Polar Park 2.0 Spin

Here is the spin:

1. Costs have increased from $100 to $130 milion
2. We need to pick up $20 million of the costs, the Team paying the other $10 million
3. Phase I being down by April 2021 is not going to happen
4. 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

1. Sept, 2021:  First Residential
2. May, 2022:  Two hotels
3. 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??