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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.
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