wenBLOG

News today that the ever struggling Myers University continues to drown in its own sea of debt and mismanagement.

But today I bring you a message of hope - I can save Myers University.

My plan to save Myers University will spur economic development and keep our community’s incestual network of non-profit and government chugging toward the future.

Here’s the plan… are you ready?

Have the Cleveland Cuyahoga County Port Authority forgive the university’s substantial financial encumberance to the Port. Apparently the port holds two loans totaling $5.7 million on which Myers is supposed to service the debt with combined monthly payments of $27,178.

As a result of forgiving these loans, the port authority would lose $5.7 million - about the same amount of money they’ve devoted to persecuting law-abiding (and citizen-supported) property owners in the Flats Eminent Domain case. Because the port would be out it’s monthly 27 grand they might have to stop paying for attorneys and PR firms to promote uber-developer Scott Wolstein’s publicly financed land grab.

Not convinced?

OK here’s my logic and rationale:

• We’ve been told over and over again by those who claim to be in the know that education is a driving force for economic development. These are the same folks who just a few months ago stepped up to the plate to rescue Myers during its last financial crisis. Since Myers is responsible for helping to educate our community, letting the university die would have a negative impact on economic development. For Myers to keep operating, they cannot continue to pay the Port Authority for debt service. Remove this liability and the university can remain open and thus economic development is supported.
• This debt forgiveness will lighten the Port Authority’s war chest and slightly (mind you VERY slightly) interrupt its cash flow. Perhaps this will force the Port to rethink the execution of the eminent domain case. Regardless of what happens in the court over the next couple of weeks, the likelihood is that whoever loses will continue to fight on. That means more legal fees, more PR and more expense. The Port thinks that at the end of the day they can simply outlast the property owners. Whatever happens, it means more - more time, more money, more aggravation; but NO economic development (unless you’re one of the attorneys). The longer this case goes on the longer that the city must wait for the perceived economic development that Wolstein’s project is purported will provide. If the Port instead dropped the eminent domain case and instead offered a truly fair current market value for the hold-out properties, the owners would likely make the deal. In a matter of days, demolition could begin and economic development would soon be realized.
• Finally eliminating the need for Myers to garner additional support from local philanthropists and charities to pay another pseudo non-profit / governmental entity stops a tiny portion of the public financing merry-go-round that plagues this community. Rather than moving money around simply for the sake of fees and perceived activity, the Port would be forced to find other projects in which to invest our money.

Need more?

Because I know the region’s big thinkers occasionally read this page, how about this visual representation with some timely brand inclusion:

Simple? Yes.

Will it happen? No.

Too bad for us.