Re: LETTER: PSP should make up all Convention Center deficits
Why? I mean you and I both know that they should, but they were allowed to position themselves in a way where they have no liability and hold all the cards in a totally one-sided “partnership” with us so why would they? Morally they should but there is no legal way to force them and they would NEVER kick-in what it would really take to salvage this debacle because there is no salvation.
The center will ultimately die…either as an empty building or a gaming hall while they will take full and complete ownership of a $60 million hotel for pennies on the dollar. There are 3 groups to blame for this… 1) PSP, 2) the moronic “leaders” that allowed and facilitated it, and 3) the public that chose to remain quiet while it was being rammed through ignored a small minority of people were trying to warn them.
EDITOR: If the Convention Center “dies”, so does the Marriott. The City owns the Marriott and has guaranteed the bonds.
First let me say that when I say “dies”, I mean that the space is not viable as a meeting/convention center, its intended use. Not sure if I agree with your conclusion that if the center dies, the hotel dies. Either way, PSP is protected.
If the center becomes a for-profit casino, the hotel will most definitely continue to operate and PSP will own it for next to nothing. If the center sits vacant and the hotel dies too, PSP is protected because it has no assets and RACL is stuck holding the bag and [PSP] got their $7 million when they sold it PLUS the development fees, construction fees, concrete fees, steel fees, commissions, etc., etc., etc.
The ‘public’ never were really given a say in this project; other than a FOX43 poll which showed an overwhelming majority were OPPOSED TO IT…our duly elected officials chose to ignore public opinion, and were deathly afraid to challenge the ‘power elite’ of lancaster – opponents were thororoughly and unmercifully denegrated by LNP (a partner in PSP and a ‘power elitist’ of the first order). Had this dead -horse project been placed on a voter ballot it NEVER would have been given birth.
Don’t blame the ‘public’…..we had precious little say in the matter!!!