Thursday, November 10, 2005

Oman's Con Game, Spelled Out

From KWWL:
The rain forest project is expected to cost $180 million. If the land donation from Coralville goes through and if the federal grant stays, that's worth $100 million.

Project organizers say they will work with the city to get $20 million from Vision Iowa. Oman says they also need $20 million from local donors. And $20 million from corporations.

Oman says a loan against the land would pay the rest of the bill.

One key is inking a deal with Coralville for the land. "The direction from the board is to see one more time if we can work out some of these issues with Coralville."

Oman says there are no plans to move the project out of Coralville, but that could change, if project organizers and the city can't make a deal.

A $40 million loan against the land? With what??????? How's that going to be paid off?

$20 million from Vision Iowa?

$20 million from local donors? $20 million from corporations? They've had six years to raise money and have come up with nothing.

And how does the project continue to be $180 million after the last few years? Isn't inflation ever factored, or will that be factored on the back end?