Detail, east Portland photo, courtesy Miles Hochstein / Portland Ground.



For old times' sake
The bojack bumper sticker -- only $1.50!

To order, click here.







Excellent tunes -- free! And on your browser right now. Just click on Radio Bojack!






E-mail us here.

About

This page contains a single entry from the blog posted on February 24, 2009 5:07 PM. The previous post in this blog was Portland is completely off its rocker now. The next post in this blog is Yin and yang. Many more can be found on the main index page or by looking through the archives.

Archives

Links

Law and Taxation
How Appealing
TaxProf Blog
Mauled Again
Tax Appellate Blog
A Taxing Matter
TaxVox
Tax.com
Josh Marquis
Native America, Discovered and Conquered
The Yin Blog
Ernie the Attorney
Conglomerate
Above the Law
The Volokh Conspiracy
Going Concern
Bag and Baggage
Wealth Strategies Journal
Jim Hamilton's World of Securities Regulation
myCorporateResource.com
World of Work
The Faculty Lounge
Lowering the Bar
OrCon Law

Hap'nin' Guys
Tony Pierce
Parkway Rest Stop
Utterly Boring.com
Along the Gradyent
Dwight Jaynes
Bob Borden
Dingleberry Gazette
The Red Electric
Iced Borscht
Jeremy Blachman
Dean's Rhetorical Flourish
Straight White Guy
HinesSight
Onfocus
Jalpuna
Beerdrinker.org
As Time Goes By
Dave Wagner
Jeff Selis
Alas, a Blog
Scott Hendison
Sansego
The View Through the Windshield
Appliance Blog
The Bleat

Hap'nin' Gals
My Whim is Law
Lelo in Nopo
Attorney at Large
Linda Kruschke
The Non-Consumer Advocate
10 Steps to Finding Your Happy Place
A Pig of Success
Attorney at Large
Margaret and Helen
Kimberlee Jaynes
Cornelia Seigneur
Mireio
And Sew It Goes
Mile 73
Rainy Day Thoughts
That Black Girl
Posie Gets Cozy
{AE}
Cat Eyes
Rhi in Pink
Althouse
GirlHacker
Ragwaters, Bitters, and Blue Ruin
Frytopia
Rose City Journal
Type Like the Wind

Portland and Oregon
Isaac Laquedem
StumptownBlogger
Rantings of a [Censored] Bus Driver
Jeff Mapes
Vintage Portland
The Portlander
South Waterfront
Amanda Fritz
O City Hall Reporters
Guilty Carnivore
Old Town by Larry Norton
The Alaunt
Bend Blogs
Lost Oregon
Cafe Unknown
Tin Zeroes
David's Oregon Picayune
Mark Nelsen's Weather Blog
Travel Oregon Blog
Portland Daily Photo
Portland Building Ads
Portland Food and Drink.com
Dave Knows Portland
Idaho's Portugal
Alameda Old House History
MLK in Motion
LoveSalem

Retired from Blogging
Various Observations...
The Daily E-Mail
Saving James
Portland Freelancer
Furious Nads (b!X)
Izzle Pfaff
The Grich
Kevin Allman
AboutItAll - Oregon
Lost in the Details
Worldwide Pablo
Tales from the Stump
Whitman Boys
Misterblue
Two Pennies
This Stony Planet
1221 SW 4th
Twisty
I am a Fish
Here Today
What If...?
Superinky Fixations
Pinktalk
Mellow-Drama
The Rural Bus Route
Another Blogger
Mikeyman's Computer Treehouse
Rosenblog
Portland Housing Blog

Wonderfully Wacky
Dave Barry
Borowitz Report
Blort
Stuff White People Like
Worst of the Web

Valuable Time-Wasters
My Gallery of Jacks
Litterbox, On the Prowl
Litterbox, Bag of Bones
Litterbox, Scratch
Maukie
Ride That Donkey
Singin' Horses
Rally Monkey
Simon Swears
Strong Bad's E-mail

Oregon News
KGW-TV
The Oregonian
Portland Tribune
KOIN
Willamette Week
KATU
The Sentinel
Southeast Examiner
Northwest Examiner
Sellwood Bee
Mid-County Memo
Vancouver Voice
Eugene Register-Guard
OPB
Topix.net - Portland
Salem Statesman-Journal
Oregon Capitol News
Portland Business Journal
Daily Journal of Commerce
Oregon Business
KPTV
Portland Info Net
McMinnville News Register
Lake Oswego Review
The Daily Astorian
Bend Bulletin
Corvallis Gazette-Times
Roseburg News-Review
Medford Mail-Tribune
Ashland Daily Tidings
Newport News-Times
Albany Democrat-Herald
The Eugene Weekly
Portland IndyMedia
The Columbian

Music-Related
The Beatles
Bruce Springsteen
Seal
Sting
Joni Mitchell
Ella Fitzgerald
Steve Earle
Joe Ely
Stevie Wonder
Lou Rawls

E-mail, Feeds, 'n' Stuff

Tuesday, February 24, 2009

Paulson stadiums deal is still "$20 million to $40 million" short

All the more reason to go for it in our dysfunctional town, I suppose. If you haven't completely given up on Portland "leadership" yet, this might just send you over the edge.

While we're out collecting signatures to recall the mayor -- or as a warmup for that effort -- maybe we ought to force this bond issue onto the ballot, too.

Comments (21)

"urges the City Council to identify a source for the money that does not require higher taxes or cuts in existing agency budgets."

Who the heck is on this advisory committee? They seem to forget the tax payer needs to whip out the credit card to pay for this.

Gee whiz, Paulson is going to give us 330 jobs (hotdog vendors or ticket takers) for something north of $85M. So using real world numbers of $100M, these jobs will only cost us $300K a piece.

I guess I should be happy that it's not the father pushing this deal.

I love it when local soccer supporters talk about the love for the Timbers as proof this is a good idea. I wonder what would happen in a small city in England if some big-shot rolled into town with a plan to throw the beloved local football lads under the bus.

Since this advisory committee is still meeting they should consider a few more refinements. Items:

"5. ... viable for the long term" should be
identified. "Long time for any public investment like this should be at least 20 years to 30 years, at least for the terms of the bonds. "long term" is a very wiggly room for attorneys or politicians.

On item 6, urban renewal, Shortstop LLC should have to prove and bear all costs in doing so that this area is "blighted". It is likely to be challenged in the courts and all costs should be theirs. My personal feeling is that it isn't blighted with light rail, MacClub, the new Burnside Housing complex next door, the Kings Heights Neighborhood, and many other new, newer buildings nearby.

Then after these added conditions from the advisory committee, the City Council should decline to proceed because of the shortfalls and economic times. This too has a potential to become a ballot issue.

I have been writing letters about this issue since September, and have yet to receive a reply from ANYONE (City council, mayor, newspaper columnists). This leads me to believe that the city considers it a "done deal". Besides the fact that the supposed ticket buyers no longer have enough disposable income to spend on sports tickets, I am outraged at the thought of dropping a baseball stadium in the middle of a residential neighborhood just because someone with millions falling out of his pockets thinks that it is expendable. The early articles called Lents "felony flats", remember? If it's depressed, they figure, no one will care. All the families nearby WILL be impacted by noise, traffic, late-night lights (double headers)-- most housing in Lents will drop in value. Who would want to live a block from a baseball stadium? This should be voted on! Can we start a petition? This is not the time for Portland to gamble that Paulson's numbers will work out. Portland will still have the bond to worry about, no matter how much Paulson puts up. Incidentally, an explanation of my sign-in: it's borrowed from Erma Bombeck and expresses ideals the city might well consider. F=frugal,R=responsible,U=unpretentious,M=Mature P=person

It really does sound like a bad episode of Mayberry, RFD, doesn't it?

This week's guest-star is the son of a big-time investment guy last seen destroying the economy of America. He rolls into town and bamboozles the local yokels with a low-grade scam that would have been rejected in 5 minutes by a high school student council. Even Aunt Bea and Floyd the Barber are impressed.

Of course, the local politicians are thrilled. They're wowed by this guy and flattered to be connected in some way to the bigger scams back East. They'll do everything they can to grease this ridiculous project through.

The only difference? There's no Sheriff Andy Taylor to figure it out and run the guest-star out of town.

Let's see if I've got the math right.

$300K per job + one refurbished stadium + one small-scale new stadium + 15 months of quality construction jobs + high quality soccer entertaining tens of thousands each summer + increased tourism + a higher international profile for the city.

Steve's right: This pencils out pretty darn well ...

The same people selling the latest program (Vera Katz, Sam Adams, Don Mazziotti) said the same things with PGE Park. None of it happened except the construction jobs, and big profits for a contractor. The city's still paying off around $28 million of debt on that and the stupid Convention Center expansion, which was the same dismal failure.

If you want construction jobs, let's build or rehab something the city really needs. Two more minor league stadiums aren't it.

We already have soccer and baseball entertaining tens of thousands. We don't need to spend $100 million to entertain a few more thousands.

And if you think tourists are coming here to watch MLS, too many thirsty Thursdays may have rotted your brain.

Versus how many jobs are lost by removing that money from the same local economy that you are putting it back into?

Don't put that pencil down too fast.

Uh, Roger . . . how long have you lived here? Other than the stadium work, none of the things you're talking about are going to happen; they're just pipe dreams. People who have lived here longer than Merritt Paulson, who's lived here for what? about two years, know this. You guys are in the wrong city, and definitely at the wrong time. Years from now, and it won't be all that many years, this project will be known as "Paulson's Folly."

I disagree: Paulson's Folly should be when Henry Paulson was head of Goldman Sachs and urged the SEC to abolish the Net Capital Rule.

Roger, we just sank 150 billion into AIG, and now they want more. AIG has an endorsement deal with Manchester United. Can't you be content knowing that as a taxpayer, you're already losing your shirt as part of Barclay's Premier League soccer?

There's no need to lose more. MLS is a big step down for you.

I disagree as well. Paulson's Folly is when Papa Paulson threw TARP money at banks and other financial institutions with abandon but let Lehman fail.

Roger, I agree with you. Your math is impeccable. And just to show that I'm completely behind you, I'm going to pay for half of the stadium. Now if I can just find a market for all of the leprechaun armpit hair and unicorn droppings I'm going to use as collateral.

Seriously, dude, you know that old saw about some ideas being so stupid that only an intellectual would fall for it. Well, some business proposals are so dumb that even an MBA from Southern Methodist University would wake up from a coke haze and say "Wait a minute...", and your math is at the top of the list.

Roger,
I trust you know most of my comments are in fun.

I want to go back to your point that this plan would give us, "a higher international profile for the city."

They used to say the tram would be an iconic tourist attraction similar to the Eiffel Tower, and every word they said turned out to be correct.

In fact, I'm not sure how much more of the international limelight we can take.

The fact that the City is even considering this idea given the current financial situation makes me want to puke. When folks are banging down the doors to PGE Park to see the Timbers, after years of consecutive sellouts, then, and only then, should the City consider public investment in sports. This is a complete embarrassment - where is the accountability? Where is the sound decision making? Where is the "NO!"?

If Paulson and his crew are so 'confident' of the soundness of the investment - he and his group should put up all the money.

"how many jobs are lost by removing that money from the same local economy that you are putting it back into?"

OK

Or if you want to get creative, heck, lets build Intel a plant in N Portland for $100M, then they can fill it with 5000 real jobs with good pay, benefits and add a lot more to the tax base?

Or let's put up a $100 million subsidy to bring a PROFITABLE photovoltaic cell manufacturer to Portland (like First Solar). Those jobs will pay higher wages than food vendors and janitors AND put us on the map for a truly global achievement.

"Now if I can just find a market for all of the leprechaun armpit hair and unicorn droppings I'm going to use as collateral."

I love this phrase.

Police and Fire pensions will be on the chopping block one way or another in the future, which is why it's strange that Randy Leonard thinks there's room for the cute protections he emphasizes in this deal.

There will not always be public support for police or firefighters, or their pensions, and as soon as the stars align so that there is a legal opportunity to renegotiate the pensions, it will be impossible to keep the pots of money and obligations separate like Randy is trying to do with this soccer deal.

Sounds like Randy is getting advice from clever people, perhaps people who helped him bust up the PDC, who think they know how to navigate the gully they're in, but who don't see the rest of the forest.

I hope Randy seeks other opinions, if only to preserve the fire pension. IMHO, Isaac L. would be a good start.

Do not forget that Mayor Katz with Sam Adams as senior advisor on the first Civic Stadium remodeling Agreement said five years ago that the taxpayers of Portland "are protected, we have a tight Agreement". We still are holding the bag on $29 Million in debt after assurance of protection.

Talk of the ridiculous. His numbers aren't even in the ballpark.

It really does sound like a bad episode of Mayberry, RFD, doesn't it?

Was there ever a GOOD episode of Mayberry, RFD?

The show took a major step down once Barney Fife moved to Raleigh and Opie hit puberty. Changing the broadcast to color didn't help either...

How can there be living wage jobs for a soccer stadium with what, 15-20 matches a year? A baseball stadium with, maybe 60 or so home games? And, I would argue it's not sustainable to build/refurbish a stadium that is used so infrequently. (No one has mentioned what happens to Portland State and high school football games.) At least with the current PGE park, there's a mix of events that keeps the stadium busy most nights in the summer, and quite a few in the spring and fall.

So the math may be closer, if vendors, janitors, et. al work around 500 hours a year, to 1.2 million per job.


Sponsors


As a lawyer/blogger, I get
to be a member of:

In Vino Veritas

Gascón, Colosal Red 2013
Cardwell Hill, Pinot Gris 2015
L'Ecole No. 41, Merlot 2013
Della Terra, Anonymus
Willamette Valley, Dijon Clone Chardonnay 2013
Wraith, Cabernet, Eidolon Estate 2012
Januik, Red 2015
Tomassi, Valpolicella, Rafaél, 2014
Sharecropper's Pinot Noir 2013
Helix, Pomatia Red Blend 2013
La Espera, Cabernet 2011
Campo Viejo, Rioja Reserva 2011
Villa Antinori, Toscana 2013
Locations, Spanish Red Wine
Locations, Argentinian Red Wine
La Antigua Clásico, Rioja 2011
Shatter, Grenache, Maury 2012
Argyle, Vintage Brut 2011
Abacela, Vintner's Blend #16 Abacela, Fiesta Tempranillo 2014
Benton Hill, Pinot Gris 2015
Primarius, Pinot Gris 2015
Januik, Merlot 2013
Napa Cellars, Cabernet 2013
J. Bookwalter, Protagonist 2012
LAN, Rioja Edicion Limitada 2011
Beaulieu, Cabernet, Rutherford 2009
Denada Cellars, Cabernet, Maipo Valley 2014
Marchigüe, Cabernet, Colchagua Valley 2013
Oberon, Cabernet 2014
Hedges, Red Mountain 2012
Balboa, Rose of Grenache 2015
Ontañón, Rioja Reserva 2015
Three Horse Ranch, Pinot Gris 2014
Archery Summit, Vireton Pinot Gris 2014
Nelms Road, Merlot 2013
Chateau Ste. Michelle, Pinot Gris 2014
Conn Creek, Cabernet, Napa 2012
Conn Creek, Cabernet, Napa 2013
Villa Maria, Sauvignon Blanc 2015
G3, Cabernet 2013
Chateau Smith, Cabernet, Washington State 2014
Abacela, Vintner's Blend #16
Willamette Valley, Rose of Pinot Noir, Whole Clusters 2015
Albero, Bobal Rose 2015
Ca' del Baio Barbaresco Valgrande 2012
Goodfellow, Reserve Pinot Gris, Clover 2014
Lugana, San Benedetto 2014
Wente, Cabernet, Charles Wetmore 2011
La Espera, Cabernet 2011
King Estate, Pinot Gris 2015
Adelsheim, Pinot Gris 2015
Trader Joe's, Pinot Gris, Willamette Valley 2015
La Vite Lucente, Toscana Red 2013
St. Francis, Cabernet, Sonoma 2013
Kendall-Jackson, Pinot Noir, California 2013
Beaulieu, Cabernet, Napa Valley 2013
Erath, Pinot Noir, Estate Selection 2012
Abbot's Table, Columbia Valley 2014
Intrinsic, Cabernet 2014
Oyster Bay, Pinot Noir 2010
Occhipinti, SP68 Bianco 2014
Layer Cake, Shiraz 2013
Desert Wind, Ruah 2011
WillaKenzie, Pinot Gris 2014
Abacela, Fiesta Tempranillo 2013
Des Amis, Rose 2014
Dunham, Trautina 2012
RoxyAnn, Claret 2012
Del Ri, Claret 2012
Stoppa, Emilia, Red 2004
Primarius, Pinot Noir 2013
Domaines Bunan, Bandol Rose 2015
Albero, Bobal Rose 2015
Deer Creek, Pinot Gris 2015
Beaulieu, Rutherford Cabernet 2013
Archery Summit, Vireton Pinot Gris 2014
King Estate, Pinot Gris, Backbone 2014
Oberon, Napa Cabernet 2013
Apaltagua, Envero Carmenere Gran Reserva 2013
Chateau des Arnauds, Cuvee des Capucins 2012
Nine Hats, Red 2013
Benziger, Cabernet, Sonoma 2012
Roxy Ann, Claret 2012
Januik, Merlot 2012
Conundrum, White 2013
St. Francis, Sonoma Cabernet 2012
Villa Antinori, Toscana 2012
Decoy, Cabernet, Sonoma 2013
Marqués de Murrieta, Reserva Rioja 2010
Kendall-Jackson, Grand Reserve Cabernet 2009
Seven Hills, Merlot 2013
Los Vascos, Grande Reserve Cabernet 2011
Abbot's Table, Columbia Valley 2014
Forlorn Hope, St. Laurent, Ost-Intrigen 2013
Upper Five, Tempranillo 2010 and 2012
The Four Graces, Pinot Gris 2015
Topsail, Syrah 2013
Jim Barry, The Lodge Hill Shiraz 2013
Robert Mondavi, Cabernet, Napa Valley 2012
Adelsheim, Pinot Gris 2014
Boomtown, Cabernet 2013
Boulay, Sauvignon Blanc 2014
Domaine de Durban Muscat 2011
Patricia Green, Estate Pinot Noir 2012
Crios, Cabernet, Mendoza 2011
WillaKenzie, Pinot Gris 2014

The Occasional Book

Peter Carey - True History of the Kelly Gang
Suzanne Collins - The Hunger Games
Amy Stewart - Girl Waits With Gun
Philip Roth - The Plot Against America
Norm Macdonald - Based on a True Story
Christopher Buckley - Boomsday
Ryan Holiday - The Obstacle is the Way
Ruth Sepetys - Between Shades of Gray
Richard Adams - Watership Down
Claire Vaye Watkins - Gold Fame Citrus
Markus Zusak - I am the Messenger
Anthony Doerr - All the Light We Cannot See
James Joyce - Dubliners
Cheryl Strayed - Torch
William Golding - Lord of the Flies
Saul Bellow - Mister Sammler's Planet
Phil Stanford - White House Call Girl
John Kaplan & Jon R. Waltz - The Trial of Jack Ruby
Kent Haruf - Eventide
David Halberstam - Summer of '49
Norman Mailer - The Naked and the Dead
Maria Dermoȗt - The Ten Thousand Things
William Faulkner - As I Lay Dying
Markus Zusak - The Book Thief
Christopher Buckley - Thank You for Smoking
William Shakespeare - Othello
Joseph Conrad - Heart of Darkness
Bill Bryson - A Short History of Nearly Everything
Cheryl Strayed - Tiny Beautiful Things
Sara Varon - Bake Sale
Stephen King - 11/22/63
Paul Goldstein - Errors and Omissions
Mark Twain - A Connecticut Yankee in King Arthur's Court
Steve Martin - Born Standing Up: A Comic's Life
Beverly Cleary - A Girl from Yamhill, a Memoir
Kent Haruf - Plainsong
Hope Larson - A Wrinkle in Time, the Graphic Novel
Rudyard Kipling - Kim
Peter Ames Carlin - Bruce
Fran Cannon Slayton - When the Whistle Blows
Neil Young - Waging Heavy Peace
Mark Bego - Aretha Franklin, the Queen of Soul (2012 ed.)
Jenny Lawson - Let's Pretend This Never Happened
J.D. Salinger - Franny and Zooey
Charles Dickens - A Christmas Carol
Timothy Egan - The Big Burn
Deborah Eisenberg - Transactions in a Foreign Currency
Kurt Vonnegut Jr. - Slaughterhouse Five
Kathryn Lance - Pandora's Genes
Cheryl Strayed - Wild
Fyodor Dostoyevsky - The Brothers Karamazov
Jack London - The House of Pride, and Other Tales of Hawaii
Jack Walker - The Extraordinary Rendition of Vincent Dellamaria
Colum McCann - Let the Great World Spin
Niccolò Machiavelli - The Prince
Harper Lee - To Kill a Mockingbird
Emma McLaughlin & Nicola Kraus - The Nanny Diaries
Brian Selznick - The Invention of Hugo Cabret
Sharon Creech - Walk Two Moons
Keith Richards - Life
F. Sionil Jose - Dusk
Natalie Babbitt - Tuck Everlasting
Justin Halpern - S#*t My Dad Says
Mark Herrmann - The Curmudgeon's Guide to Practicing Law
Barry Glassner - The Gospel of Food
Phil Stanford - The Peyton-Allan Files
Jesse Katz - The Opposite Field
Evelyn Waugh - Brideshead Revisited
J.K. Rowling - Harry Potter and the Sorcerer's Stone
David Sedaris - Holidays on Ice
Donald Miller - A Million Miles in a Thousand Years
Mitch Albom - Have a Little Faith
C.S. Lewis - The Magician's Nephew
F. Scott Fitzgerald - The Great Gatsby
William Shakespeare - A Midsummer Night's Dream
Ivan Doig - Bucking the Sun
Penda Diakité - I Lost My Tooth in Africa
Grace Lin - The Year of the Rat
Oscar Hijuelos - Mr. Ives' Christmas
Madeline L'Engle - A Wrinkle in Time
Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
Jonathan Schwartz - All in Good Time
David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
James McManus - Positively Fifth Street
Jeff Noon - Vurt

Road Work

Miles run year to date: 62
At this date last year: 144
Total run in 2016: 155
In 2015: 271
In 2014: 401
In 2013: 257
In 2012: 129
In 2011: 113
In 2010: 125
In 2009: 67
In 2008: 28
In 2007: 113
In 2006: 100
In 2005: 149
In 2004: 204
In 2003: 269


Clicky Web Analytics