Fiscal 2023 DIF Account

Zimbalist Flashback

 Remember when the total costs were $110,000,000 and our expert said:

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.

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





Now the cost are at $157,000,000  and we have nothing from Phase 1, which we "counted on", and Table Talk Development will not be online for years....  

We are told that the project is still "revenue neutral??

This simply does not add up???   

Maybe we should have him (Zimbalist) run a new proforma????  


Anonymous said…
Is the subsidized housing project proposed for the Table Talk site going to pay property taxes?
Bill Randell said…
They will pay taxes but keep in mind that the DIF only can keep new taxes. If Table Talk, for example, pays $1,000,000 in taxes and the new development pays $1,100,000, the DIF only keeps $100,000.

We could be wrong but don think we are on this...