based on street frontage.

And remember, Premier/MVH had plenty of money to spare, as did their top, grossly overpaid executives to donate to Issue 9 to RAISE their income taxes .25% just a few months ago. How much they donated isn’t even fully known, because the mystery Political Action Committee that funded the campaign never filed their post election report. After it passed, one of the first things Premier did was to end support for the two Community Based Police officers they had funded for South Park and Rubicon Mill (the neighborhood FKA Fairgrounds).

Of course, Dan Foley seems to be the only one talking about this donation. Foley has been searching for a post commission job for years. First he’d hoped to be hired by the Dayton Development Coalition, and now, it looks like he’s looking for a job with UD or Premier – hopefully as sweet as what former County Administrator Deb Feldman landed over at Children’s Medical Center where she makes a cool half million a year plus (up from around $200K a year). Foley was also behind the latest failed regionalization push- which crashed and burned, where he made enemies with every black democrat thanks to Nan Whaley’s scare the west side meetings that were a total farce (the poison pill to block the plan was already well in place).

Foley likes to think of himself as some kind of visionary leader, but, he gets nothing done. Maybe this is because he’s never held a real job in his life outside of either patronage jobs through the party, or elected jobs because he’s was born into the party (his Daddy was a judge, and this is how we take care of the friends and family in the Monarchy of Montgomery County). He’s a very nice guy, but that’s really not why we should elect anyone. Voters are getting sick of the same folks getting elected over and over and doing nothing- he almost lost to Jan Kelly last time (she’s now the Republican in charge at the Board of Elections) despite outspending her and being the incumbent, and Debbie Lieberman came within a hair of losing to Gary Leitzell last time out, despite outspending him 100 to 1. If you need any proof that no elected position is safe from incompetence, just look to the White House.

This deal to give away the real estate should be stopped. Without a contract in place specifying the investment to be made and the return on investment, the property should just be kept in holding. Anything else is criminal.

As to the lie of $15 million, that’s what happens when the only reliable news source in a city has to be published by a political gadfly who the party and the paper tried to minimalize from the very first time he ran for office over 25 years ago. You’re welcome.

 

 

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