I would like to know if the county, city, MDC, Sports Complex et. al. have had any accounts and bonds hit by the Wall Street and credit mess, and how they are prepared to deal with a tighter credit market. I hope those reserves weren't sitting with Lehman.

2009 Budgeted Expenses: $975,800
2009 Budgeted Revenue: $205,000 (Rentals/Concessions/Insurance)

2009 Projects Operating Cash Deficit: $770,000

2009 Budgeted Bed Tax Revenue: $360,000

2009 Projected "Official" Operating Deficit: $410,000

But what about the Debt Service?

The County issued obligation bonds in the amount of $8,920,000 (20 Yr @ 3.5~4.55%)

By my amortization of the loan at 3.5%, that's around $630,000/yr P&I.

So now we're at a deficit of $1,040,000.

Ohhhh but wait, the bond issuance was for a little shy of $9,000,000, but the construction bids were approved for $12,050,000 (before change orders) and you have to include professional fees. I seem to recall many reports said the turn key price of the facility, complete, was around $14,000,000....so that means about $5,000,000 came from the reserve fund, so let us call that a 20 year interest free loan from the taxpayers of Midland County. That's $250,000/yr due back to our reserve funds. That puts the operating deficit at $1,290,000/yr.

To Review:

Actual 2009 operating deficit of Horseshoe Facility including debt service and general fund appropriations for professional/construction budget over-runs:

$1,290,000/yr DEFICIT

If you believe the bed tax really doesn't reflect Horseshoe brought in revenue to the community:

$1,650,000/yr DEFICIT

That's some good work there. And I would hate to see it wasted on a comment thread. I hope you are going to develop a main body post with that analysis.

Os:

Also, from this MRT article:

[Midland County Commissioner Jimmy] Smith said Midland County built the Horseshoe, a multipurpose facility, to increase Midland's ability to attract large events and it has been a catalyst for creating 1,500 jobs and more development along Interstate 20.

[Bold emphasis is mine]

Any idea on what he [Smith] is pointing to to back this 1,500 jobs created number?