Sunday, March 3, 2013

Financial terms of parking deal screw job come into focus

After months and weeks of hiding the financial terms of the sale of the City's parking assets, today's Enquirer now fully reports on the screw job of the taxpayers advanced by Roxanne Qualls and her Council lemmings.

[Note that it is interesting that Council members and Maggie Buchanan's editorial  page endorsed the proposal before the details were even known!  Hmmm.]

Here's the deal in a nutshell: (i) to bail the City out of its short-term fiscal mess, (ii) the City will sell a valuable asset to New York venture capital bankers, and (iii) the resulting pain inflicted on its own citizenry is massive.  And of course, once Qualls and Company have burned through the cash in 24 months, we have lost the benefit of the revenue to solve our own problems.

So, bend over Cincinnati, the next screw job is here.

Here's how Wall Street is going to benefit from your Council's lack of fiscal restraint:
  • Money collected from meter fees and tickets would double by 2016;
  • Meter rates will rise, and rise, and rise.
  • The  number of tickets issued will rise dramatically; 
  • The cost per ticket will rise dramatically (to $45 initially!);
  • More meters will be placed (i.e., meters placed where no meters exist today);
  • Extended hours for meters.
So, in simple terms, Council's inability and unwillingness to keep its fiscal house in order, has foisted onto Cincinnati residents and visitors more pain at the parking meter.  They are insisting on making Cincinnati less desirable to visit for work, living and play.

Given that Cincinnatians have a myriad of shopping options, and options of where to recreate, locate their businesses and to live, who would voluntarily choose to come to Cincinnati?  Shop at Rookwood; dine in Kenwood; locate your business in Colerain; live in Anderson Township; and go to a movie in Mariemont.  But for God's sake don't go to Oakley, Mt. Lookout, Hyde Park, Westwood, or Clifton.  The Venture Capital predators are waiting, tickets in hand, to penalize you for that mistake.

Cincinnati City Council is affirmatively driving residents, businesses, shoppers and visitors away from our fine City.

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