Blog Widget by LinkWithin

« Lakewood keeps Y, gets middle school in the bargain | Main | Watts-Hillandale the focus of weekend's Old Durham Home Tour »

April 30, 2008

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c786253ef00e55204e15a8833

Listed below are links to weblogs that reference DAP breaks ground today, begins half-year's construction:

Comments

AR

Allaboutbeer.com says that the 2008 World Beer Festival will take place on October 4, 2008 at The Historic Durham Athletic Park. I wonder where they will move it. Beer Fest is one of my favorite nights of the year!

Joshua

I hope I just don't understand the statement:
... the remaining $1 million coming from interest earned on unspent bond funds ...

But how do we earn interest on unspent bond funds? In order to get money the City sells bonds which *pay* interest. If we are selling bonds *before* we need the money, then we are paying more interest on the bond than we are gaining by the cash sitting in the bank. This sounds like voodoo math and if the City is really playing this type of game, they are wasting taxpayer dollars! And $1 million in interest means a lot of cash sitting idly and more than $1 million in interest that the City is paying out. Of course, that wouldn't really surprise me in this city but it's time we citizens put a stop to crap like this. Please tell me I misunderstand.

barry

Joshua - i'm pretty sure the technical term used by economists is "smoke and mirrors."

I could be wrong, though. I stopped taking econ classes after my first year in grad school.

David Rollins

Joshua's right, it's a waste of money. If, however, you think about it from a developer's point of view (with the city being a "developer" in this instance), it's much more preferable to have the money in hand before you start negotiating to develop the project. Otherwise the voters might not like the project and reject the bonds. For this reason bond issues are always sold as feel-good measures without any concrete plans, both to ensure their passage and to place minimal limits on the use of the funds. Now that the city has the bond money it "has" to be spent.

Of course I'd rather see the city do more to help the poor than pay for another stupid-ass project such as this or the performing arts center; people on food stamps don't need to go see "Rent" as much as they need to pay their property taxes. But I digress.

Allen

I agree, however I would like to see a MiLB Hall of Fame built next to the old DAP.

JC Lately

Renovating the DAP, building the MiLB Fan Experience will to more to help lower income families in the long run than simply handing out money. What does giving someone cash do for them, food for a week? Housing for a month? Then what? Economic Development brings opportunities, cash to the community and jobs. What would be good to see is some money going to job training so we can foster job creation with the new DAP for those that cannot find work elsewhere.

I'm sure we can all point to any number of projects as stupid. However, we must continue to revitalize Durham and projects like the DAP and the Performing Arts Center are part of that equation, no different than American Tabacco, West Villiage, and Golden Belt.. If we don't create amenities that attract visitors and benefit all economic levels then we will see a city in decline and only add to the public burden stemming from increase numbers of lower income families.

KeepDurhamDifferent!

I'm not arguing against amenities, I'm arguing against taking food out of people's mouths to fund them. Your line of thinking just leads to more corporate welfare for the developers. If there is demand for the MiLB museum, it should be funded by charging admission or corporate rental fees (concerts, world beerfest, ballgames, etc.).

I had no idea the purpose of renovating the DAP was to "create jobs". Isn't that the job of the private sector?

moncler jacket

HHH Yes, the design of national policy is important, how our economic development plans for the next five years, how the implementation, how to make our economy even faster. Are designed to advance our focus to invest money in what ways it should be carefully arranged.

Links of London UK

Those are super cute. I like you on Facebook.

The comments to this entry are closed.