LDA For LFB Building Has Been Completed

Our Proforma: Numbers Do Not Look Good For Taxpayers

 

 Page 7 from package submitted to Council in 2018

Okay maybe our numbers are extreme showing a $2,770,585.50 loss., but is much more realistic then a $741,442 profit with a $141,496 contingency payment.

Bottom line is we have a problem here....   

  1. Our expenses have increased with the first $30,000,000 overrun and they will go up even more when the next overrun is announced--at least $15,000,000.   
  2. At the same time our revenue projections have fallen off a cliff. 

Think about parking revenues??   

Are we even building the parking garage??




City 
Our 

Council 2018
Projections
Sources


Ballpark Taxes 147,167.00    50% reduction 73,583.50
Parking  Revenue 845,650.00    50% reduction 422,825.00
Left Field Building 313,060.00
0.00
WG South Hotel/Apartments 1,628,067.00
0.00
Personal Property Tax 11,526.00     keep the same 11,526.00
Use & Occupancy 571,388.00
0.00
Advertsiing 156,000.00     50% reduction 78,000.00
8 City Revenue Events 40,000.00     50% reduction 20,000.00

3,712,858.00
605,934.50
Uses


Debt Service 2,733,000.00    increase 20    Million debt 3,279,600.00
Operating Costs 96,920.00     keep the same 96,920.00
5% contingency 141,496.00    no contingency 0.00

2,971,416.00
3,376,520.00




Profit/loss

741,442.00


-2,770,585.50















































































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