Here is the spin:
- Costs have increased from $100 to $130 milion
- We need to pick up $20 million of the costs, the Team paying the other $10 million
- Phase I being down by April 2021 is not going to happen
- Although our costs increase $20 million and $90 million of private investments will not be done by April, 2021, this project still will not cost the taxpayers anything
Phase I: $90 million of private investments
- 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
Zimbalist counted on Phase I revenues starting April, 2021, to pay for Polar Park when he did his projections last year. Now we do not have them...
Phase I and II have been scrapped.
Here is the new schedule
- Sept, 2021: First Residential
- May, 2022: Two hotels
- Dec, 2022: Second Residential
In other words,
- Lost the 90 million of private development by April, 2021
- Hope to have one residential building done by Sept, 2021
- Our costs have increased 20 million
The project, however, will still not cost the taxpayers anything.
Wonder what Polar 3.0 will look like??
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