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Simple Business !!

I have read so many posts where people say, Why dont developers use their money and build the stadium if it is such a good idea. Well the entire venture is a good idea and I hope to show your readers why developers don,t want to own the property and would rather have the city own the stadium. Lets use Walmart as an example. Lets call Mandalay, The Braves and Trask the Developers, or Walmart. Walmart does business all over the country but they never own or want to own there facilities. Wal Mart always wants to be the tenant. The Developers in this case want to be tenants and they are willing to see to it that enough money is generated from their product so that the landlord, or City of Wilmington collects enough rent to make the loan payments. In this case the rent money comes from various sources. The challenge before the City is that this money comes to them from the private sector and as little as possible from the public sector.On June 15th we should know much more about the revenue stream. Now, Why the developers do not want to own. Trask sees this as an economic development project and will be a major player in the development that will come from the stadium and the surrounding area. They will depreciate there investment and in thirty years either redevelop the property or give it to the city so they can move on to other projects. Mandalay and The Braves will honor their 20 yr. commitment and either renew or move on. The city may become owner of a worn facility and will need to redevelop or Trask may want to stay involved. The City will be much larger in thirty years and one might have confidence that the city will in thirty years be in a position to attract an advanced professional sports team as has Raleigh, Charlotte and Greensboro. The cycle by design is never ending. You can look to any major city and see how their stadiums have evolved and only gotten bigger and better. The developers are not trying to pull anything on the city, they are just following the playbook that has made them very successful.


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