You like so many have fallen once again into the half story reporting of WWAY. As usual they only report enough to incite a riot by leaving half the meat on the bone. You may not be aware that the city is not the morgue holder in this project. Trask Land Company is the guarantor in the deal. Mandalay and the Braves supply about one third of the funds on the stadium cost. The city receives tax revenue,portion of ticket sales and concession revenue sharing. The city agrees to apply this revenue toward the payments of the note for Trask. Should the venture fall short of needed revenue to pay the note then property tax from surrounding development associated with the stadium could be used for any short fall, if any. Expanded Occupancy Tax is also a revenue stream.
The City gets full ownership of the Stadium in 30 years. The Trask Co. gets the Stadium and the debt should the venture fail.
Besty this proposal is the first pass to be presented. It can only get better. National Sports Services now has something to chew on. They will develop their numbers and work with all the parties toward a workable solution for the right revenue numbers. The City of Wilmington seems to have escaped most if not all of the risk and the project developers would have never put this on the table if they were not very confident of making good money. Hundreds of thousands will enjoy this high quality entertainment and spend millions of dollars in Wilmington.
Batter UP April 2014
The City is doing a very good job in their exploration process.
Batter up April 2014!!!
More information about formatting options