Expose Corrupt Local Government Worke...
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plinker

United States

#21 Feb 1, 2013
Well, I'll probably get chewed for defending Schmidt, but I think the stadium is a very good use of the money. Here's why: the current stadium is junk, and the district is willing to kick in a one-time chunk of cash to fix it up for everybody to use. They COULD spend that money someplace more limited, but instead they want to spend it in a way that benefits the whole community. If that isn't a good use of a one-time tax windfall, I don't know what is. Sure, they could use it to pay off some kind of debt. But it would be a drop in the bucket, AND they wouldn't get to leverage the money the city HAS to pay toward the stadium for ADA improvements. I've got nothing invested in this, and I don't know anyone involved very well. But it looks as though Indy will benefit a lot from the project, and I think it makes Schmidt look community-minded, not foolish. My two cents.
Reply

Aransas Pass, TX

#22 Feb 1, 2013
plinker wrote:
Well, I'll probably get chewed for defending Schmidt, but I think the stadium is a very good use of the money. Here's why: the current stadium is junk, and the district is willing to kick in a one-time chunk of cash to fix it up for everybody to use. They COULD spend that money someplace more limited, but instead they want to spend it in a way that benefits the whole community. If that isn't a good use of a one-time tax windfall, I don't know what is. Sure, they could use it to pay off some kind of debt. But it would be a drop in the bucket, AND they wouldn't get to leverage the money the city HAS to pay toward the stadium for ADA improvements. I've got nothing invested in this, and I don't know anyone involved very well. But it looks as though Indy will benefit a lot from the project, and I think it makes Schmidt look community-minded, not foolish. My two cents.
Why spend $2,000,000.00 on a stadium that can be used only part of the year and is used only a small percentage of that time? What would "benefit the whole community" would be for the school board to pay down their debt, so we don't have to pay interest that we don't need to pay on a bunch of bonds, and so the school district doesn't have to raise our property taxes again like it did not long ago. The problem with you is you think like the school board instead of like the taxpayers who realize every penny counts and every penny eventually adds up to millions of dollars.
wazup

Ingleside, TX

#23 Feb 2, 2013
The chief is a so called man and he is a liar! But that's just a small problem, if you want to talk corruption start checking on all there open public record files I'm sure will find more than you can handle in the corruption file and thats both city and county. Happy Hunting!!!!
Question

Wichita, KS

#24 Feb 2, 2013
What happened when the committee met the other night?
a wife

United States

#25 Feb 2, 2013
wazup wrote:
The chief is a so called man and he is a liar! But that's just a small problem, if you want to talk corruption start checking on all there open public record files I'm sure will find more than you can handle in the corruption file and thats both city and county. Happy Hunting!!!!
A so called man? What does.that mean? And a liar? Please, share your great insights. As for corruption, you make the allegations, now givr the proof. Back up what you are alleging or shut the heck up.
plinker

United States

#26 Feb 3, 2013
Reply wrote:
<quoted text>Why spend $2,000,000.00 on a stadium that can be used only part of the year and is used only a small percentage of that time? What would "benefit the whole community" would be for the school board to pay down their debt, so we don't have to pay interest that we don't need to pay on a bunch of bonds, and so the school district doesn't have to raise our property taxes again like it did not long ago. The problem with you is you think like the school board instead of like the taxpayers who realize every penny counts and every penny eventually adds up to millions of dollars.
With all due respect, I think there is another way to look at it. My point was not that the stadium is the best way to spend the money - my point was that you can make a good case for it. With regard to saving interest on the bonds - I don't know what the interest rate is, and nowadays it's usually pretty low. That would mean that partly paying off the bond wouldn't yield very much, but doing the stadium would leverage the 400,000 the city must spend. That MIGHT be a better deal, I don't know, but I don't automatically conclude that Schmidt is doing the wrong thing.
Bath Salts

Wichita, KS

#27 Feb 3, 2013
With a chunk of money like that, paying off the debt might be good but it would do nothing for the community that is visible. Use it to fix the stadium or something else. This town is known for the park so to improve that area makes since. However, a good shot in the arm of the economy in downtown could go a long way also.

Property tax is high, but property is cheep and so are interest rates. Re-finance.
Reply

Aransas Pass, TX

#28 Feb 3, 2013
plinker wrote:
<quoted text>
With all due respect, I think there is another way to look at it. My point was not that the stadium is the best way to spend the money - my point was that you can make a good case for it. With regard to saving interest on the bonds - I don't know what the interest rate is, and nowadays it's usually pretty low. That would mean that partly paying off the bond wouldn't yield very much, but doing the stadium would leverage the 400,000 the city must spend. That MIGHT be a better deal, I don't know, but I don't automatically conclude that Schmidt is doing the wrong thing.
Taxpayers are probably pay 3%-4% annual interest on the bonds for the length of the bonds. Do the math and you'll see the interest we will be paying on those bonds is HUGE, ENORMOUS GIGANTIC. If we'd pay off the bonds, we could use the 3-4% interest we were paying on them to do a ton of other things for the district.

Another thing to think about: The $2,000,000.00 in tax credit money is deposited somewhere probably earning less than 1%-2%. Do the math: We are paying 3%-4% to bond holders, but only making 1%-2% on money on deposit, so we're in the hole all the way around.

If Schmidt and the school board were responsible, they'd use some of the money to build a decent stadium and the rest of it to pay off the bonds ESPECIALLY since that stadium is only used infrequently.

One other thing to think about: There has been a real back and forth in Topeka about school funding. There is a chance that despite recent events, school funding from the state COULD BE CUT and our district would have to make up the loss by raising our property taxes AGAIN, especially if they blow all the $2,000,000.00 on the stadium. By paying off some of the bonds as soon as possible, we'd be keeping money in the district's pocket instead of paying it out in interest on those bonds.

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