Bart Peterson accomplishments

I have been holding off on posting this one. But one of Bart Peterson’s accomplishments as the Indianapolis star reports is the deal that he made to keep the Colts in town. The contract is hard to find on the internet but its there. I have a copy of it saved and its 120 pages long and a lot of reading.

The one thing that stands out on this contract is a statement about the bond issue of $74,050,000 that the Colts borrowed and are suppose to pay to the city of Indianapolis. You will find that if the new stadium does not fly in this city, the Colts are not legally responsible for this money.

“The Colts have executed a promissory note requiring payments to the City in amounts and on dates with will enable the City to make payments due under city bonds. NO PORTION OF THE PROJECT NOR ANY PROPERTY OR REVENUES OF THE COLTS WILL BE MORTGAGED OR PLEDGED TO OR OTHERWISE SERVE AS SECURITY FOR THE COLTS NOTE, THE CITY BONDS OR THE SERIES 2007 C Bonds.” The next statement says that the City bond Bank expect the Colts to make all payments due, but if they cannot the Bond Bank will have to pay that payment, then try to collect the money from the Colts.

We had better hope and pray that the Colts succeeds well and are able to make these payments. If not the city and taxpayers will be liable for a total of $159,927,770,59 (principal and interest) that the Colts owes on this note.

This is what they call one of Bart’s accomplishments.