The NIZ's Red Herring

There's another name for a bond issue's Preliminary Official Statement. It's also called a red herring. So when a NIZ POS forecasts massive new development, here comes the baloney. Pass out the bread and we can all have sandwiches.

The NIZ Preliminary Official Statement (you can review it here) contains a tax revenue forecast that just happens to be the work of the same outfit that performed the feasibility study. It claims that the Allentown arena complex will become "the preeminent multi-purpose event and entertainment venue in the greater lehigh Valley region."

This claim is simply insane. It completely ignores the Sands and its Event center, as well as the Steelstax. It instead looks at other arenas in other areas of the country. it blithely claims that Allentown's median income is $57,130, which will be news to most of the Queen City's residents. It concedes that it;'s an older population. you know, the kind that like to stay at home once the sun goes down. Yet it claims that the demographics are "very favorable."