Lincolnite

I have said many times during my administration that I want Lincoln to be a world-class City. I want us to compete on the national and world stages and dare to dream big. We clearly have the people, the talent, and the potential to make our community an even better place to live. The vision for the West Haymarket Arena is a critical piece of Lincoln's future. We cannot be all we dream of being without it. It's impact on the economy, jobs, and keeping young professionals in our community is a cornerstone of the Lincoln we want to become. But like all communities in this national economic crisis, our vision of the future is necessarily tempered by the realities of the present. Lincoln's working families and its businesses are concerned about what the future holds, and how long a national recession might last. While Lincoln has fared better than most, we are not immune to challenges of the national economy. That's why today the City's partners in the Arena project and I have announced our intention to delay the public vote on the West Haymarket arena. It is the prudent move in the current economic situation. The economy is impacting the proposed election in two ways: First, the hard-working people of our community are facing some tough realities each and everyday. According to the Washington Post, the average employee lost 18% of their retirement funds in the last two months. It is difficult to focus on providing a solid future for the next generation when you are anxious and confused about the present. And we can expect a difficult City government budget next year as we struggle with slowing revenues. Many will be concerned about spending new money, even as we struggle to maintain funding for important city services. Second, the delay will, in all probability, allow us to obtain an even better financing deal for Lincoln taxpayers. As you know, the sports marketing company ISG is interested in building the arena. Their participation could mean as much as half of the project's total costs will be assumed by the private sector. It is simply too good a deal to pass up. But ISG's plans for development in the US have been slowed by the national economy. While they are pursuing programs in other parts of the world, the lack of liquidity in US capital markets is preventing immediate progress. As the new administration takes office and clarifies the US recovery plan, we all expect this situation to improve. In the meantime, ISG remains strongly interested in Lincoln. Without resolution of the ISG issue, we will not be able to provide Lincoln voters with the most complete picture by May of this year. We have made tremendous progress in building this proposal and finding the answers to the tough questions. We do not want to jeopardize the faith of Lincoln residents by putting forward a package that doesn't adequately answer the question of Arena financing. A delay allows us to more clearly answer this question and gives the public more time for greater input and discussion. Delaying the election allows for recovery in the national economy, and gives us time to sort through our priorities. Capital markets will hopefully loosen and allow ISG to partner with City taxpayers. In short, the delay may give our community an even stronger foundation from which to consider the West Haymarket project. Delay does not mean abandonment. As Mayor of this community, it is my responsibility to prepare us for the future. Lincoln is in jeopardy of losing our high school sports championships, which generate millions of dollars of economic impact. Events continue to pass by Lincoln due to the inadequacy of Pershing Auditorium, building other communities with dollars that could have been spent here. And of course, the additional jobs created by the Arena's construction and operation are important to Lincoln's working families. The Arena must happen, even if it means some sacrifice. The communities that will best weather the national economic storm are the ones who will see the future and embrace it. While we catch our breath and sort out what these economic changes mean, we must keep our eye firmly fixed on the future. We must remember the example of our forefathers, who during the Great Depression, had the foresight to build our beautiful State Capitol. They continued to build it despite the difficult economic times because of the jobs the Capitol's construction would create. But I think they understood an even deeper truth: great societies don't put off the future, they embrace it. Until that time, we will continue our public input discussions with the community about the Arena. We will continue to work on the financing, and on the already unique and visionary site plans so that Lincoln voters will have the most accurate picture possible on which to base their decision. When the financial picture becomes certain, we will announce an election date. Great opportunity lies ahead. We potentially have a major private sector financial partner that will greatly reduce the need for public money. Our local partners are still strongly committed to a new Arena. Excitement is growing each day in anticipation of what a new Arena can do for Lincoln. Delaying the public vote will allow us to present an even stronger vision of the West Haymarket Arena to the community and is the right course. It will be worth the wait.