Ascending Debt

Zimbalist 2022 Proforma Versus Reality

 2008 Ballpark Project Fast Facts


The project is premised on the concept that the development will be self-supporting.

No existing city tax revenue will be used to fund the ballpark project..........


Zimbalist Projections for FY2022


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 $ 741,442.0



Flash forward to today, 5 years later, (2022)...


The numbers that we can not verify, we will take from the proforma above for the sake of this post.  

Sources                                     Amount 

Ballpark Taxes                         $ 147,167.00    

Parking Revenue                      $ 845,650.00 

LF Boutique Hotel & Retail Taxes     $ 0                                

WG South Hotel, Apartments & Retail Taxes     $ 0          

Personal Property Tax             $11,526    (think this could actually be 0)

 Use and Occupancy Tax         $ 0

Advertising                                 $156,000.00 

 8 City Revenue Events             $ 40,000.00 

                                                                                     Source Total $ 1,200,343.00


Uses                                         Amount 

Debt Service                     $ 3,110,386

Operating Costs                 $ 96,920.00 

 5% contingency                 $ 160,365.30 

                                                                                         Use Total $ 3,367,671.30 


                                                                     Deficit 2,167,328.30


Zimbalist proforma is not even close to our situation today.   





Comments

Anonymous said…
The community preservation act article says that $3.7 million will cost the median household $45. If I am calculating it correctly $2.7 million is costing me $27. I know that it does not seem to be much but when it is $27 here $45 there it adds up. I don't mind paying if I am using something but don't charge me if I am not going to a game. How about paving my street!
Anonymous said…
Your math may be wrong. I read the article on the CPA and $100,000 of value is excluded from the value in the calculation. I think your $27 is too low.