Nonprofit fighting to stop Xanadu bond issue

[RU_Planning]

My initial reaction from experience would say that's not accurate. There's a 1% chance there's some weird conduit quirk where this sale crowds out another, but I haven't researched this specific one.

I'll take a look when the POS (muni prospectus) comes out.

Given recent credit downgrades, throwing money at this deal with the state on the hook can only lead to more rating downgrades when it ultimately fails again.

Unless it magically turns into a casino, there is nothing about this project that makes me believe it will have any success whatsoever.

 

[ATIOH]

Given recent credit downgrades, throwing money at this deal with the state on the hook can only lead to more rating downgrades when it ultimately fails again.

Unless it magically turns into a casino, there is nothing about this project that makes me believe it will have any success whatsoever.

Again, I've only put 5 minutes into this, so I could be way off. But the article has a link to the resolutions authorizing the bonds.

If you go to resolution 2016:37:section 2, it defines the security of the bond (how bondholders get repaid). It states very clearly the state is not liable in any way for this debt. It's not even a moral obligation.

I'm not defending this sh* tty project at all. I'm just trying to clarify some points in my small area of expertise.

 

[iReC89]

^ That was my impression. There is other financial assistance more worthy of protest, and if all of this bonding is available its hard to see why some of public funding and tax relief was necessary. At this point we are better off if they get this funding and succeed.

 

[jtung230]

I would support it if there is a new

^ That was my impression. There is other financial assistance more worthy of protest, and if all of this bonding is available its hard to see why some of public funding and tax relief was necessary. At this point we are better off if they get this funding and succeed.

i'm better off by winning the powerball. Both have about the same probability.

 

[Scarlet_Monster]

I love how there are always commercials on saying no against North Jersey casinos, but the people up there have no issue with a mall that hasn't opened yet after a decade and costs over a billion dollars.

 

[RUMBA-JK]

Huge manipulative use of:
(1.) people's vulnerability to throw good money after bad - the "oh we are in so far - we can't turn back now - think of how much has been invested - it would be a total loss"... blah blah blah .... oh it would cost a fortune to undo what has already been done - so we should just forge ahead.
(2.) the too big to fail mentality
(3.) the human nature to look at something with various interesting attributes & having the urge to think - " Oh we just have to be able to make something useful out of this" - sure, sometimes an old barn can be converted into a magnificent house ... but on the other hand - an old rusty bathtub never becomes an attractive front yard planter - no matter how many petunias are planted in it .... and a mannequin leg never becomes a tasteful table lamp - no matter how fancy a shade you put on it

 

[RU31trap]

Forgive my lack of knowledge on the subject, but I've seen the structure up for quite some time. Is it up and running and this request is for additional funding for an add on project? Or is this for the completion of the orginal project? There was so much more that could have gone into that area.

 

[rutgersdave]

Forgive my lack of knowledge on the subject, but I've seen the structure up for quite some time. Is it up and running and this request is for additional funding for an add on project? Or is this for the completion of the orginal project? There was so much more that could have gone into that area.

I think it for the addition of an amusement park. The old structure has already decayed and wasn't built properly so it's a redo.

 

[RUMBA-JK]

Video of the - under construction - indoor ski slope - from 2009 - wonder how much rebuilding this 7 year old unfinished extravaganza will require - if it has parts that are operated by computer - it is already obsolete
https://www.youtube.com/watch?v=kGa_cGpbWTE

 

[mdh2003]

Video of the - under construction - indoor ski slope - from 2009 - wonder how much rebuilding this 7 year old unfinished extravaganza will require - if it has parts that are operated by computer - it is already obsolete

View embedded media

Maybe the Xanadu Myspace page can update us on how their upgrade to Windows Vista is going.

 

[DJ Spanky]

I love how there are always commercials on saying no against North Jersey casinos, but the people up there have no issue with a mall that hasn't opened yet after a decade and costs over a billion dollars.

I think if anyone did some digging, they'd find either the Atlantic City casinos behind those commercials, or close-by out of state casinos.

Forgive my lack of knowledge on the subject, but I've seen the structure up for quite some time. Is it up and running and this request is for additional funding for an add on project? Or is this for the completion of the orginal project? There was so much more that could have gone into that area.

Completion of the original project. I think it's already gone through 2 bankruptcies/restructurings.

 

[ru66]

work is re-starting again shortly

 

[RM60]

work is re-starting again shortly

Hahahahahahahahahahahahahahahaha x 10000000000000000000

 

[Crazed_RU]

Video of the - under construction - indoor ski slope - from 2009 - wonder how much rebuilding this 7 year old unfinished extravaganza will require - if it has parts that are operated by computer - it is already obsolete

View embedded media

This video is comical. 2010 ? Open in a few more months ? And seriously - who decided that an indoor skiing and snowboarding park had any chance of success. This place is a freaking disaster.

 

[irishflu92]

Again, I've only put 5 minutes into this, so I could be way off. But the article has a link to the resolutions authorizing the bonds.

If you go to resolution 2016:37:section 2, it defines the security of the bond (how bondholders get repaid). It states very clearly the state is not liable in any way for this debt. It's not even a moral obligation.

I'm not defending this sh* tty project at all. I'm just trying to clarify some points in my small area of expertise.

This is correct. I was at the NJSEA meeting at which these resolutions were passed. In response to a few public objections worried about the burden on the taxpayers, the Commissioners assured the public that these are to be non-recourse bonds. The resolutions are clear that they will be non-recourse. The bond issuance will be facilitated by Wisconson. I don't know who would buy non-recourse bonds on the open market.

 

[miketd1]

Ah, Revel North...

 

[RU31trap]

Why don't they put something up both adults and kids would enjoy. Perhaps a motocross track, a Sporting Clays facility, an indoor luge & bobsledding course. Anything people could enjoy.

 

[AreYouNUTS]

2 words:

George Zoffinger

What a scumbag.