I am still trying to get my head around the idea of the city having to foot the 12 million dollar expense for a parking garage on the riverfront.
The idea of a plaza with condos, stores, and other businesses right in the middle of our downtown is certainly exciting. It will create a lot of jobs and boost our local economy, no argument on that. It will also be a huge money maker for Jack Bobo and other realtors and developers.
We all know there will be large tax incentives for everyone involved also.
So would someone please explain to me why Mr. Bobo insists that he cannot make all of this come true without the help of the city (read New Albany taxpayers)? Yes, the city will receive tax dollars over a 20 year period but Mr. Bobo and friends will make huge profits all along. He said that he would not ask the city to contribute more than it would gain. Would he make an investment in someone said to him, "Jack, I'm not asking you do contribute more than you would gain". He would probably tell them thanks but no thanks, since the plan would call for him to break even. He did not get where he is by only breaking even.
I don't claim to be an accountant or financial wizard but I just don't see why Mr. Bobo and friends can't build this building, complete with garage, without asking for the help from the city.