Chicken Bucket nearly $700M in debt

[rick64]

The Chicken Bucket "saddled with more than $690 million in outstanding construction debt".

http://www.wdrb.com/story/33789322/...tate-seek-to-avert-kfc-yum-center-debt-crunch

 

[Mike-D]

690 million dollars in debt, so that UofL could be the #1 most profited program at the expense of taxpayers. And if I remember correctly, there was a clause that stated that if the arena went bankrupt, the university could buy the arena. (First dibs).

Someone should be rotting their *** in jail over this. Highway robbery at it's finest.

 

[Bluest Member]

But,but,but UL is the most profitable athletic program on earth......................

Prison terms for all at ***** Island

 

[Anon1653093133]

690 million dollars in debt, so that UofL could be the #1 most profited program at the expense of taxpayers. And if I remember correctly, there was a clause that stated that if the arena went bankrupt, the university could buy the arena. (First dibs).

Someone should be rotting their *** in jail over this. Highway robbery at it's finest.

If it goes to foreclosure then they would have the right to match a price offered by another party. First right of refusal. So if an NBA team comes to town and decides to buy the YUM for 500-million then LilBro can try to come up with $500-mil to match the offer. That is unrealistic to think that could happen IMO. In any event, no one is going to steal the building.

 

[JasonS.]

If it goes to foreclosure then they would have the right to match a price offered by another party. First right of refusal. So if an NBA team comes to town and decides to buy the YUM for 500-million then LilBro can try to come up with $500-mil to match the offer. That is unrealistic to think that could happen IMO. In any event, no one is going to steal the building.

 

[MNantz]

Well I mean after all your dealing with something associated with UofSmell so it has to be crooked and rotten !!!

 

[awf]

I hope that Bevin cleans the arena mess up. I don't mind that they have nice place to play. I shouldn't have to help them pay for it!

 

[OldRed]

If it goes to foreclosure then they would have the right to match a price offered by another party. First right of refusal. So if an NBA team comes to town and decides to buy the YUM for 500-million then LilBro can try to come up with $500-mil to match the offer. That is unrealistic to think that could happen IMO. In any event, no one is going to steal the building.

Catch the NBA when no one wants to move and there won't be any offers to contend with. And the tax payers will get the shaft and the bill. Someone should be going to jail and the TIF area should not be (nor should have been changed) changed. That takes money from the state already on top of the impending foreclosure.

 

[jr40831]

Essentially free rent for the red buzzards plus the revenue.

 

[John Henry]

This story is mind boggling. I can see this happening in a ultra liberal state where Monopoly money is used for real money. But Kentucky? How did this get by the people who pay the bills? How does this happen.

 

[CatsFan4Evr]

^ Right, because historically, the state of Kentucky has always paid its bills and been fiscally responsible. [eyeroll]

Get out of here with that political BS.

 

[Pope John Wall II]

I hope that Bevin cleans the arena mess up. I don't mind that they have nice place to play. I shouldn't have to help them pay for it!

Bevin is as in-bed with that university as Conway is with Clinton. I wouldn't hope for an amicable result from his investigation/handling of the arena.

 

[stoneycat_20]

Should be several fired over this ..I don't want any of my taxes paying for the Chicken Shack

 

[John Henry]

^ Right, because historically, the state of Kentucky has always paid its bills and been fiscally responsible. [eyeroll]

Get out of here with that political BS.

Please explain to me how discussing the Yum Center can be anything but politics. When taxpayers pay the bills, it is political. Why you explain that let me know why every major city in the United States of America with a Democrat mayor is a cesspool of crime and most are bankrupt. If the shoe fits. And historically the state of Kentucky has been run by liberal Democrats and probably was when this deal was cut. It is all about politics.

 

[Bluest Member]

Bevin is as in-bed with that university as Conway is with Clinton. I wouldn't hope for an amicable result from his investigation/handling of the arena.

I think BeShear had more to do with the BS at UL than Bevin did

 

[awf]

Our good buddy Jim Host is the architect of this boondoggle mess. The real sham is that UL keeps chirping about being the most profitable program in the country................
yeah, on the backs of the tax payers.

 

[sobecat]

Please explain to me how discussing the Yum Center can be anything but politics. When taxpayers pay the bills, it is political. Why you explain that let me know why every major city in the United States of America with a Democrat mayor is a cesspool of crime and most are bankrupt. If the shoe fits. And historically the state of Kentucky has been run by liberal Democrats and probably was when this deal was cut. It is all about politics.

I live in Atlanta, pretty good here with a liberal democrat as mayor. If the redneck south ga. evangelicals would stay out of things, it could be a lot better.

 

[Pope John Wall II]

I live in Atlanta, pretty good here with a liberal democrat as mayor. If the redneck south ga. evangelicals would stay out of things, it could be a lot better.

"Atlanta was recently ranked (October 2012) as the sixth most dangerous city in the United States among cities of more than 200,000 residents. According to Forbes the city has a violent crime rate of 1,433 per 100,000 and has experienced a violent crime rate rise of six percent in 2011."

Hope you're strapped in your liberal utopia

 

[sobecat]

"Atlanta was recently ranked (October 2012) as the sixth most dangerous city in the United States among cities of more than 200,000 residents. According to Forbes the city has a violent crime rate of 1,433 per 100,000 and has experienced a violent crime rate rise of six percent in 2011."

Hope you're strapped in your liberal utopia

Fallen more recently. And yes, population density is going to cause more crime. If you don't have anyone within a mile of you, crime will go down. And I'll be fine. I have professional sports, world-class chefs, all of the arts, etc., etc.

 

[whack0001]

Fallen more recently. And yes, population density is going to cause more crime. If you don't have anyone within a mile of you, crime will go down. And I'll be fine. I have professional sports, world-class chefs, all of the arts, etc., etc.

Wow world class chefs and arts! You must be so proud of yourself. Do you fart in a wine glass? I'm sure they smell amazing.

 

[sobecat]

Wow world class chefs and arts! You must be so proud of yourself. Do you fart in a wine glass? I'm sure they smell amazing.

I'm not that cultured actually. But I do enjoy experiencing new things. That's kind of what life is about. Not ashamed to admit I enjoy finer things now and then.

 

[The_Godfather_rivals]

Please explain to me how discussing the Yum Center can be anything but politics. When taxpayers pay the bills, it is political. Why you explain that let me know why every major city in the United States of America with a Democrat mayor is a cesspool of crime and most are bankrupt. If the shoe fits. And historically the state of Kentucky has been run by liberal Democrats and probably was when this deal was cut. It is all about politics.

The Louisville Arena Authority was put together by REPUBLICAN Ernie Fletcher. So, get your idiotic political ignorance over the to Politics Thread with the rest of the indoctrinated posters who only see life from the spoon fed bs fed to the them by right wing media outlets.

http://www.kfcyumcenter.com/arena-information/about-us/louisville-arena-authority

 

[CatPhight_rivals65113]

Hoes gonna have to pull double shifts or it's back to the fairground stables with the Tards [laughing]

 

[JasonS.]

Yum Center was Ernie Fletcher's signature achievement as governor, for good or for bad.

 

[awf]

Fallen more recently. And yes, population density is going to cause more crime. If you don't have anyone within a mile of you, crime will go down. And I'll be fine. I have professional sports, world-class chefs, all of the arts, etc., etc.

Wow! "Professional sports, world class chefs, all of he arts, etc, etc" Doesn't mean **** if your out of town visitors are not safe if they take a wrong turn, or wrong exit off of the interstate. I like how some people act like their city is fine...........because the crime isn't in their part of the city. Louisville had 5 murders this week end. Some act like nothing has happened.

 

[BigBlueFanGA]

Fallen more recently. And yes, population density is going to cause more crime. If you don't have anyone within a mile of you, crime will go down. And I'll be fine. I have professional sports, world-class chefs, all of the arts, etc., etc.

I live here and you can keep that giant ghetto. I do my best to never step foot in Atlanta. You sound like you're from Buckhead.......never mind.

 

[John Henry]

The Louisville Arena Authority was put together by REPUBLICAN Ernie Fletcher. So, get your idiotic political ignorance over the to Politics Thread with the rest of the indoctrinated posters who only see life from the spoon fed bs fed to the them by right wing media outlets.

http://www.kfcyumcenter.com/arena-information/about-us/louisville-arena-authority

I have no clue who Ernie Fletcher is so I will leave it to you to sort this out. Pitino is a flaming liberal so maybe he will volunteer giving it up and moving back to Freedom Hall. That would be the honorable thing to do.

 

[JasonS.]

And just to be clear, the $700 million outstanding number isn't anything new ... that's actually down considerably from the original debt service obligation (over $800 million). That's never been the issue, which is who pays it (e.g., the Arena Authority or the city) and where the money comes from (e.g., TIF, taxdollars, part of UofL's share).

http://kfcyumcenter.s3.amazonaws.com/doc/Louisville_Arena_Authority_Debt_Service_Schedule.pdf

 

[The_Godfather_rivals]

Yum Center was Ernie Fletcher's signature achievement as governor, for good or for bad.

Yes. And it was a bipartisan screw job done on the people of Kentucky where the ultimate goal was to please those cozy with UofL.

Sadly, even a moron could have seen this coming from the moment the details of those on the Arena Authority were revealed and later the details of that lease were made public. There was ZERO doubt that this was going to be a disaster and yet nobody with any level of influence spoke up.

 

[The_Godfather_rivals]

I have no clue who Ernie Fletcher is so I will leave it to you to sort this out. Pitino is a flaming liberal so maybe he will volunteer giving it up and moving back to Freedom Hall. That would be the honorable thing to do.

He was a Republican governor of Kentucky. You know, perfect since he is a non-liberal and incapable of being a corrupt politician.

 

[Double Oaked Juice]

Here's a serious question: does debt mean anything in this economy anymore, especially if the debtor is either a government or quasi-governmental entity? I would argue it does not.

 

[sobecat]

Wow! "Professional sports, world class chefs, all of he arts, etc, etc" Doesn't mean **** if your out of town visitors are not safe if they take a wrong turn, or wrong exit off of the interstate. I like how some people act like their city is fine...........because the crime isn't in their part of the city. Louisville had 5 murders this week end. Some act like nothing has happened.

LOL

 

[sobecat]

I live here and you can keep that giant ghetto. I do my best to never step foot in Atlanta. You sound like you're from Buckhead.......never mind.

And I do my best not step foot OTP unless it's to the coast. To each his own.. And, kind of sort of.... Brookwood Hills area, across from Piedmont Hospital. More midtown than Buckhead.

 

[hotelblue]

Here's a serious question: does debt mean anything in this economy anymore, especially if the debtor is either a government or quasi-governmental entity? I would argue it does not.

great point. but in some form or fashion that big a sum is not going uncollected.

 

[sobecat]

Wow! "Professional sports, world class chefs, all of he arts, etc, etc" Doesn't mean **** if your out of town visitors are not safe if they take a wrong turn, or wrong exit off of the interstate. I like how some people act like their city is fine...........because the crime isn't in their part of the city. Louisville had 5 murders this week end. Some act like nothing has happened.

And there is way more chance of you dying from a hunting or ATV accident than there is of me dying from violent crime.

 

[WindyCityWildcat]

I have no clue who Ernie Fletcher is so I will leave it to you to sort this out. Pitino is a flaming liberal so maybe he will volunteer giving it up and moving back to Freedom Hall. That would be the honorable thing to do.

You, sir, are an imbecile.

 

[sobecat]

Do some of you guys really think Cal isn't a liberal? You can see him biting his tongue every time a political issues comes up. You think he voted for Trump lol?

 

[Blueworld_3.0]

And there is way more chance of you dying from a hunting or ATV accident than there is of me dying from violent crime.

I want to see the source for those numbers. More chance of dying while hunting??? Good grief. You just said in an earlier post that when people are miles apart the chance of being on the wrong end of a crime is less. No argument there but, do you think hunters are literally sitting in every tree in the woods taking potshots at the first thing that moves?
You certainly don't make very good arguments for attracting people to your anti-redneck/evangelical side of the fence.

 

[sobecat]

I want to see the source for those numbers. More chance of dying while hunting??? Good grief. You just said in an earlier post that when people are miles apart the chance of being on the wrong end of a crime is less. No argument there but, do you think hunters are literally sitting in every tree in the woods taking potshots at the first thing that moves?
You certainly don't make very good arguments for attracting people to your anti-redneck/evangelical side of the fence.

I personally know three people that have died in hunting or ATV accidents. I know zero people that have died from violent crime (well I know one that died from domestic violence in a rural area) and I probably know 3 or 4 times more people in cities than I do in rural areas.. 99 percent of people that die from violent crime are involved in crime. (I have no proof of those numbers but you get my point). I could walk through the most violent neighborhood in Atlanta metro at 2 a.m. ad the chances of me assaulted are about 1 in 500.

 

[Blueworld_3.0]

The TIF (Tax Increment Financing) scheme that was pushed as the legitimate source of potential revenue to pay for the Yum Center is where blame needs to go first and foremost. It was conjured up at a time when dark financial storm clouds were forming. Neither UofL or the City of Louisville could (or would) write a check to pay for the project. So, in comes Host and cronies with their TIF plan. It's funny how no one ever talks about who is left holding the bag when TIF's go wrong and fail to produce the expected tax revenue that projects rely on. That is...until they go bad. And they go bad more often than they work. Yet, high-rollers like Host and his legislative buddies continue to cart them out every time a few special interests decide their city needs a new stadium, arena or concert hall.
The whole thing (Yum Center project) was a con job from day 1. Now, the taxpayers are left to clean up the mess.