June 12th WRA Meeting

Polar Park Questions: Question 3 --Phase I



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 



City Auditor report June of 2019.
Now look at the Auditor's report in June of 2019:

"This letter of intent between the city and Madison is non-binding and to serve as a guidleine for negotiations to the final agreement between the parties in the "Development Agreement", currently in progress.    The letter of intent set a schedule for several of the properties with an occupancy date of not later than January 1, 2021."



This project is very dependent of Phase 1.
There is now this will be completed by January1, 2021.
As of right now we have not yet seen a "final agreement".



SUMMARY:


  1. We do not own the land where the park is being built, as result we do not have a lease for the park.
  2.  We do not have final agreements for the development of Phase I..

 














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