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Thread: The Taxpayer Fraud in regards to the Yum! Center

  1. #46
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    Re: The Taxpayer Fraud in regards to the Yum! Center

    I also live in Louisville. The YUM and its cost is definitely a topic of conversation around our water cooler.

    Most of those water cooler guys hate UK. Some of them love UofL but recognize how unfair the situation is to the common taxpayer.

    A science teacher who used to teach in northern Kentucky compared the YUM lease to Paul Brown Stadium and the Cardinals to the Bengals.

    All the benefits, none of the risk.

    I think I agree with that.
    "You can learn little from victory. You can learn everything from defeat."
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    WMR (02-05-2013)

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  4. #47
    Tired of talk. Win! Joseph's Avatar
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    Re: The Taxpayer Fraud in regards to the Yum! Center

    Quote Originally Posted by WMR View Post
    You should read that report and educate yourself. The YUM!, to this point, has been HORRIBLE for everyone in the city of Louisville from a financial standpoint.

    The arena is hemorrhaging money and has done so since it opened its doors.
    Don't have to read the report, my wife works for the city, in budgeting. I'm a UK guy WMR, not trying to undermine that there are problems, but its probably not as bad as being portrayed in this forum.

    I'd rather have the YUM in town than not have it. The money will get worked out in time. No, its not ideal, but the taxpayers have a limit that they are out each year. 9. something million, can't remember the exact number, and the first couple years have been UNDER that number. I'm not suggesting thats great, but it's not as negative as it could be.

    Josh is right, the rest of the area hasn't exploded like anticipated. We have a downtown, but its not like the Banks in Cincy just yet. It's a little too generic overall, but over the last year thats starting to turn with new restaurants like Manny and Merle, and others in the old Whisky row.

    Yes right now its not a great situation, long term though YUM will benefit downtown and the city more than it will hurt taxpayers.

    WMR, love ya brother, but you are pointing the finger at little brother here and honestly its coming off as more of that UK arrogance we always get blamed for. I want to beat UofL every single time we play, basketball, football, table tennis, tiddlywinks, I don't care the sport, but I won't suggest the whole university is out to screw over the state much less the people in the town in represents. There are a lot of good people at that school who want the STATE to grow just as much as the city or university. Louisville is different than the rest of the state, I can attest to that, but they are still part of that state.

    I'm not saying theres not a discussion to be had here, but let's turn it into that discussion and not UK vs UofL.

    Championships for MY teams in my lifetime:
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    Chicago Blackhawks - 10, 13
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  5. #48
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    Quote Originally Posted by Scrap Irony View Post
    I also live in Louisville. The YUM and its cost is definitely a topic of conversation around our water cooler.

    Most of those water cooler guys hate UK. Some of them love UofL but recognize how unfair the situation is to the common taxpayer.

    A science teacher who used to teach in northern Kentucky compared the YUM lease to Paul Brown Stadium and the Cardinals to the Bengals.

    All the benefits, none of the risk.

    I think I agree with that.
    Except UofL couldn't threaten to leave. The only leverage they had was that they wanted an on campus arena. To get them to agree to a downtown arena the city gave them a sweet deal.

    I think you can lay a lot of blame at the feet of the city for this but I'm not sure why the university gets blamed for looking out for their own interests. The city could have taken a harder negotiating stance and UofL would have eventually given in. Instead they're trying that approach now and, unfortunately for them, UofL now has all the leverage

  6. #49
    GR8NESS WMR's Avatar
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    Re: The Taxpayer Fraud in regards to the Yum! Center

    http://thevillevoice.com/2013/09/24/...never-go-away/

    This boondoggle will continue to be ignored by local media until the non-UL supporter bond holders initiate a lawsuit.

    Unbelievably shady what they tried--and continue to try--to pull...
    Quote Originally Posted by Scrap Irony View Post
    Calipari is not, nor has he ever been accused or "caught", cheating. He himself turned in one of his players (Camby) for dealing with an agent to get one Final Four overturned. The other is all on the NCAA and Rose. (IF Rose cheated.)
    "Cheering for Kentucky is like watching Star Wars and hoping Darth Vader chokes an ewok"


  7. #50
    GR8NESS WMR's Avatar
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    Re: The Taxpayer Fraud in regards to the Yum! Center

    Where's josh and Boston?

    Hey Boston, if a lawyer tried to pull this crap, where would he end up? (Answer: Jail)
    Quote Originally Posted by Scrap Irony View Post
    Calipari is not, nor has he ever been accused or "caught", cheating. He himself turned in one of his players (Camby) for dealing with an agent to get one Final Four overturned. The other is all on the NCAA and Rose. (IF Rose cheated.)
    "Cheering for Kentucky is like watching Star Wars and hoping Darth Vader chokes an ewok"


  8. #51
    C-A-T-S CATS! CATS! CATS! WVRed's Avatar
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    Re: The Taxpayer Fraud in regards to the Yum! Center

    Here's my idea,

    Rupp is getting a renovation, and since the whole lease situation has to do with bringing a possible NBA tennant to Louisville, why not Lexington?

    I say this half in jest, because a NBA team has as much of a chance of succeeding in Lexington as it does in Louisville (slim), but most of the people who would turn up to watch would be to check out the former Cats (and maybe Cards).

    If anything, just sign some local talent and it would be the Charlotte Bobcats all over again.
    Quote Originally Posted by savafan View Post
    I've read books about sparkling vampires who walk around in the daylight that were written better than a John Fay article.

  9. #52
    GR8NESS WMR's Avatar
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    Re: The Taxpayer Fraud in regards to the Yum! Center

    Moody's has now downgraded the yum center debt to NEGATIVE... While UL claims the most profitable athletic department in the country...

    Nero continues to fiddle in the city of Louisville...

    http://www.bizjournals.com/louisvill...rena-debt.html
    Quote Originally Posted by Scrap Irony View Post
    Calipari is not, nor has he ever been accused or "caught", cheating. He himself turned in one of his players (Camby) for dealing with an agent to get one Final Four overturned. The other is all on the NCAA and Rose. (IF Rose cheated.)
    "Cheering for Kentucky is like watching Star Wars and hoping Darth Vader chokes an ewok"


  10. #53
    GR8NESS WMR's Avatar
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    Re: The Taxpayer Fraud in regards to the Yum! Center

    http://insiderlouisville.com/news/20...er-bonds-junk/

    For the second time in one month, an international debt rating agency has downgraded the $340 million in KFC Yum! Center bonds to “junk” status, indicating an increasing chance of default compared to more stable investment-grade debt.

    This morning, Standard & Poor’s downgraded the KFC Yum! Center bonds to BB, its highest non-investment or “speculative” grade rating, from BBB-, the New York City-based firms’s lowest rating for investment grade debt.
    The Louisville Arena Authority has been paying Louisville-based financial firm Hilliard Lyons $10,000 per month to lobby the rating agencies for an upgrade, but to no avail.
    This is the second negative S & P report in one year, and once again, the rater pointed to uncertainty as to whether the tax increment financing district created to fund the KFC Yum! Center can produce sufficient revenue to service the debt.

    The S & P downgrade is likely to have major ramifications including ending all chances of refinancing the debt at lower rates, as well as leading to greater scrutiny of arena operations by state and local officials.
    Good lord... at least the UL athletics department made 96 million this year, good for a top 20 ranking nationwide. Not bad for a city college commuter school, huh?

    This is so ridiculous it boggles the mind...

    especially awesome they're trying to bribe Hilliard Lyons to give them a better rating that they don't deserve.
    Quote Originally Posted by Scrap Irony View Post
    Calipari is not, nor has he ever been accused or "caught", cheating. He himself turned in one of his players (Camby) for dealing with an agent to get one Final Four overturned. The other is all on the NCAA and Rose. (IF Rose cheated.)
    "Cheering for Kentucky is like watching Star Wars and hoping Darth Vader chokes an ewok"


  11. #54
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    Re: The Taxpayer Fraud in regards to the Yum! Center

    http://insiderlouisville.com/news/20...-fixed-claims/

    Interesting article fact checking a bunch of BS Jim Host was spewing the other day...
    Quote Originally Posted by Scrap Irony View Post
    Calipari is not, nor has he ever been accused or "caught", cheating. He himself turned in one of his players (Camby) for dealing with an agent to get one Final Four overturned. The other is all on the NCAA and Rose. (IF Rose cheated.)
    "Cheering for Kentucky is like watching Star Wars and hoping Darth Vader chokes an ewok"



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