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Probably sick of hearing it, but we have invested $160 million, which we believe will end up being close to $175,000,000 dollars into a baseball stadium. One would think asking for an updated Pro Forma would be a matter of attaching an excel spreadsheet to an e-mail.
Do not know how any City Councilor can vote on anything in this DIF without an understanding of the finances that an updated Pro Forma would provide. In fact the only thing that has changed regarding Pro Formas is that the original ones have been removed from the city website.
The only reason one is not be produced is that it must look real bad.....
Guess we will realize how much this is going to cost us when the first bond payments come due next year????
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I can't see taking my 10 year old son to a game and then head over to the Canal District to down a couple of shots of Whiskey. People were pounding down hot dogs and soda at the game so I don't think they're going to dine in the Canal District.
From conversations I have had with those who have attended, the WooSox are doing wonderfully in separating the fans from their money. Financially coming to the City is proving to be a great decision for the WooSox in terms of potential profitability. I hope this is not at the expense of existing businesses in the Canal District.
The WooSox do not pay anything to the City based upon their profits, they have a lease payment which is not tied to the amount of income the WooSox make.
The City is counting on the additional revenues that may be derived from the development across the street and parking revenues in City lots and garages to pay the bonds it issued to build the ballpark.
These are mutually exclusive. In fact the Team can be wildly successful and the City could simultaneously lose it's shirt if the development does not occur.
Don’t worry, when the lead ballon falls on these taxpayers Ed will be president of the WOOSox and the city councilors will have jobs working for all of the TIF recipients, and free health care for life paid by city taxpayers . They are gonna be just fine so don’t worry about them.
All of the businesses will be moving to Shrewsbury and Auburn to survive and thrive. The only people left holding the bag will be taxpayers trapped in the city by their beloved “lowest possible residential tax rate” that will be left to find the people who won’t have local jobs to work at.
And it didn’t cost the city taxpayers $175 million in corporate welfare