For our readers please use the actual term (please?)
"Except, it still leaves the owner of that over priced piece of river front acreage, aka The Albatross, sitting in it's current owner's portfolio along with the debt service.
It continues to strike me that the Proponents have a vested interest in that albatross."
Are we talking CC or stadium?
Look the CC is built - we have to deal with the possibility of 20 years of under performance which will need to be addressed as part of the Citys Budget.
To alleviate confusion - this means that the CC fund (consisting of room taxes collected within city limits) at some point runs out and the city now has to "plan for" adding the CC operations shortfalls into it's budget.
That day is coming
So we will have debt service to build it, and operations will require more city money to run it. SO that $60M which over 20 years is close to $88M will now have MILLIONS added to it for operations.
Yeah I can easily see $100M+ over 20 years. It is quite the boondoggle.
Now as for this
"Did I miss something?"
The answer is yes you did. Look the city has an MOU with Mandalay, and MiLB does not want two groups talking to the city at the same time. You & I can understand this and we could EASILY say, well its Ripken talking to the county.
Legally I'm sure that this is acceptable - but I don't think Ripken wants this to appear shaky. He's a class act as far as I know and probably knows the referendum fails in November - so why rush? Keep it above board and come mid November just say "Give me the land and I build it with no taxpayer funds. Oh and by the way, if Mandalay wants to be involved I got no problem with them buying Lynchburg and moving them here to my stadium."
Its the MOU Tom. The city ran when it should have been walking. If they had done this right we'd NOT be having a vote in November we'd be talking to both groups and be signing a agreement for them to build BB55 park.
Do the proponents have a vested interest?
Don't know and don't really care but like the city they JUMPED at Mandalay's interest and "poo-poohed" anything else.
Thats their problem
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