How many times do we have to see these lies?
They are not contributing $10.5M to a total $35M cost. Let's take a look at how it's actually going to be.
Cost of construction: $35M-ish
Cost of the land: $8M-ish
Interest costs over 30 years: $35M-ish (practically doubling the cost as it will with the convention center.)
Operational costs: millions of dollars every year.
That adds to easily over $100M over 30 years, which is what this $10.5M will be contributed over.
It is not $10.5M upfront. It is $350k every year over the course of 30 years. Incidentally, the Braves/Mandalay were supposed to be paying a lease of $300k+ a year, now I don't see it.
So, let's look at the costs just for the first year. Wilmington will spend: $35M + $8M + ~$2M in operating costs = $45M, assuming no overruns.
For that they'll get $350k. Terrible, terrible deal.
For people who want to stop this, go to www.stadium.wilmingtonrants.com to download the petition. Get it into us and we can actually stop this with the force of law.
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