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| As the deadline for commente to
the FEIS approached, we fired off some last minute web based
comments to the FEIS website: |
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| Regarding the Bonding issue for $800
Million you are requesting this week. Bonds will increase the
cost of the project:
Linda Lazowski wrote: This article got me going yesterday too. I put together an amortization table in an attempt to frame this proposal in terms that the individual might understand, e.g., a home mortgage (see attached spreadsheet). What is suggests is this: * We're buying an $800M home which we will get to "live in" for 3 years and we'll be repaying the loan for 18 years. * The interest rate on the loan is approximately 4.75% which seems reasonable on the face of it. This is the rate it would take for the total repayments to sum to the $1.2B mentioned in the article. * The monthly payment would be approximately 5.5 million dollars. Thus, pardon the switched metaphors here, we can think of the opportunity to "live in the $800M home for 3 years" in terms of "having the opportunity to pay 21,200 construction workers a $37,735 wage for one year" instead. * The cost of generating this short-lived employment opportunity is $5.5M per month for the next 216 months (18 yrs x12 mos). * Therefore, each month we would be forfeiting the opportunity to "create" another 146 year-long jobs at the $37,735 wage. * Over the life of the loan we would have forfeited 31,536 jobs -- or we can think of it as each month, there will be $5.5M worth of transportation improvements around the state that we sacrificed in order to get our grubby little paws on the money now. It's a classic case of short term thinking, mortgaging our future so we don't have to acknowledge the financial straits we are in right now. ************ Recent Standard and Poor's rating brought on partially by this I-69 proposed obligation will even increase the cost of all bonds to the state as well. "No Build", or pay as you go on the less expensive US 41 and I-70. Hear what everyone including the elected officials who you have claimed are representatives that represent the public opinion. Everyone is saying, "WE CAN'T AFFORD IT!" NOW IT IS TIME FOR INDOT TO LISTEN. Tens of thousands of comments to this study and 94% of those commenting opposed 3C, but INDOT told us about the silent majority. Every politician in support of this highway represented tens of thousands of Hoosiers. Well why do we think you still won't get it as Vi Simpson, Lawrence Borst, Matt Pierce, Becky Skillman, Eric Koch, Richard Bray, Mark Kruzan, Mitch Daniels, Eric Miller... and on and on tell you. "WE CAN NOT AFFORD THIS!"... CAN YOU HERE ME NOW?...CAN YOU HERE ME NOW...CAN YOU HERE ME NOW. To approve this highway and have no funds to complete it is unfair to the state. To start this project with no funds to complete it is unfair to the property owners who will loose tens of thousands of dollars in equity as well as the rest of the state who to will loose access to this lost equity that will vanish. If you can't build, then chose "no build". Perhaps our most fun was our serious consern regarding noise mitigation. This comment is available on our joke page. See the "i scream truck". We are seriously considering providing this communication/ study tool, got a step van truck or sound system?
Sent to the FEIS at exactly 12 pm: Kevin - I have calculated length on the 3C shapefile from the FEIS and it is 141.8 miles - is this what you get? Now do the no-build equiv. and you get 145.1 miles, or a savings of 3.3 miles for 3C, start to finish. My no-build route is the one I have taken to E'ville at least 25 times: 37, 45, 58, 231, 58, 358, 57. I can't freaking believe this so I want independent confirmation. If anyone knows the FEIS stated length calc. for the no-build route please tell me as I can't find it. |
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