May 18th Ballpark

Account #04D81101

 Remember when we were told that there was no account set-up to track monies for the DIF???


WBJ Column

 City officials are simply tracking the ballpark expenses and the district revenues to ensure the project pays for itself, McGourthy said. The ballpark tax district won’t have a separate account set up in the city budget until fiscal 2023, which starts on July 1, 2022.

 

 

It looks we not have the account set-up???

Fiscal 2022:

  1. We have a 3.9 million dollar bond payment
  2. We already borrowed (capitalized interest) 1.9 million
  3. That leaves 2.0 that needs to go into account #04D81101
  4. Parking numbers are 488,485
  5. All we need is another $1,511,515 to go into this account to break evern

 

*** comment:


If the Polar Park project finances weren’t a complete disaster we all would have heard about it, all day, every day. The fact that there is complete silence and no city councilors asking questions means that the project is so far under water that officials are deeply embarrassed about the facts. (seriously, is there anything more important to the city’s financial lifeline than this? Wake up, council, then you can go woke once you know that you can survive) 

Comments

Anonymous said…
Eyes and some common sense would tell you it is not paying for itself. First the park opened last year so we have to assume the City got all the loans they needed and are making the payments on the loans. The payments on the loans are to come from the additional taxes on a couple of housing complexes which the foundation on the first complex isn’t even completed, a downsized hotel which has not started, a lab building that has not started and an office building that has not started as well as parking revenues which appear to be less than expected. So there does not appear to be the increased revenues that the City estimated. Also, as you already mentioned, if the City had financials that showed this pays for itself they would have showed us by now. This could be why Augustus is leaving town, and leaving fast.
Anonymous said…
The priority for the new city council is virtue signaling on popular woke topics. There is literally nothing more important to them.

The upside is that when the state pirate the city into receivership they won’t have any power.

I feel for Eric Batista.
Anonymous said…
Green Street looks so much better now that the Lucky Dog building is finally down. The half demolished building was an eyesore once the building to the right was demolished. Looking at the lot, which is surrounded by four City streets got me thinking watching how they build a seven story building will be interesting. The street in back is used by the ball park so where do you park equipment, Green St? Finally I went on the City's website, the property to the right, 85 Green St has not had property taxes paid in three years. Where are we getting increased taxes?
Anonymous said…
I will never understand how the City assesses taxes, FY22 real estate taxes (the current year we are in) are based upon the condition of the property the previous January, 1/1/21. It got me thinking. Next year, FY 23, the taxes will based upon the condition of the property as of 1/1/22. There is no substantial improvements to the properties as of now, never mind as of 1/1/22, so exactly where is the increased revenue coming from? A second question, the City has a dual tax rate, commercial (higher - $33.34) and residential (lower -$15.22). The foundation which is currently being built across from the ballpark is for apartments. Is that being taxed on the residential rate or the commercial rate.