Why Doesn't The WooSox Pay Real Estate Taxes???

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.