Previous stories alluded to the deal costing Mandalay X amount per year and every year it went up by 3% or so.
They have now reverted back to a flat rate over the course of the lease.
While this makes it easy to figure out its not good for the city.
$37M at 4% is $58M
Mandalay pays $10M
The Pro side WANTS you to think That Mandalay is paying a LOT because they have to buy Lynchburg.
They also DON'T want you to think about total loan payment over time.
Look at it their way
They pay the land $6M
They pay $10M in lease
Leaves the city with $21M (57%) and Mand at $16M (43%)
The problem is that over time it costs the city $58M minus Mandalays $16M(30%) and the city is now paying $42M(70%)
See the difference? This is why they use the disingenuous argument that it costs "ONLY" $37 year per property taxpayer. Sounds good doesn't it?
Now multiply /that times 20 =$740
Still is not too bad but consider this.
When was the last time your property taxes went down because city spending went down? If you answered NEVER you are right.
This is a LIFETIME tax increase.
Don't let he one lunch per month argument fool you!
And its NOT $37M - it's $58M.
And if the stadium is destroyed by a hurricane? Watch out. It costs US not them.
There will be costs associated with Azalea festival events held at the stadium.
This is a negotiated travesty.
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