THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Thursday, June 27, 1996 TAG: 9606250107
SECTION: NORFOLK COMPASS PAGE: 06 EDITION: FINAL
TYPE: Letter
LENGTH: 67 lines
MacArthur mall concerns
I wish I could share the optimism of Virginian-Pilot associate editor Glenn Allen Scott about MacArthur Center that he expressed on June 12.
The last thing Norfolk needs on the 17 acres is a failed MacArthur Center: an expensive, empty or even half-empty, white elephant.
Unfortunately, that certainly will be the prospect if the city's estimates of shoppers and potential sales volume for MacArthur Center are as wrong as their advance projections of visitors to Nauticus. The only feasibility study that has been made public to date confirms my fears that the city's crystal ball has not been repaired and its estimates cannot be relied upon.
My family bought a copy of the feasibility study by Realty Development Research Inc., a respected firm that has been employed in the past to prepare similar studies for Taubman Centers Inc., the very company that has joined with the city in the MacArthur Center project. I find RDR's report convincing and very disturbing, especially since that study was undertaken well before the announcement of another upscale mall on the Peninsula that undoubtedly will have an adverse effect on the viability of MacArthur Center.
As a stockholder in one of the local banks that, according to the city, will provide construction loans for the Nordstrom store component, I am dismayed at this method of funding.
To the best of my knowledge many important questions have not been answered: Has the city ever made a formal feasibility study? If so, has that study been provided to the banks? Are loans to the city that benefit private companies appropriate? Figures that I have seen indicate that the cost per square foot of this project will be greatly in excess of the average even for up-scale malls. If this is true, how has it been justified to the lenders?
Furthermore, Scope and Chrysler Hall do not appear to be sound collateral for bank loans. Is this a prudent undertaking for the bank I have invested in? Unfortunately, I have no evidence that it is. Both as an investor and a Norfolk resident/taxpayer, I am deeply concerned about the prospects and funding for MacArthur Center.
Susan R. O'Neal
Shirley Avenue Enough is enough
Losers. When will it ever end? Our city fathers have once again decided what is best for the taxpayers. They have put up Chrysler Hall, Scope and Waterside Convention Center. I really don't understand why they didn't throw in that other loser on the waterfront, Nauticus. Now we can have five losers when they build MacArthur Center.
While speaking of losers, there's the mayor and his posse and our do-nothing City Council. It's time for the taxpayers to say enough is enough.
Harold Harris
West 39th Street An informative speech
Recently, officers Sandy Parker and Rick Lawson presented our congregation, First Church of God, 8600 Granby St., with a very informative speech on Operation Breakthrough.
Having worked in the high crime area, I already knew Sandy, but I never knew she had the capacity to give us the very informative speech she gave. It was outstanding, and after she gave the speech she intelligently answered the questions of the congregation. Our church is really into Operation Breakthrough, with several of our members attending the community meetings.
Officer Lawson gave one of our 4-year-olds a tour of the police car. He enjoyed that and returned a week later to see how the boy was doing.
Richard E. George
East Bayview Boulevard by CNB