DID HOF-VP "PRIVATE SECTOR FINANCING" JUST (AUGUST 9, 2018) SUFFER A MAJOR BLOW?

SOURCE FOR PARTS OF ABOVE GRAPHIC

LINK

Why would The Stark County Political Report (SCPR, The Report) be citing a Country of Lebanon newspaper article as, perhaps, having significance relative to the Professional Football Hall of Fame (National Football Museum, Inc) located at 2121 Halas Drive NW, Canton, Ohio?

Because there are Stark Countians who think that heralded "savior" of private sector financing guru Michael Klein was banking on his participation in the Saudi Arabia "plan A" as described in the linked The Daily Star story would be the catalyst in bringing to Stark County whatever the HOF-VP "private sector" financing needs there are to complete the now $1 billion plus project.

Contrary to what the likes of The Repository's James Porter (its publisher) likely is saying privately about the SCPR's journalistic "let the sunshine in" series of blogs, this blogger is all for the success of the HOF-VP as long as it is hugely financed by the private sector and thereby guarantees that taxpayer money invested in the project will reap humungus returns to Canton and Stark County in terms of living wage jobs directly traceable to the project.

The Report's mission vis-a-vis the HOF-VP has been and will continue to be accountability, transparency and viability (in terms of prospective productiveness) of U.S., state of Ohio and Stark County taxpayer dollars plowed into the project.

This blogger thinks that Repository publisher has James Porter has constructed an inherently conflicted relationship

• being the "official newspaper of the PFHOF," and
• being a trustee on the PFHOF Board of Trustees) and thereby undermining the Stark County reading public confidence that we taxpayers are getting candid assessments re:  taxpayer monies in the project in terms of accountability, transparency and viability.

LINK TO ENTIRE LIST

Accordingly, The Report believes that editorial/publisher intervention at The Rep makes it highly unlikely what this blogger has to believe is reporter due diligence stifled by the "bigs" will ever see the light of day.

Optimism abounded in April of this year that the poorly planned first initiative financial model problem had been solved after:

• the HOF folks negotiated an "up-to-$100 million 'bridge' loan used, in part, to pay off the lion's share of local contractors owed millions by the poorly planned as initially started project by the likes and C. David Baker, the HOF Board of Trustees and his "go to" pal Denny Saunier of the Canton Regional Chamber of Commerce, and
• the bringing in as evidenced by the appearance of Wall Street financial magnate Michael Klein and the Canton Regional Chamber of Commerce (press coverage denied the SCPR; LINK to subsequent SCPR blog)  

At the time of his appearance Klein himself was brimming with enthusiasm about his apparent prospects for securing "private sector" financing for the HOF-VP, this YouTube Bloomberg produced video as evidence of Klein's ebullience as published on October 24, 2017: (1 min, 14 sec)

There have been recent reports that construction on the hotel and the Center of Excellence will start any day now?

But given the August 9th The Daily Star article, will the HOF-VP start moving dirt again so as to be ready for the September, 2020 100th Anniversary Pro Football Stark County-based Centennial event?

Stark Countians should be hoping that Klein has a Plan B for private sector "finish-off" financing for the HOF-VP?

The SCPR remains skeptical.

Reports persist that there still is no operating agreement between Klein and the HOF Village LLC with SCPR sources saying that principal owner (reportedly at 60%) being the barrier for Klein, Turner Construction et al moving.

The SCPR blog published on Saturday (LINK) whereby it seems there is an element to the Welty, HOF Village LLC factor management of the project that appears to be into "nickel and diming" minority contractors on the final payout on their work on the parking lot factor of the HOF-VP.

A question that lingers with the SCPR.

 Whether or not the project:

• is so much in hock to master developer Stuart Lichter and what The Report believes is some $150 million in  his owners equity that he holds
•  mostly owing to the $22 million to at least $139 million run up in cost on rehabbing Fawcett now Tom Benson Stadium 
• that some believe would be satisfied by Klein et al getting financing sources from the flow of return on the Saudi Arabia investment fund action,
• that even Michael Klein will throw his arms up in despair?

The SCPR wishes Klein every success in finding a Plan B of "private sector" financing to complete the HOF-VP.

But he and his pals C. David Baker, Denny Saunier and James Porter should not get $1 more of public money without a full accounting in a transparency mode of how the millions in various forms of public monies:

• have been spent,
• are being spent, and
• will be spent

Moreover, the public should be provided by HOF-VP officials and those joined at the hip with them (i.e. Porter and Saunier) with a quarterly if not monthly status report of the viability of the completion of the entire project, and, if not, how much of the project will get done and what total cost!