The Circuitous Path of 2nd Street Live; who do you believe and the continuous expansion of UAFS and its cost? Part II April 6, 2012
A series of financial numbers from different sources makes it difficult, if not impossible, to know from whom the warehouse was purchased and for how much.
Wednesday’s edition of the Ark. Dem. Gaz. said the building at 101 No. 2nd St. was purchased about 3 yrs ago for about $1.2 million and another $1.2 million to turn the then vacant space into an Arts venue. The Times Record stated in their April 6th edition that John McIntosh & the 2nd Street Live board purchased the building for $400,000 and spent $1.2 million for renovations which leaves an $800,000 differential from the Dem-Gaz story.
The T.R. further stated that the CBID purchased the property from 2nd Street Live for $700,000, satisfying the loan at a loss for the bank (?) Does this mean the bank could have lost $500,000 in these financial transactions?
Topical research demonstrates there were at least 8 government agencies that were involved funding 2nd Street Live. (see their website) Question: If 2nd Street Live was and has been funded in the main by government institutions and it is now being proposed to be sold to another government institution, i.e. UAFS, is this not a fact that 2nd Street Live is being paid for TWICE by taxpayers? By what and whose authority, for example, do the F.S. Public Schools, Univ. of Ark., city of Fort Smith, etc. have for funding private entertainment venues???
This appears to be another instance where taxpayers are being hosed not once but twice. Some quotes in the T.R. are indeed curious. Jim Perry, president of 2nd Street Live stated “it started out as a group of friends to have private concerts mainly for themselvesâ€. From all appearances this is another taxpayer bailout.
The T.R. goes on to state that Perry and others have invested their “time & passion†in 2nd Street Live. There is no evidence that they put any money into the venture. Board member John McIntosh said “how cool is it to have our students downtownâ€. How so, John?
UAFS Chancellor Paul Beran says he is also excited about the acquisition…Beran never saw an acquisition he did not like…more & more funding for trivia. Note that Beran and the Univ. of Ark. system are increasing tuition by 3%, in all likelihood to cover their voracious appetities for travel, acquisitions, extensive advertising (electronic billboards, primetime TV & radio, ad infinitum). Beran is the typical career self-serving bureaucrat who personifies White Collar Medicaid.
Beran has no skin in this game, and it appears none of the other players do either.