Why not a revenue bond?
Perhaps it won't generate enough revenue?
Lets see $42M over 30 years is $1.4M per year without interest.
So far the lease indicates $400K annual rent
Naming rights? a one time deal. Lets say $200K
Advertising revenues for a field of this size? Maybe $200K
Ticket tax between $0.50 per ticket to Mt T's $1 pr ticket = lets go with $200K
Thats $1.0M per year and does NOT include salaries for employees who I assume would be government or quasi government employees.
So we're $400M short on day one
Take away the naming rights (a one time deal) then we are short $600M per year
This is just WAG on my part but when you add in interest on the bonds and cost of employees AND the 18% profit the Braves want then it looks impossible to get a revenue bond to work. Also if there is an economic impact locally THAT revenue doesn't count as the revenue from the operation is the means by which the bond is repaid.
I've thought all along that the Wilmington area is too small to support a stadium and team profitably and the only way the Braves can make money off of it is to limit the amount of money they spend pushing more of the burden on the city.
The general obligation bonds do just that push the financial burden on the property owners.
The revenue bonds push the onus on the success of the endeavor. In other words the marketing people had better be right and that it will be wildly popular.
Given our past with the Roosters the Mayor/Council see that the odds are it won't be as profitable as the marketing folks think.
My question is if the Revenue bonds don't get paid who is on the hook for that?
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