LDA For LFB Building Has Been Completed

Ballpark Project - Fast Facts

 From City Website

 "Facts & Figures -- Fun Facts"

 

This was from the original Pro Forma.. Keep in mind:

  1. Projected cost of $100,000,000 million stadium --now $160,000,000
  2. Projected revenues of $1,628.067 from Hotel/Apartment and Retail taxes-- now 0
  3. Projected revenues of $313,060 from Left Field Building-- now 0
  4. Projected revenues of $845,650 from parking-- now alot less then that

 

If you take away #2 and #3 alone as revenue sources and leave the stadium at $100,000,000, you are at a loss of $1,199,685.     

How much are we going to lose now that the stadium is at $160,000,000 and climbing??



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 6 Pro Forma Overview 

The construction of the ballpark is designed to be self-supporting. The City will request authorization to borrow $100,840,000: $70,620,000 in Series A general obligations bonds for the cost of the ballpark, land acquisition, culvert work, capitalized interest and borrowing costs; and $30,220,000 in Series B general obligation bonds, which will be covered by the Club’s annual rent payment.

 Additionally, the Club will make a $6,000,000 equity contribution toward the construction/equipping of the ballpark. 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. The bonds will be paid back over 30 years.

 For example, the City’s Pro Forma calculates the following new revenue for year 2022, the first year of full debt service payments

 

 Sources Amount

 Ballpark Taxes$ 147,167.00

 Parking Revenue$ 845,650.00 

 LF Boutique Hotel & Retail Taxes$ 313,060.00  

WG South Hotel, Apartments & Retail Taxes$ 1,628,067.00 

 Personal Property Tax$ 11,526.00  

Use and Occupancy Tax$ 571,388.00  

Advertising$ 156,000.00 

 8 City Revenue Events$ 40,000.00  

Source Total$ 3,712,858.00  

 

Uses Amount

 Debt Service$ 2,733,000.00 

 Operating Costs$ 96,920.00  

5% contingency$ 141,496.00  

Use Total$ 2,971,416.00

 

 Surplus  $ 741,442.00

 

 

in 2022, the City will owe $2,971,416 towards the bond payment and operating costs for the ballpark. Therefore, in 2022, the City is estimating a surplus of $741,442 which includes a 5% contingency. (The sources and uses will fluctuate from year to year

 


 

 

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