Rent from the team covers the 25,900,000 “Series B Bonds”
City has to cover the 62,600,000 “Series A Bonds”, which will be 2,971,416 annually in 2022
Here are the projected revenues
WG South Hotel, Apartments & Retail taxes 1,628,067
Parking Revenues 845,650
Use & occupancy Tax 571,388
LF Boutique Hotel & Retail taxes 313,060
Advertising 156,000
Ballpark taxes 147,167
8 Events 40,000
Personal Property Tax 11,526
Total Projected Revenues 3,712,858
*** Considering that we are about to take a loan out of over
100 million dollars, it would be nice to see a better break-down on the
above numbers Although the projected surplus of $741,442 looks great, keep
in mind that $2,500,000 of the projected revenues derive from
development of the attached parcels. Maybe not so much
a questions, but an observation. Taxpayers neeed these parcels to be
developed or we will have to pay the shortage. These are not small
projects!!! South side of Madison
225 market rent rate apartments
50,000 sq feet of retail/restaurant of which 30,000 parking garage
150 hotel rooms
North side of Madison
100 hotel rooms
15,000 sq feet of retail/restaurant
200/280 parking spaces
In the end there is no doubt that the PawSox will make their
annual payment on the 28 million of bonds, especially considering all
the revenues streams that they have negotiatied for themselves. The
question will be can we get these mixed used projects 1) built on time
while 2) yielding the projected revenues to the taxpayers?
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