Fiscal 2023 DIF Account

Let Review Phase I Develpment

 Remember Zimbalist in the Telegram 

The project was sold as costing the taxpayers nothing due to Phase I development.
Here is a section from the Telegram:

Mr. Zimbalist, the city’s consultant, said his projection that the project pay for itself counts on the $90 million in private investment anticipated in Phase I. It does not count on the development envisioned in Phase II, which includes an office building, residential development and retail.

April 1, 2021 projected completion of Phase 1:
  • Consists of $90 Million and approximately:  
  • 450,000 square feet of development:  
  • $40M - 2 hotels; approximately 250 rooms in total 
  •  $40M – residential; 250 market rate apartments  
  • $10M - ~65k SF of retail

Editor's note:    January 2023 and none of these projects are on-line.   If we needed these projects to pay for itself, and none of them have been built does this then not mean Polar Park will be costing taxpayers alot of money???


Anonymous said…
Donna Colorio is asking for a report on the development revenues. I think this is the 3rd or 4th time she has asked and City Hall will just ignore her again while they continue to ask us to just keep paying more and more.