MORE BOGUS NUMBERS FROM SEGARRA ON ROCK CATS DEAL

The fiction just keeps flowing from Hartford's Mayor Pedro Segarra, as more of the lies are exposed .It also is exposing the incompetence of Segarra and his  Economic Development  Director Thomas Deller.

This plan was so poorly thought out and I still do believe it was done to try to Make it look like Segarra has done something, anything. The only thing it is proving is that Segarra is willing  to bankrupt the City of Hartford and its taxpayers to try to boost his ego. The ego also played in ,I am sure, in the need for secrecy. Pedro has a proven track record of listening to poor advice. Anyone that he may have asked for advice that would have pointed out the pitfalls  of his plan could not be tolerated.

Is there a reason that the Council  was kept in the dark and not one Councilperson could be trusted enough to be brought in to seek their opinion on plunging Hartford into $60 million in debt? I know some on the Council  love the TV camera  and can't wait to get in front of them, but someone should have been trusted.

If the Hartford Parking Authority was going to play such a key role in the revenue to pay down the debt, why were they not included? Why was Hartford Treasurer Adam Cloud not consulted in the beginning? No bonds can be issued for any project without the approval of the Treasurer. None of the planning, negotiations dinners at Max or Salute mean anything if the Treasurer isn't on Board.

 The numbers just don't make sense. It has been said previously  that the the City could sustain approximately $50-60 million in bonding for Capital Improvements annually. This year alone the number far exceeds that.  $60 million for a baseball stadium, $100 million for Weaver High School and approximately $10 million for Dillon Stadium.

 In an interview yesterday with the Courant, Segarra , Deller and the "consultants " were asked questions about the development. You can read the article and their answers here. If you read the entire article , it most likely will not instill a lot of confidence in their plan. Instead of solid answers most are "we think" or "we believe" type replies.

One of the replies that tells me Segarra just doesn't get it is his reply to add a vehicle parking tax or assessment on parking in Hartford. One of the major drawbacks to people coming into Hartford, I am always told by others, is the high cost of parking in Hartford. Rates usually skyrocket on event nights and adding another $2.00 per parking space in the City is crazy. People will go to West Hartford Center for dinner and be able to park for free or for the cost of the change in their pocket. Unlike Hartford where $10.00 a space in surface lots is the going rate.

The other part I am being told is the projected interest rate for any bonds sold. Apparently the bonds can not be sold as tax exempt government bonds because a potion of the debt is being paid back by private enterprise, the lease payments from the Rock Cats. Recently Stamford sold bonds for a TIF project. TIF is tax incremental funding. A municipality can essentially set up a special district for development where once the boundaries are established it becomes a special financing district . The taxes collected in the district go to stimulate development .

50% of the taxes collected go to pay the tax obligations for the property, 50% goes to paying down the debt service for the bonds. The recent bonds in Stamford apparently sold for between 7 and 9%.  That would probably be a hard sell in Hartford  since the buyers would be assuming the risk on a project that is financially shaky at best

One of Deller's comments that jumped out at me from the article is below.

You can read the interview here

Courant: Do you have an estimate yet of how much revenue you expect the city to get annually from parking during ball games?

Deller: No. But if you figure 2,700 vehicles — if they park in the MAT garage [on Chapel Street] … the parking authority has been saying they would probably charge $5. So 2,700 times 5, times 71 games — that's the high-end number

From the Hartford Parking Authority website:

The MAT Garage is a five-level garage with 907 spaces, bounded by Trumbull, Church, Chapel and Main Streets. In addition to serving monthly parkers in the central business district and being the on-site parking facility for the Hartford Stage Company, the MAT Garage is an ideal option for downtown shoppers, diners and those attending games and shows at the XL center.

I know , a small detail, but when you add it all up, it comes out to over a $5 million dollar a year hit for the people of Hartford

How do you count revenue for 2,700 cars in a garage that can only hold 907. This just shows the research that went into this project and the lack of truthfulness

I know , a small detail, but when you add it all up, it comes out to over a $5 million dollar a year hit for the people of Hartford

It is time for Segarra to pull out his book of Mark Twain quotes once again. "If you always tell the truth, you never have to remember the lies