Tuesday, August 23, 2011

Here is the story. Orland Park is not Ramsey. It is ahead of Ramsey. If the Flaherty-Collins thing works there, it might, or might not work in Ramsey. If it fails there, the thing in Ramsey is doomed.

Orland Park has an online "State of the Village, 2011." This Link. You can read it all, and compare it to Ramsey. Orland Park is in a larger metro market area, and clearly is more developed and mature. It has clout in its area. It is not bucolic, but for a failed Town Center nightmare.

They have a major commuter rail stop already built, 2007, along with two other stops. Relatively speaking, it is advanced and prospering - with these few illustrative pages from the 2011 item painting a picture [click any thumbnail to enlarge and read]:







Make of the data what you will. If you want comparative info about Ramsey, ask Diana Lund, Ramsey's CFO. You have a right to be comparatively informed. My experience has been that Ms. Lund has been willing to give answers, and efficient in doing so. No smoke and mirrors or shading of impressions, just the facts, and responsive rather than diversionary dancing. Sound.

I wonder, looking at that OP 2011 report, p.21, "Outstanding debt as a % of EAV," what would the Ramsey % number be with the bonding for the rail stop, for Armstrong Blvd. improvements, and eight million dollars plunged into a dubious rental housing adventure - with all that on top of money already pumped and to be pumped into Town Center infrastructure, the BIG RAMP, and the BIG NORMAN CASTLE [aka city hall]. Any bets we'd be as sound as Orland Park, or substantially more debt leveraged, by this present and past councils? The problem in getting such a number, the EAV part would be estimated for the rental thing w/o any track record and pure guesswork instead; and there's extreme elasticity in that. Cost to build is guestimated at $28 million -- vs value if successful, vs value if it splats out big time???

Bottom line, if Flaherty-&-Collins cannot fly their dream there in Orland Park, it will not get off the ground in Ramsey. That we can be assured of, and Flaherty-&-Collins can take it to the bank. [The PNC bank in Pittsburgh, which, seeing an Orland Park failure can be expected to bail on Ramsey, leaving what, our savants bankrolling the entire Flaherty-Collins bad idea? And don't laugh, they are considering exactly that right now as a possible alternate scenario.]