Cat Got Their Tongue?


Remember when Fischbach made his politically timed announcement last February to the news media just before the March GY election that Westcor had just agreed to restart construction on the mall?  Do you remember that I have told you before that this was politically motivated and that the news papers were complicit in reporting this and not asking Fischbach even ONE tough question about why all of a sudden Westcor would be in the mall building business again?  Here are the newspaper articles in case you’ve forgotten them;

Mall will be here by 2014.  and WVV, Construction to Start Next Year.

Fischbach also announced that construction could begin by 2012.

Well, it’s 2012, so last week, I sent the following email to GY city council and cc’d the news papers who reported Fischbach’s nonsense;

From: hdb275 <hdb—@gmail.com>
Date: Fri, Jan 20, 2012 at 4:33 PM
Subject: What’s Going On With the Mall?
To: georgia.lord@goodyearaz.gov, Wally Campbell <wally.campbell@goodyearaz.gov>, gary.gelzer@goodyearaz.gov, William Stipp <comstipp@cox.net>, Joe Pizzillo <joe.pizzillo@goodyearaz.gov>, Sheri Lauritano <sheri.lauritano@goodyearaz.gov>
Cc: Jim Painter <editor@westvalleyview.com>, “Dokes, Jennifer” <jennifer.dokes@arizonarepublic.com>

Wally announced on the PC Message Board end of summer that Westcor was going to come in with new plans and perhaps a renegotiation in “the fall”.
What has happened?

Howard Brodbeck
Goodyear Concerned Citizen

Would anyone out there be surprised to learn that I have not received a reply from anyone?  I wonder why?

Have you seen any stories in either newspaper asking with righteous indignation what is going on with the mall or might they have been mislead by Fischbach?  I guess I’ve somehow missed those follow up stories too.

If you would like to find out what is happening with the mall, the project upon who’s successful start up GY Finance Director Larry Lange has based his hopes of GY’s continued solvency, you can send them all an email asking the same question as I asked using my easy to use GY email list which you can find at the top of the list of topics on the left of this screen.

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5 Responses

  1. Ha, ha… that’s why they all wanted the prison expansion… the construction sales tax would have covered the income they knew wouldn’t come from the mall, therefore keeping the city solvent. Hmmmm, what will they come up with now? Refinancing the bonds again to save some money on interest payments? Glad to see you go back and hold them to their “promises” and keep them accountable ~ exactly what has been lacking in the past ~ accountability.

  2. Howard, Outstanding investigating reporting/blogging. Great public service. It is concerned citizens like you that make all the difference. You have us paying attention. Thank you.

  3. Howard, Great comments. As this continues to annoy me, I will speak up. I did a full underwriting of the financing necessary for the Goodyear Mall last year(Yeah!, Yeah!, Yeah!, blah!!!). As my background was underwriting commercial real estate loans including loans for regional shopping centers owned by companies like Macerich, I am familiar with these projects. Last year, the cost of the development was approximately $200,000,000. The valuation of the mall was $153,000,000, falling $47,000,000 short. Strangely, $47,000,000 equaled an amount of unused Indian/Reds training stadium bonds (options btwn $104,000,000 total available and $73,000,000 used) and additional monies mysteriously allocated for “infrastructure development” around the mall site. Only problem, Goodyear doesn’t have the credit rating, doesn’t have the equity money needed to bridge a $16,000,000 gap and isn’t allowed under Municipal Bond Financing laws (state and SEC) to use funds for non-appropriated projects. i.e. use stadium bond money for a private/public mall development. Additionally, Macerich, located in Santa Monica, CA in a building I also financed, is a well managed intelligent company. I don’t think Macerich wants to take the risk with current real estate market and Goodyear’s current condition. So, let’s all go to Hot-Dog-On-A-Stick after an hour at Dillards. At least parking is currently available at the mall site.

    • Is there something besides “Hot-Dog-On-A-Stick”?? I only like all beef “ball park” hot dogs… the rest make me burp. Sure do miss those Chicago dogs. Maybe we could convince a Chicago family chain to move in ~ Portillo’s ~ Superdawg??

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