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In all of this is our Mayor and city council who can now breathe a sigh of relief as they now don't have to make decisions on their own.
As I've pointed out Mandalay hasn't even struggled with this. Their "$25M investment" has been shown to be a farce. Their immediate cash outlays are:
Finish paying off the 2004 renovations to Calvin Falwell field in Lynchburg (Source Lynchburg news media).
Buy and/or move a rookie league team to Lynchburg (Source Atlanta chop/talk)
Buy the Hillcats (cost estimated at $8.5M according to NSS)
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Their "commitment" consists of loan/lease payments
Office space rental payments for 25 full time employees
Lease payments
Land payments
Possible cost over run payments
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If the referendum passes:
The city has immediate needs to:
Buy the land and mediate any pollutants
Begin construction of the stadium
Bring/improve city infrastructure to the development to include water, sewer and roads.
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The city has the immediate burden of money outlay.
In addition they have interest on the bonds which run abut 4% for 20 years.
Mandalay will lease the property with no built in increases due to COLA. This is like renting a beach condo for $1000/month and 20 years later till paying $1000/month when other condo rents have risen to $2700/month.

Over 20 years this amounts to a MILLION dollars the city loses.
I don't understand why they dropped the rent plus COLA in the lease. This is an abomination and considering how many people are involved in real estate on our council? I'm sure the NC Realtors Association is laughing their butts off at how stupid this lease provision is.

Vog

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