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Started By
Message
2
Posted on 7/15/14 at 11:00 am to Tchefuncte Tiger
quote:
tate Leases State-Owned Parking Garage...It seems to me the City of Baton Rouge negotiated a better deal
Yes, they did.
Posted on 7/15/14 at 12:02 pm to Tchefuncte Tiger
Another perfect example of how gov can't run shite efficiently. It doesn't matter if it is state, local, fed, dem or rep. With that being said as others have pointed out I would have like to see the "savings" that come from the state not having to maintain it.
Posted on 7/18/14 at 8:20 am to doubleb
quote:
Yes, they did.
Kip's a sharp one.
Posted on 7/18/14 at 8:26 am to Tchefuncte Tiger
quote:
Kip's a sharp one.
Sharper than Bobby it seems.
Posted on 7/18/14 at 8:33 am to Tchefuncte Tiger
This doesn't surprise me. Kip is actually a really sharp guy when it comes to fiscal/accounting matters. The city-parish has the highest bond rating in the entire state.
The state is just looking for instant gratification.
The state is just looking for instant gratification.
Posted on 7/18/14 at 8:38 am to Tchefuncte Tiger
quote:
Rick McGimsey, the attorney general's Civil Division director, said the appraisal didn't take into account construction planned for the area, according to the minutes of the meeting.
McGimsey wouldn't speak to The Associated Press.
"Under our legal advice and opinion, the appraisal submitted in support of the value of the lease was insufficient, as we conveyed at the June 16 meeting," said Laura Gerdes Colligan, attorney general's spokeswoman.
The appraisal said there was a surplus of parking in Baton Rouge. As for a new $55 million IBM facility planned for downtown and the new luxury hotel in the Old State Office building, the appraiser said it would be two to five years before those impacts could be measured.
Bingo. The AG office wants to value the building with the assumption that the development that'll take 2-5 years will occur. The appraiser would have had to put some pretty significant Extraordinary Assumptions and possibly Hypothetical Conditions in that report to value the property based on future uncertainties. He probably didn't feel comfortable doing that, which shouldn't be a surprise.
Posted on 7/18/14 at 9:02 am to TerryDawg03
quote:
Bingo. The AG office wants to value the building with the assumption that the development that'll take 2-5 years will occur. The appraiser would have had to put some pretty significant Extraordinary Assumptions and possibly Hypothetical Conditions in that report to value the property based on future uncertainties. He probably didn't feel comfortable doing that, which shouldn't be a surprise.
I agree with this. You cannot base an appraisal on future events. It's what a first semester accounting student learns as the "conservatism principle." However, the state should have struck some deal similar to the city's.
Posted on 7/18/14 at 10:25 am to Tchefuncte Tiger
Not exactly a great piece of journalism.
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