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Inspect the city's Central Landing contract and Cantrell Field RFP here

Posted: September 3, 2014 - 2:06pm

The special election that will decide if the city will be getting the Central Landing shopping center looks on pace to end Wednesday with more than 250 votes. 

The issue isn't without controversy, and some comments to thecabin.net stories come from people who say the Cantrell Field request for proposal — essentially an invitation to real estate developers to show their plans and what they'll pay — and the contract with developer Jim Wilson & Associates have been kept "in the dark" by city hall. These documents have been available at city hall.

Click here to see the RFP published by city hall in spring, 2013, and click here to see the city's final, signed contract with Wilson and Associates. Click here to see the text of the two ballot initiatives

Comment below to suggest other documents related to the Cantrell Field/Central Landing development you'd like to Log Cabin to publish through the state's Freedom of Information Act.

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Elmer Fudd
3778
Points
Elmer Fudd 09/03/14 - 02:48 pm
3
0
Mr. Lamb

I for one never asked for this i want to know what the bond reissue total overall cost to the taxpayer is over it's duration and the cost of the special election. okay?

Igor Rabinowitz
8814
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Igor Rabinowitz 09/03/14 - 03:21 pm
1
3
Props

Props for getting the info out in a forthright manner.

MessiahAndrw
1281
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MessiahAndrw 09/03/14 - 03:51 pm
5
0
Central landing is a huge

Central landing is a huge gamble that we will be committed to for the long haul. Voters are wising up to these big multi-million dollar projects, and I think people would be more likely to vote Yes if we knew:

  1. What will happen once the bonds and infrastructure mature? Can the city provide a 50 year or 75 year cash-flow projection (taking into account interest and inflation) to see how this project will work out over multiple generations? Is the city expecting to be financially better off in the long term because of this project? (I tried my own hand at the math and it didn't look good.)
  2. What do the best-case and worst-case cash flow projections look like? What assumptions and variables are used to generate those projections?
  3. What is the backup plan if the city fails to attract the additional consumer spending (the main gamble) that is required for this to be viable? How likely is it for this scenario to occur?

Jack Daniel
48
Points
Jack Daniel 09/03/14 - 05:45 pm
1
4
Analysis Paralysis

I'm so confident and bullish on Conway that I took out a home mortgage note without a 50-75 year cash-flow projection to see how it was going to work out for future generations. Crazy, I know!

That's because there are no guarantees in life and I can live with a huge 1/8 cent gamble.

Analysis good. Analysis Paralysis bad.

tracking wolf
633
Points
tracking wolf 09/04/14 - 07:37 am
4
0
sorry, but can you fault her

sorry, but can you fault her for being a bit apprehensive to handing our city officials more money? The same officials, by the way, that spent $180,000.00 on a Christmas tree from a start up company that was about to go bankrupt, and the tree still doesn't work???

MessiahAndrw
1281
Points
MessiahAndrw 09/04/14 - 09:57 am
4
1
The major issues here is that

The major issues here is that we are adding two large liabilities - the bond, and the $21 million in infrastructure (infrastructure is an ongoing liability, unlike the bond it won't disappear once we pay it off - infrastructure has a limited lifespan and requires constant maintenance and replacement forever.)

The difference between this and a mortgage is that a mortgage is a backed by an asset. As long as real estate prices don't crash, you can quickly get out of a mortgage by selling your house.

If we realize we made a bad decision or times turn tough - there's no plan B. We can't sell bonds, except by refinancing them through more bonds (getting us further into debt.) We probably can't sell the roads if we can no longer afford their upkeep (why would a business want to acquire an ongoing $21 million liability?)

This development is backed by a gamble that we are going to see a huge increase in sales tax revenue (which I'm doubtful of, because the presence of more shops doesn't mean I'm going to spend more, just that I have a greater selection of places to choose where to spend my money at - so I'm doubt overall sales tax revenue will increase much.) Even if we get lucky and the gamble comes through, I can't get the numbers to add up. Here's a link to another comment where I did the math.

Even if all best-case optimistic projections come true, we get this first illusion of prosperity, but when the bonds and infrastructure mature we're hit with a sudden $57,427,026 expense and our total ROI falls to -$33,294,233 that takes 13 years to recover from. This is more than an 1/8 cent sales tax gamble. Would the solution be to fund it with another bond? (Getting increasingly deeper into debt with each cycle?) And this is assuming the city doesn't use the tax revenue from this for another project (unlikely.)

Let's make an informed vote with concern about the long term effects, rather than emotional vote for some nice to have shops you'd visit a few times a year.

Oilman
756
Points
Oilman 09/04/14 - 06:31 am
6
1
A 40 Year Tax-WOW

I have heard of everything from our sneaky political cronies but this is the first time I have heard of a dedicated tax hike for 40 years! NO MORE NEW TAXES! Especially since Conway has averaged asking for new tax hikes and got them approved with scare tactics how many times in the last 10 years under this Mayor? You should be run out of town on the rail for the poor management and the last tax hike got us a Christmas tree at a cost over $150K to the tax payer that half of it never lit up and I counted over 15 city workers helping to put up and so we were the stupid taxpayers that let you get by with throwing our money away like a yippee that never had to actually work a real day in his life! We still use toilet paper so I am sure Conway can add a bathroom tax next so our hamburger tax that just keeps on hanging on won't be alone when this hopefully fails! These are big businesses that make huge profits and that is the attraction for them to build here without the city pouring our tax dollars into lining their pockets even more! I am sure they will still buy land and build if they can make money but your kick backs and golf privileges might not be as fancy as your lifestyle has been accustomed to! Can we hear that GIANT SUCKING SOUND, come on we have to stand up and say, NO MORE! Try staying in your office and run this city but you already created an assistant Mayor to do that at a huge salary and conflict of interest since he was on the city council for how many years before you wormed that catered position in for him! I guess we really don't need you anymore so get on your horse and ride because you robbed this piggy bank long enough...

SWIBC
1817
Points
SWIBC 09/04/14 - 07:37 am
0
2
What tax hikes are you

What tax hikes are you talking about? There has not been a millage increase in over 2 decades? The school district thankfully took off a year on their annual millage increases, but the city has not raised any taxes in 20+ years.
Also the Christmas Tree was A&P Taxes not general fund, it is still a boon doggle but as crazy as you want it to be.

Lilly03
635
Points
Lilly03 09/04/14 - 02:14 pm
5
1
EXACTLY!

Encourage your friends to get on here and read the ROI examples that have been posted.
They are just pushing the glitz of 'fancy stores' and most of them won't even be in office or working when the mall dries up and downtown Conway stores have to close and all these roads still need maintenance.
But, I'm sure they will be at the grand opening photo op.

Elmer Fudd
3778
Points
Elmer Fudd 09/06/14 - 10:58 am
2
0
Lilly03

I had an opportunity to chat with someone last evening that was at this dedication and yes as you described the usual suspects did indeed attend. Well just check out the LCD photos and video. You will see some of them.

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