Thanks for the compliment.
But the people who oppose this have to keep this in mind.
It is NOT $36M - not even close.
It's $58M over 20 years. The team pays a flat lease rate for those 20 years. Considering that O'Grady is a lawyer and that Saffo is a Realtor I'm surprised, no I'm flabbergasted that there is no indexing for inflation in this lease, none. This is an embarrassment to the city and to the local real estate industry in general, to have a prominent Realtor like Saffo negotiate a lease that is so egregiously favoring the tenant. I cringe when I think about it!
Then here's the land portion. If the city were to save $ on the land you would think the primary concern would be to lower the bond costs - but no, Wilmington donates the saved monies to the stadium construction which could "contain" a cost over run. This deal is moronic for the city and a gift from the Gods of stupidity(our negotiating team) for Mandalay.
We need help
Saffo needs an intervention
Council needs to get their collective heads examined
Of course if THEY did this they'd hire a psychological consulting firm that would charge millions to the city.
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