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Remember Zimbalist in the Telegram
The project was sold as costing the taxpayers nothing due to Phase I development.
Here is a section from the Telegram:
Mr. Zimbalist, the city’s consultant, said his projection that the project pay for itself counts on the $90 million in private investment anticipated in Phase I. It does not count on the development envisioned in Phase II, which includes an office building, residential development and retail.
April 1, 2021 projected completion of Phase 1:
- Consists of $90 Million and approximately:
- 450,000 square feet of development:
- $40M - 2 hotels; approximately 250 rooms in total
- $40M – residential; 250 market rate apartments
- $10M - ~65k SF of retail
Flash forward to City Council next Tuesday night
Click here
Page 63-64:
We now have another LOI (Letter of Intent). LOI is completely different than a Private Developer Agreement with deadlines and penalties. It is only what is says "intent"?
Now we are doing away with the Phase 1/Phase II approach. In other words no way could Phase I be done by April 1st, 2021, so we need to change to plan. Put another way, the whole way this was sold to the taxpayers that Phase I developed by April, 2021 would pay for Polar Park is not going to happen.
Should we have Zimablist come back and look at the numbers now without using the Phase I/II approach and a $20,000,000 cost overrun and explain how this will still not cost the taxpayers nothing??
More posts coming this weekend
Comments
Great. I can't wait to see that tax hearing.