The implementation of paid parking in downtown Fayetteville is getting expensive. Not only are you going to have to pay to park downtown in the near future, you’re going to have to pay back hundreds of thousands of dollars in unanticipated debt so that Fayetteville can implement paid parking enforcement.
If you want to read all about it, download the attached file.
Fayetteville doesn’t yet own the new parking deck downtown. The reason is that we’re not building it ourselves. We are buying it from private developers, once it is finished. Then, we’re leasing back most of the spaces to those same developers.
The deck is more than a year late. Therefore, we haven’t been able to rent out the spaces to Prince Charles Apartments, Woodpeckers employees, etc.
Thus far, according to the City’s numbers, we’ve lost $352,369 in projected revenue as a result of the delay:
In the meantime, the cost of the deck has increased by $3,446,095.
I have more good news: once the deck is finally finished, you, the taxpayer, will be paying a private company to manage, clean, and operate the deck, even though you will not get to use the vast majority of the spaces.
Need Money = Borrow It
So what’s Fayetteville doing to make up for these losses? Borrowing more money:
Now we are taking out a $500,000 loan to install electronic parking meters and equipment. Note that this was all supposed to be “cash funded” from parking revenues we already had.
Keep in mind, we’ve already taken out $14,842,032 in bond money to pay for the deck. The voters didn’t approve this by the way. The City went around the voters using a legal loophole called Synthetic Tax Incremental Financing. It’s great, assuming your tax projections pan out. They haven’t thus far.
The City of Fayetteville has already proven it is lousy at the parking business. It can’t decide what it wants to do, and it once it does, it has to take the taxpayers further into debt to get there.
Moreover, what’s the goal here? The end result of all this is a significant burden on downtown businesses. Less people are going to shop and eat downtown if they can get the same amenities elsewhere in town without having to pay to park.
The short of it is this: Your City government has taken you into debt so that they can charge you money to park on City property.
It’s pretty much a lose/lose. But don’t worry, City staff says that downtown parking will pay for itself, one day, when the deck is finally finished.
Despite the money shuffle, it’s pretty obvious where the problem lies.
Everyone’s got their own opinion as to why Joe Biden came back from the dead and cleaned up yesterday.
Before I give you mine, let me point out that Cross Creek Divide viewers saw this coming long before anyone else. Our poll from early February predicted Biden would win, back when Biden was polling in the teens nationally and Bernie was running away with it:
So why’d the tables turn so fast? Here’s my take:
Joe Biden ran for President twice before 2020, but he never won a single state in a Presidential primary. People tend to forget his shortcomings because he is universally recognized as Obama’s V.P., and they won, together. But prior to this week, Joe Biden’s solo efforts on the national stage had always come up short.
Joe needed to show that he could actually win. He did that in South Carolina, and then the floodgates opened. He won a lot more yesterday.
It all seems so simple doesn’t it? It is in theory, but it’s hard in practice. To illustrate the point and since it’s March, here’s a basketball metaphor:
A defense won’t guard a player on the perimeter unless he can make a three-pointer. We call this “respecting the shot.” Here’s LeBron James showing no respect for his opponent’s outside game:
This isn’t lazy defense by the way. It’s smart. On this play, LeBron’s opponent was goaded into shooting and missed badly.
If you can’t make an outside shot, the defense will continue to sit back and take away your high-percentage (close) shots, and your chances to score dwindle. You lose Iowa, then New Hampshire, and outsiders like Mike Bloomberg start putting campaign offices on Hay Street and using ad-buys to steal your Tar Heel voters.
Speaking of voters, they’re smart. They’re not going to go out of their way to get into your camp unless you can demonstrate that you’re the real deal. With each miss, it starts to look very bleak, very fast.
So how do you get the defense to respect you? You make one three. Just one. It changes the game.
Biden hit a last-minute three in South Carolina and gained respect across the Nation. Doubts about his ability to win were vanquished along with Pete, Amy, and “Little Michael” a few days later. The nomination is now Biden’s to lose.
Someone to Watch
This take is stolen from my wife: Jill Biden will be a serious asset to her husband’s chances this Fall, and she is the perfect “foil” for the Trumps.
Jill is smart, accomplished, and likeable. Women across America will relate to her.