The NIZ Preliminary Official Statement (you can review it here) contains a tax revenue forecast that just happens to be the work of the same outfit that performed the feasibility study. It claims that the Allentown arena complex will become "the preeminent multi-purpose event and entertainment venue in the greater lehigh Valley region."
This claim is simply insane. It completely ignores the Sands and its Event center, as well as the Steelstax. It instead looks at other arenas in other areas of the country. it blithely claims that Allentown's median income is $57,130, which will be news to most of the Queen City's residents. It concedes that it;'s an older population. you know, the kind that like to stay at home once the sun goes down. Yet it claims that the demographics are "very favorable."
40 comments:
Bernie,
It is my understanding that the figure for medium income is in the 30's. They may have use the Allentown mailing address to bump up the figure or they may have just made it up to attract suckers.
Scott Armstrong
Bernie the docket indicates that Atiyeh filed a response....
Bernie
Economic redevelopment is good for Allentown but the "behind the scenes" questionable happenings
make the project smell just like you say, fishy. It would be great to see the Metal Works busy but now the NIZ
is moving south. Why not make the entire city NIZ?
We're all just "a little bit pregnant" with the arena deal. By that, I mean, we're committed as a community -- and in a big way. It is going to happen. Maybe the thing is to find a way to support it instead of constantly saying, "NAY!"
The firm that did the analysis seems to know what they are doing.
Timely article in The Atlantic:
http://www.theatlantic.com/business/archive/2012/09/if-you-build-it-they-might-not-come-the-risky-economics-of-sports-stadiums/260900/#
This will go down quicker than the Titantic
Yes, if only the passengers on the Titanic would have said "we're not sinking", they might be here today.
After all, the shipbuilders did say that the Titanic was unsinkable. They seemed to know what they were doing.
The bond documents do a good job in masking that the City of Allentown has virtually zero control over the NIZ.
Harrisburg does. If Allentown wants anything to do with the NIZ, they ask permission.
That's the big risk with a custom-made financing tool like this at the mercy of politics. 30 years is a long time. Lots of governors and legislatures that will need to fill budgets.
"Medium" income? This guy is on the school board? God help Allentown.
Thanks for the link to the Alatic. Excellent.
"The firm that did the analysis seems to know what they are doing."
That firm just happens to be the same firm that did the feasibility study. After doing that, do you think it would pan the project? It fails to mention Snds or SteelStax or, for that matter, the State Theatre. It is total and utter bullshit.
Thats a nine digit number at the top of the page with the disclaimer for this bond issue?
Sands or Steel Stacks (no X, time to leave Nazareth) venues hold nowhere near what the arena will hold. There is a big difference between booking acts to perform in front of 8000 people and 3000 people. Night and day difference. Not to mention a professional sports franchise occupying the building on more nights than the Sands and Musikfest Cafe has concerts combined.
It seems like someone needs to get their head of their ass and think rationally and without such hatred and vitriol.
The hatred and vitriol I sense is coming from you, as happens whenever there is a criticism of Allentown or its many goofy projects.
........and what is the median income for residents of zip code 18102, downtown Allentown ?
Perhaps $20,000?
"Not to mention a professional sports franchise occupying the building on more nights than the Sands and Musikfest Cafe has concerts combined."
Liar, liar, pants on fire. Just look at the line ups:
http://www.artsquest.org/venues/musikfestcafe.php
http://www.sandseventcenter.com/events/
The hockey team will play 40 nights and you'll host the Shrine Circus a couple of times. The rest is a white elephant scenario.
The median household income of all of Allentown is $36,454, according to the 2010 census In Lehigh County, it's $53,551. In Northampton County, it's $59,070.
This report is full of shit.
Yes, the report is full of shit if one interprets the graph literally where "Allentown" = Allentown city proper. I'm pretty sure that's not what they meant. But it does make for good "ZOMG!! Allentown is so full of shit with their fancy arenas and baseball stadiums!!"
"... Allentown is so full of shit with their fancy arenas and baseball stadiums!!"
Indeed. And let's get something straight. The baseball stadium is essentially a Bethlehem venue, with Hanover hotels and eateries reaping most of the benefits of visitors avoiding the killing fields of downtown Allentown.
"the firm ... seems to know what they are doing"
Yes, Anon 8:41, the PROPAGANDA from the consulting firm is quite impressive, is it not?
Do you remember the good old days when this PALACE OF SPORT fiasco was only supposed to cost $ 80.0 million dollars?
I bet you don't.
The AAA Lehigh Valley IronPigs, once again, led ALL of minor league baseball in attendance FOR THE THIRD STRAIGHT YEAR.
Why is there NOT an Economic Revolution ALREADY in full swing over on the East Side?
PS --- The AHL's Phantoms will NEVER be able to match 72 home dates per year (as at Coca Cola Park) or an average attendace over 9,000 per game like the IronPigs traditionally do (the ice rink is supposed to have the capacity for 8,500)
"a little bit pregnant"
I thought Democrats LOVED Abortion?
Especially when it is free.
So, just ABORT THE PALACE OF SPORT on the Taxpayer's Dime.
No one will cry, except maybe the Rich White Guys set to make a killing!
:-)
Love this quote from Pat Browne:
"That [rating] is a view of people looking from outside in. Those looking from inside out know there is absolutely no [concentration] risk whatsoever. They're going to bring a great return — probably in the range of 5 percent — with virtually no risk."
Inside looking out.... Virtually no risk....
I wonder what flavor Kool-Aid they're drinking?
The Banker
anon. 8:57
Give me a break it was early.
Scott Armstrong
This is where O'hare flies off the handle and claims the reports are invalid and a shame.
Where he gets the $57,130 number is on page 352. It clearly states that is the Median Household Income by MSA. Not the income for Allentown alone, nice try to spin another thing O'Hare. You love to fact check things, but you are the one that needs to be fact checked.
As for O'Hare's comment about the report saying that the report "concedes that it;'s an older population. you know, the kind that like to stay at home once the sun goes down."
What he fails to mention that the report also shows that the Hershey, Pa MSA has a median age one year older than the Allentown MSA and Hershey has had the highest attendance in league for the last several years.
Another Bernie O'Hare spin...
FDAA, I don't know many that feel hockey won't be successful.
The issue is what happens the other 325 days/year.
"Hershey has had the highest attendance in league for the last several years."
So have the Iron Pigs; yet, there is no burgeoning development around or associated with Coca-Cola Park.
Whether or not O'Hare is spinning is immaterial to your denial. Some might say you are spinning - had you something - anything - to spin.
The area around Coca-Cola Park has not grown because it does not have the tax incentives to do so. More development outside of the arena has been announced than has happened around CCP. Why? It is all about the NIZ. So many people are so locked onto the arena, the arena only represents approx 6 acres out of the 127 acre NIZ... things are just getting warmed up. Gentrification is on its way!
FDAA, I have noticed the vicious personal attacks you have launched against blogger MM on the Morning Call web site. For that reason, your comments here are not welcome. It's OK to disagree. In fact, that's why this blog exists. But I am sick and tired of people who hide behind anonymity to attack others.
I am looking forward to the arena in Allentown for the concerts! Reading (the crappy place that it is) gets really great concerts. I don't know that I am e tiredly optimistic about the arena... But Allentown needs something.... I'm not sure what is the answer... But at least they are trying.
I have just deleted a FDAA comment and will delete all future comments posted under that moniker. She seems to think she has some sort of right to attack other people anonymously. Not on this blog. Not anymore.
"Hershey has had the highest attendance in league for the last several years."
What delopments have resulted from that? Nearby area is mainly hotels and fast food and Hershey Park and Hershey Hospital are probably more responsible than the hockey. Most minor league attendance is relatively local and rarely need rooms.
Surely we can't compare attendance at Iron Pigs games with those of the future Phantoms. With roughly the same number of seats which team do you think will get the best attendance? My guess the the one that plays the American passtime in the wonderful weather of spring and summer, especially when kids are out of school and folks are on vacation. I don't think a hockey team playing in cold, snowy, icy winter months when it gets dark at 4:30 in the afternoon will come close to the Pigs in attendance. And in crime-ridden downtown Allentown no less.
As to concerts: Stabler Arena, which seats about the same number as the Allentown arena had to stop doing concert shows for lack of interest in the types of acts that are needed to fill that facility. And they were part of a non-profit organization (Lehigh U), which like the income but didn't need to make a killing.
11:16
The games go from October to April, there are few games in the dead of winter... Second Stable has only 6,000 seats, this will have 10,000 for concerts. Your numbers or logical are not correct.
Stabler stopped doing concerts because Live Nation and other promoters took over and favor their own arenas. I'm pretty sure the Allentown arena will be a Live Nation venue and it will steal shows from lesser cities like Reading, Hershey, and Wilkes Barre.
Also, from what I've read, Stabler has no interest in concerts any longer. The Fairgrounds used to get concerts too. Same scenario.
Oh and if the Phantoms are winning and there are lots of fights, the place will be packed, night after night. Lots of Flyers fans will travel from the Philadelphia area.
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