"The Farm"

[Palehorse]

Spring has long past sprung, and yet the equipment sits where it was parked last year; what was once a field of beans and corn is now a field of weeds morphing toward a junkyard.

[The Troll]

Spring has long past sprung, and yet the equipment sits where it was parked last year; what was once a field of beans and corn is now a field of weeds morphing toward a junkyard.

  Now is the time to kill it.   Sell the land and forget about.     It won't fly and it would have died.   My town let some volunteers use some land at the water works, unused, for girl softball.  The people who built it and the girls seem to like it and it didn't cost the town a dime.   $$$$$$    

[Palehorse]

The weeds are getting larger, and now instead of a field full of corn and beans, it is a field full of ragweed and other allergen producers! 

[The Troll]

The weeds are getting larger, and now instead of a field full of corn and beans, it is a field full of ragweed and other allergen producers! 

  Maybe better and smarter heads prevailed.   

[Henry Hawk]

  Maybe better and smarter heads prevailed.   

they did, it is called Mayor Smith....he put the brakes on this, until everyone figures out WHO is going to pay for it.

[The Troll]

they did, it is called Mayor Smith....he put the brakes on this, until everyone figures out WHO is going to pay for it.

  Henry are you going to throw some money in the pot for it?  Maybe your kids can play there.   

[Henry Hawk]

  Henry are you going to throw some money in the pot for it?  Maybe your kids can play there.   

Probably not....

[The Troll]

Probably not....

  How did I know? 

[Palehorse]

I happened to speak to Mayor Smith about this bill of goods deal the outgoing administration was forcing onto the taxpayers of the south end of Anderson; at length during his election campaign. (I worked for him at a fundraiser or two).

He was true to his word in telling me that if it was indeed as bad as I was telling him, he'd put a stop to it. It was. He did. And now unless the businessmen who were wanting the people of madison county to foot the lions share of the bill by throwing tax dollars at it for very little return pony up the dollars out of their own pocket, the deal is DOA!

[Henry Hawk]

what more can you ask for?

Just want some honest, common sense decisons to be made.

Why can't more politicians be that way?

[The Troll]

what more can you ask for?

Just want some honest, common sense decisons to be made.

Why can't more politicians be that way?

  When is mayor Smith going to get rid of the White Elephant, the Wigwam.  Talk about a hole were you throw taxpayer money in.

  Money in $$$$$$$$$$$$$$$$$$$, nothing out. 

[Palehorse]

  When is mayor Smith going to get rid of the White Elephant, the Wigwam.  Talk about a hole were you throw taxpayer money in.

  Money in $$$$$$$$$$$$$$$$$$$, nothing out. 

Good question, and one I will certainly ask him next time I see him. . .

But one white elephant at a time eh? 

[Y]

they did, it is called Mayor Smith....he put the brakes on this, until everyone figures out WHO is going to pay for it.

Actually it was Mayor Ockomon.

http://heraldbulletin.com/business/x1560867983/Farm-project-hits-another-snag

March 26, 2012
Farm project hits another snag

Anderson seeks additional reporting requirements to protect taxpayer investment

By Stuart Hirsch The Herald Bulletin

ANDERSON, Ind. — Construction on The Farm, a baseball and softball facility along Interstate 69, has hit another snag while city officials and project developers continue to negotiate acceptable financing terms.

Earlier this month, the Anderson Redevelopment Commission voted 4-0 to rescind its approval of a debt service reserve fund, which would be replenished with tax increment financing funds if needed.

"Effectively, the Redevelopment Commission under the new mayor rescinded that resolution, causing us to re-visit financing for the project," said Brad Benbow, an investor in The Farm. "The second thing that has happened that's an issue is that the city has refused to release funds from the bond anticipation note, which was already being drawn upon."

The project struggled to secure permanent financing last year when bond sales failed to materialize. Eventually, Star Financial Bank agreed to buy the bonds, but only with the added security of the reserve fund.

The city had already guaranteed $6 million in bonds, plus a $1.5 million contribution by investors, to finance the $7.5 million project, and approved a bond anticipatory note for up to $4 million, to help get construction started.

Anderson's financial package was intended to show Anderson's support for the athletic park, which includes a 105,000-square-foot indoor facility and 12 baseball and softball diamonds encompassing 72 acres.

The city and the bank were set to close on the bond sale late last year, when The Farm developers announced the group didn't want to pay its $1.5 million contribution at closing, but in three installments, with the first payment to occur at the end of this month and two others to occur at later, unspecified dates.

The request was akin to someone agreeing to buy a house with an agreed upon down payment, and then showing up at the closing only to say they didn't want to make the payment, said a source close to the negotiations.

"Everything was set to go," said Ann Marie Bauer, an attorney who represents the Redevelopment Commission. "The project came back and said 'we don't want to put our whole equity infusion at closing.' There was definitely surprise."

The Ockomon administration rejected The Farm's proposal and canceled the bond closing, effectively throwing responsibility for final approval of the plan into the hands of new Mayor Kevin Smith's administration.

New City Controller Sam Pellegrino said he reviewed the proposed terms of the bond sale, and is asking The Farm to agree to an additional list of requirements including loan covenants, personal guarantees from investors, financial capability statements and financial reporting requirements.

"My job, as I define it, is to look out for the best interests of the taxpayers and what liabilities we may inherit," said Smith. "Everything we're doing right is focused on protecting the taxpayers from a financial perspective."

Nobody is saying The Farm isn't a good project, said Greg Winkler, Anderson's interim economic development director,

"The city certainly wants The Farm LLC to succeed," he said. "The question is how we find a more equitable way to share the risk and the reward."

[Palehorse]

Actually it was Mayor Ockomon.

http://heraldbulletin.com/business/x1560867983/Farm-project-hits-another-snag

March 26, 2012
Farm project hits another snag

Anderson seeks additional reporting requirements to protect taxpayer investment

By Stuart Hirsch The Herald Bulletin

ANDERSON, Ind. — Construction on The Farm, a baseball and softball facility along Interstate 69, has hit another snag while city officials and project developers continue to negotiate acceptable financing terms.

Earlier this month, the Anderson Redevelopment Commission voted 4-0 to rescind its approval of a debt service reserve fund, which would be replenished with tax increment financing funds if needed.

"Effectively, the Redevelopment Commission under the new mayor rescinded that resolution, causing us to re-visit financing for the project," said Brad Benbow, an investor in The Farm. "The second thing that has happened that's an issue is that the city has refused to release funds from the bond anticipation note, which was already being drawn upon."

The project struggled to secure permanent financing last year when bond sales failed to materialize. Eventually, Star Financial Bank agreed to buy the bonds, but only with the added security of the reserve fund.

The city had already guaranteed $6 million in bonds, plus a $1.5 million contribution by investors, to finance the $7.5 million project, and approved a bond anticipatory note for up to $4 million, to help get construction started.

Anderson's financial package was intended to show Anderson's support for the athletic park, which includes a 105,000-square-foot indoor facility and 12 baseball and softball diamonds encompassing 72 acres.

The city and the bank were set to close on the bond sale late last year, when The Farm developers announced the group didn't want to pay its $1.5 million contribution at closing, but in three installments, with the first payment to occur at the end of this month and two others to occur at later, unspecified dates.

The request was akin to someone agreeing to buy a house with an agreed upon down payment, and then showing up at the closing only to say they didn't want to make the payment, said a source close to the negotiations.

"Everything was set to go," said Ann Marie Bauer, an attorney who represents the Redevelopment Commission. "The project came back and said 'we don't want to put our whole equity infusion at closing.' There was definitely surprise."

The Ockomon administration rejected The Farm's proposal and canceled the bond closing, effectively throwing responsibility for final approval of the plan into the hands of new Mayor Kevin Smith's administration.

New City Controller Sam Pellegrino said he reviewed the proposed terms of the bond sale, and is asking The Farm to agree to an additional list of requirements including loan covenants, personal guarantees from investors, financial capability statements and financial reporting requirements.

"My job, as I define it, is to look out for the best interests of the taxpayers and what liabilities we may inherit," said Smith. "Everything we're doing right is focused on protecting the taxpayers from a financial perspective."

Nobody is saying The Farm isn't a good project, said Greg Winkler, Anderson's interim economic development director,

"The city certainly wants The Farm LLC to succeed," he said. "The question is how we find a more equitable way to share the risk and the reward."

Guess they didn't fork over the payola in time then eh?

[Y]

Guess they didn't fork over the payola in time then eh?

I think they thought they had Ockomon over a barrel and he would just roll over for them and they misjudged him.  I think they were trying to take advantage of him and he shot them down.  It wasn't anything they didn't deserve.  I'm sick and tired of these companies, especially sports enterprises, expecting corporate friggin' welfare to 'bless' us with their presence so they can then rifle our pockets in another way.  Pfui!!!