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Legend
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Kinda of a dumb question, but what if we use the unclaimed funds for the project and then someone lays claim to money?? Is Jimmy Haslam responsible to pay the claim?
More or less just kidding here. But what did happen is that when this subject came up, the first thing I did is try to find out if I had any cash coming.
I didn't find any. I may not have looked in all the right places but what if I had? I wonder if more folks will check now? I already answered that question, but maybe you just ignored or missed the post. Haslam has to put so many dollars in to an escrow account to cover at least some of the amount in the event there is all of a sudden a rush to claim money. The reality there is probably several billion dollars in the state account that has never been collected by people long dead. That money has been collecting and accruing interest for decades. I think I read somewhere the Ohio account has over $4 billion in funds. The odds of that fund collapsing by a sudden rush of claims is probably not as remote as the sky falling, but you know what I am saying. Is it possible? Sure, but as close to impossible as it gets..... The money Haslam has to put in escrow is a trivial amount that is to protect the State's investment. I believe it is $50M with an option for a second $50M. Having said that, the budget bill that passed, caps the amount Sports and Culture entities can "borrow" from the Unclaimed Funds account at $1.7B (now down to $1.1B after Haslam receives $600M). Also, the money has to have been sitting in the Unclaimed Fund account for 10 years or longer. The current account total is around $4.3B. I'd imagine that teams and cultural centers will push legislators to make available more than the current $1.7B capped amount in the future. You are absolutely correct that it is highly unlikely the Unclaimed Fund account collapses. However, whether or not the loaned amount actually ever gets paid back in full is another story.
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Joined: Sep 2006
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Legend
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Thanks for providing what seems like more accurate numbers, but we are on the same page.
As for being paid back, the state seems to think the ROI will be there over time but no doubt there is always some risk in any investment.
Only time will tell that. I guess in 20 years some will know. I won't. I don't anticipate living another 20 years. At this point I am hoping for another 5 to see the stadium open. Maybe even see a few games there.
It is what it is. I have always been a realist.
If everybody had like minds, we would never learn. GM Strong ![[Linked Image]](http://www.dawgtalkers.net/uploads/small-gator-chomp.gif)
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Joined: Mar 2013
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Legend
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Legend
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At DT, context and meaning are a scarecrow kicking at moving goalposts.
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Joined: Nov 2008
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Legend
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Legend
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The unsuspecting visiting opponent fans will rue the day they stepped foot into the new stadium as I lie in wait to concourse shame their crummy concourses! 😀
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Joined: Nov 2008
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Legend
Joined: Nov 2008
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People who watch those NFLPA feedback polls should be super happy about item#3.
There is no level of sucking we haven't seen; in fact, I'm pretty sure we hold the patents on a few levels of sucking NOBODY had seen until the past few years.
-PrplPplEater
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Forums DawgTalk Pure Football Forum Haslam Brook Park Stadium Proposal
