Fiscal 2023 DIF Account

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??