Fiscal 2023 DIF Account

Original Proforma Expenses

  Link to the report to City Council  

  • Debt Service   2,733,000
  • Operating Costs     96,920
  • 5% contingency    141,496
  • Total               2,971,413

Keep in mind that this was the debt service when the projected cost was $100,000,000.  Now that the costs have increased $30,000,000, of which we pick up $20,000,000, our debt service will be going up 20%....   

In other words our "use total" has gone up approixmately 20% from the original proforma.   If we get the additional cost overrun of at least $15,000,000, the "use total" goes up even more.  


At the same time as we pointed out the other day , our revenue sources have dropped dramatically.   

As it stands right now, we feel that Polar Park will cost taxpayers anywhere from $1,500,000 to $2,000,000 per year


Check out page 7:  New Revenue for year 2022

This is not that far away (July/21 thru June/22)

  • Ballpark taxes  147,167
  • Parking Revenues    846,650
  • LF Boutique Hotel & Retail Taxes   313,060
  • WG South Hotel, Apartments & Retail taxes   1,628,067
  • Personal Property taxes 11,526
  • Use and Occupance tax 571,388
  • Advertising 156,000
  • 8 City Revenue Event   40,000
  • Total $3,676,850
  • *** The pro-forma says it totals 3,712,858
If you take away the Left Field Building, WG South Hotel/Apartments and Use/Occupancy, your total drops to $1,164,343.   That is being generous leaving ballpark taxes and parking revenues at the same level.   
Now lets just look at the debt service of 2,733,000, not even considering operating costs or 5% contingency.      
We are being generous and the deficit will be $1,568.650...