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.
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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
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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...
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