WBJ Brad Kane In This Issue: Extra Scrutiny for Polar Park

Where's Waldo: One Down

Here is the LDA

We keep meaning to read, but it is long (74 pages).   

Peruse and make comments?? 

Here are our thoughts:

  • Seems like this should have been done before the stadium was built not after???
  • We see no penalties to the developer if none of these projects happen.   In other words no protection to the taxpayers.
  • Look forward to comments on this one
 

 


  1. Updated pro forma reflecting current costs of at least $159,500,000 and no development from Phase I
  2. An Auditor's report on the updated pro forma
  3. Final Costs of Polar Park.   It sure is more then $159,500,000.  We are guessing $175,000,000.
  4.  Completed LDA of  the Left Building Site.--DONE!!!
  5. When will Madison actually break ground on any of their projects??? GUESS THIS HAS OCCURRED
  6. Who is paying for Polar Park police details??   
  7. Where is  the new Polar park Commisson?
  8.  Are real estate taxes going to be paid on the $175 million ballpark which is being leased to a for profit organization.

 


 

 

Comments

David Z. said…
As you pointed out Bill, the 1st building (apartments w/ 1st floor retail) is already underway. CM Augustus alluded on his weekly chat with Hank Stolz on the Talk of the Commonwealth that both the left building and the bioscience building will be breaking ground this year.
Anonymous said…
You need to cross off the ballpark commission as well.
I thought the other housing units would be built before the office building and the other building considering the hot housing market.
Bill Randell said…
Dave Z;

Do you not think that a 1) final cost on the stadium and 2) a current proforma would be a good idea??? That way we can figure the cost to the taxpayers counting this first project as a revenue producing asset in the DIF in FY 22??

It is great that the first project is off the ground. You need to look at this in the big picture. Don't you agree?

Happy New Year

Bill




Anonymous said…
If Madison constructs both buildings mentioned above it would be a good start to funding the project and a better sign for the economy generally because I doubt anyone would speculate on a tenant for the buildings. If Madison does not construct the buildings, are there any penalties because the City still has bond payments to make?
Anonymous said…
I hope that the tenant is a new business coming to the City and not a current business being moved from an existing building currently in the City.
Anonymous said…
Similar to the question posed about the WooSox paying real estate taxes on the ball park, the same question should be made for Madison paying real estate taxes on the garage they are leasing for up to 99 years except in the LDA there is a section that excludes Madison from paying real estate taxes. Can the WRA, or the City (LDA signed by Augustus I assume because of the taxes) do this? How do I get a deal like this where the City builds me a ball park or a garage, leases it to me for what appears to be below market rent AND exempts it from paying taxes. Someone smarter than me needs to really read thru this LDA and the leases because there is probably more than just this buried in them.