Cincinnati would get less than half of parking deal's total value

Thanks for the great ripoff, city council!

New documents released by City Hall reveal Cincinnati may be leasing its parking system for less than half its market value over the next 30 to 50 years.

And exactly how much the city will get from outsourcing the parking system depends on whom you ask.

In today’s dollars, the lease of city-owned parking meters, lots and garages to the Port Authority is estimated to have a value of $475 million.

Meg Olberding, citing a New York-based financial consultant hired by the city to study the issue, said the city would get $197.4 million – or 41 percent of its current market value.

The city’s economic development director puts that number at $113 million – or just 24 percent of its current value.
City Council contentiously approved the lease deal by a 5-4 vote earlier this month, just 15 days after it was first proposed.

Proponents have said the move will generate millions in much needed revenue for the city and help spur further development.

Opponents have argued that locking the city into a long-term commitment is bad business and that the city is making a quick decision without fully evaluating its financial implications.

The lease is currently on hold until a judge rules on a citizen lawsuit asking that the issue be put to voters to decide.

Link: Cincinnati would get less than half of parking deal's total value

At least one city council candidate, Amy Murray, is thinking striaght

Running for City Council, support Amy Murray!

“Today we learned that the proposed bids for the streetcar have come in significantly higher than anticipated by our City government. The lowest bid for tracks and stations was 58% higher than what was originally budgeted for this aspect of construction. This is yet another example of the out-of-control spending at City Hall. In business, companies plan and make estimates based on real-world costs firmly rooted in their balance sheets and hard data. They know what they can and cannot do based on sound projections and cost estimates. To hear that the City received bids up to $43 million more than they estimated shows that we need more responsible stewards of taxpayer dollars. The lack of transparency thus far in the process has been astounding.

She even takes paypal, hit the button!

Western Southern says Cincinnati could face "tens of millions" penalty for misleading HUD

When it comes to Cincinnati City Council, you have to ask: is it incompetence or thievery (or both)?

Check this out - Anna Louise dispute escalates - Western & Southern: City, others made false claims

Western & Southern Financial Group has accused city leaders, advocates for the homeless and others of misleading the public and federal officials about plans to renovate the Anna Louise Inn.

Attorneys for Western & Southern, which wants to buy the inn and convert it to an upscale hotel, warned city officials in a letter that they could face tens of millions of dollars in penalties for making “false claims” to the Department of Housing and Urban Development.

WHAT??? Tens of millions in penalties???

The heart of Western & Southern’s argument is that city officials and the inn’s owner, Cincinnati Union Bethel, sought federal money to renovate Anna Louise without telling HUD the inn was intended to be a women-only facility.

Federal housing law generally requires facilities that receive federal dollars not to discriminate based on race, age or gender.

So HUD requires not discriminating based on race, age or gender, right? Here are some samples I found of HUD agreements.


See how they all mention gender?

So here's the City of Cincinnati's HUD agreement.


Wow! Looks like someone removed gender or sex from the agreement! Which would violate Fedearl Fair Housing laws? Resulting in possibly millions in penalties paid by the city, I mean US, THE TAXPAYERS?

Incompetence or thievery or both? I pick C.