First Pro Forma From 2018

 

 August 21, 2018 submission to City Council

 

 Page 7

 Pro Forma Overview:

The construction of the ballpark is designed to be self-supporting. The City will create a District Improvement Financing (DIF) area around the ballpark to capture new revenue created by the project. New revenue within the boundaries of the DIF will be used to pay back the bond. For example, the City’s Pro Forma calculates the following new revenue for year 2022, the first year of full debt service payments:

 

1. Ballpark Taxes                                                          $147,167.00   
2. Parking Revenue                                                       $845,650.00
3. LF Boutique Hotel & Retail Taxes                          $313,060.00
4. WG South Hotel, Apartments & Retail Taxes    $1,628,067.00
5. Personal Property Tax                                                $11,526.00
6.   Use and Occupancy Tax                                         $571,388.00
7. Advertising                                                               $156,000.00   
8. 8 City Revenue Events                                              $40,000.00  

 

Source Total                                                                    $3,712,858.00

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We need an updated Pro Forma.    

At best we see these 8 revenue sources totaling maybe $1,000,000 for Year 2022.... That is at best...  

We need a new Pro Forma then let the City Auditor review it and submit a report.....