Burlington Derailed — The Continuing Story
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Get The Kids - We're Going to Manor Mall Museum
An unsigned, anonymous editorial in Thursday's Ad Vertiser took the city council to task for not giving Rex Troute the opportunity to explore building a Famous Iowans Museum on the Eminent Domain Mall property.
I have a great idea. Why doesn't Rex raise a little more money to just buy the property and he can put whatever he wants on it whenever he is ready?
Anyone that thinks they can raise $2 million bucks for a marketing study and personal salary surely won't have any problem raising an additional $6 million to buy the city out. He'll need collateral and this will fill that bill.
What concerns me is when a real CFO, someone other than Mini-Me Doug Worden, does the cash flow analysis on a $60 - $100 million museum, I'm afraid this concept might slam into the wall like a cow making a splashy patty.
I'd guess you need maybe 600,000 people a year to break even since the monthly payment on an $80,000,000 30-year loan is $429,457.31 at 5% interest.
At $15 a head you'll need 28,630.487 visitors per month or 954 visitors per day, everyday of the year. Since we already know the water park couldn't maintain an unrealistic admission fee, the price will drop to $10 per person. Then, the museum only needs 42,945.731 visitors per month or 1431.52436 visitors per day, everyday of the year. Just to pay the interest.
Now if you were to lower expectations to a pole barn, things will pay off a lot quicker. So you could easily pay $6,000,000 for the property the showcase of how to do things right museum will occupy.
'Course I am sure there are relatives of the drunk ex-mayor Mike Edwards, Lost Keys Bill Ell, Senator Tom Courtney, Dennis Hinkle and Brian Tapp that would like to see their family icons immortalized in wax, in an $80,000,000 museum instead of the outhouse where they all belong.