UPDATE: More here from the BizBlog. No way Bryan kicks in big money for a downtown PAC, unless it does.

/update

Too bad everything the Bryan Foundation does is evil, because otherwise the idea of selling the nice stadium it built for Greensboro and presumably reinvesting that money in other good local projects would be laudable.

Private local ownership of the ballpark by the parties most interested in its continued success, recycling of philanthropic dollars...but, y'know, Jim Melvin, so let's all hate this.

Comments

[Mark Sutter]

Ed,

Thanks for posting. Here's a blog item Owen just wrote as a follow up to his story. It discusses whether the Bryan Foundation might use proceeds from a sale of the ballpark to support construction of a downtown performing arts center.

http://www.bizjournals.com/triad/blog/2012/05/greensboro-pac-cant-count-on-bryan.html

[Mick]

Seems a game changer to me. We shall see I do suppose.

Oh, GAC full this weekend as a Y team from Burlington is hosting a meet. No idea on numbers though.

[Billy Jones]

They're still touting that $50 Million figure that everyone knows can't be done. The original estimate of $72 Million is closer. Then there's the other problem they never saw coming coupled with a few pesky laws Melvin's Minions broke.

Wow, talk about coming out of left field!

[Billy Jones]

"The foundation is not going to have anything to do with funding this!" Melvin told Catanoso then. "We could, but I can tell you right now, we're not. I'm just not going to mess with that." -Jim Melvin

Seems the Bobblehead speaks with forked tongue.

[Curtains]

Owen Covington looks suspiciously like John Hammer.......

[Roch]

".but, y'know, Jim Melvin, so let's all hate this."

I can't quite remember the timeline, did the Bryan Foundation arrange to build a new stadium before or after the owners of the team, of which Melvin was one, sell the team?

[David Hoggard]

This all unofficial, but as memory serves...

The team has been owned by pretty much the same consortium of owners since at least 2002, Roch. Not sure of the exact date they acquired the team from Horschock & Co, but certainly before 2002. Quite a number of shareholders are involved, both small (I think shares where bought for $2500 ea, some guys own only 1) and large (like Cooper, White).

Jim M. was a major shareholder (in the Brantley-White range) just prior to the push for the new stadium. As it was told to me; in order to shield himself from any 'interest conflicts' in his fiduciary obligations before the Bryan Foundation got involved in the financing, he transferred control of his shares to some 'blind' entity for safekeeping until such time that the Foundation got out of the stadium business.

Which might be soon, it sounds.

[David Hoggard]

Oh...and one more thing...

I believe that the stadium is not currently on the property tax rolls due to its ownership by a 501c3(Bryan). If it reverts to private ownership, the City/County will get a tax shot in the arm, and the owners will have some increased costs to absorb.

[Ginia Zenke]

More bad architecture on the way - apologies to the Brutalist fans out there...

"A camel is horse that was designed by a committee" Don't know who said it first, I first heard it uttered by Alan (sp?) Sherman in a little heard classic "Peter and the Commissar", a take off of Peter and the Wolf, with the musical stylings of the Boston Pops, available on youtube, so I don't have to listen to the scratches on my copy. Long neglected, it remained relevant for decades, at least as long as Liz Taylor stayed alive....

[ron]

A lot of things seem to be falling in place for the downtown PAC. I think the timing of the city buying the YWCA property is interesting considering that property is one of the identified site for the downtown PAC. For some reason city hall and DGI is being mum about the whole deal.

[Billy Jones]

Ah ha, back to the old blind trust trick again. So if the foundation makes a profit on the sale does that mean Melvin earns a profit as well?

And Ron, seriously, a lot of things are falling in place for the PAC? Let's see. Melvin says the Bryan Foundation AIN'T pitching in, Matt Brown has the handle on the Hotel/motel tax, Uptown Greensboro Inc. is working to move the downtown PAC to uptown and probably 75% of Greensboro's voters are against the bond no matter where it's placed... Yeah, that's working out just fine. Why not share some of what you've been smoking?

[Ginia Zenke]

If the GPAC heads for the YWCA property, that's bad news for any hopes for an expansion by the GSO Historical Museum. The Bro' always thought that would be the perfect place for a combination museum expansion and IMAX theatre similar to Winston's. Oh well.

One suggestion for the GPAC was the old Duke Power bus lot on Davie & Friendly. Can't you just see it? We get an internationally known guest conductor and between movements there's an uninvited vibrazione in the tympani thanks to Norfolk Southern's three diesels idling on the tracks just outside the stage doors... How awkward.

At least if they use the lots west of the Museum/YWCA they will be blessed with parking decks to accommodate.

[Billy Jones]

I'm waiting to see how the fight plays out between the various downtown land owners vying to sell their properties to the city. If the city buys the YWCA for the PAC then it will be apparent to all that DGI is playing them just like they play all their supporters using a city owned property to push down bids. Support for DGI is already falling apart among many of their most ardent supporters-- expect the fur to fly.