A near miracle has happened in Lubbock as the Chamber of Commerce has reversed its decade’s old course of supporting every debt increasing, tax raising bond issue and is now concerned with, wait for it, a “money drain to taxpayers.”
Yes, the Lubbock Chamber of Commerce is telling people they should vote to destroy the coliseum and the auditorium as well as abandon use of a patch of real estate which is likely the most valuable in the city because such is a “drain to taxpayers.”
Lubbock Chamber’s bit on the coliseum and auditorium.
Based on numbers we’ve seen reported in the press the city’s annual losses running the facilities appear to be overstated. And we know the facilities are purposely not being promoted for use, and have not been for years, which likely is fully responsible for any operating losses, overstated or not.
What about the cost of the loss of the facilities and real estate itself? Even at the operating losses claimed it would take well over a hundred years for those losses to approach the replacement costs of the buildings and that doesn’t include the never again available prime real estate.
They are telling Lubbock voters that it makes more sense to tear down a house in a good neighborhood worth a $100,000 just because a new roof, paint, and some repairs would cost $15,000. That’s a net loss of $85,000!
The Chamber is advocating a nonsensical, irresponsible course of action. The city’s own claims are that it would take about fifteen million to repair the facilities which is fifteen percent, likely less than fifteen percent, of the replacement costs of the buildings.
They are telling Lubbock voters that it makes more sense to tear down a house in a good neighborhood worth a $100,000 just because a new roof, paint, and some repairs would cost $15,000. That’s a net loss of $85,000 plus a loss on the value of the lot they will simply, in this case, give to Texas Tech free!
It is an absurd suggestion but one the financially illiterate, and the Chamber-crowd, may just go for.
Lubbock Chamber’s nonsensical position on city facilities
Yes, the Lubbock Chamber of Commerce is telling people they should vote to destroy the coliseum and the auditorium as well as abandon use of a patch of real estate which is likely the most valuable in the city because such is a “drain to taxpayers.”
Lubbock Chamber’s bit on the coliseum and auditorium.
Based on numbers we’ve seen reported in the press the city’s annual losses running the facilities appear to be overstated. And we know the facilities are purposely not being promoted for use, and have not been for years, which likely is fully responsible for any operating losses, overstated or not.
What about the cost of the loss of the facilities and real estate itself? Even at the operating losses claimed it would take well over a hundred years for those losses to approach the replacement costs of the buildings and that doesn’t include the never again available prime real estate.
They are telling Lubbock voters that it makes more sense to tear down a house in a good neighborhood worth a $100,000 just because a new roof, paint, and some repairs would cost $15,000. That’s a net loss of $85,000!
The Chamber is advocating a nonsensical, irresponsible course of action. The city’s own claims are that it would take about fifteen million to repair the facilities which is fifteen percent, likely less than fifteen percent, of the replacement costs of the buildings.
They are telling Lubbock voters that it makes more sense to tear down a house in a good neighborhood worth a $100,000 just because a new roof, paint, and some repairs would cost $15,000. That’s a net loss of $85,000 plus a loss on the value of the lot they will simply, in this case, give to Texas Tech free!
It is an absurd suggestion but one the financially illiterate, and the Chamber-crowd, may just go for.