It is my sincere hope that everyone will read the agreement. This is one of the biggest attempted con games in the history of the United States. That the Mayor and Councilman O’Grady/O’Shady are proud of this agreement is one of life’s huge mysteries. What else was decided in this secret/backroom deal that the public does not know about?
Some of the points people should Question:
1) The city gives Mandalay 2.9 million dollars to buy furniture for the stadium. The stadium will have 25 full time employees, so each employee needs $112,400.00 worth of furniture? Those offices and luxury suite/boxes must be miniature palaces.
2) The city finances 37 million dollars to build the stadium. If you add 4% interest compounded for 20 years and loan insurance, this equals 58 million dollars. Now consider the operating costs and upkeep and insurance on the stadium, the 58 million does not cover anywhere near the total cost of the stadium for 20 years. The city is also responsible for any damages that happen to the stadium. Think hurricane and a stadium located in a flood plain.
3) Mandalay pays $500,000.00 a year in rent for 20 years. There are no provisions for cost of living increases. This equals 10 million total in rent. 58 million minus 10 million leaves the tax payers responsible for 48 million for just the basic construction costs. They also keep all revenues generated from baseball.
4) The city is “allowed” to have 10 functions a year in the stadium and will have to pay Mandalay to “manage” these functions. You have got to be kidding me. The Mayor and Council need to be drug tested weekly from this day forward at their own expense.
5) Mandalay has the gall to tell the tax payers to accept this deal or there will never be another opportunity to have a minor league team. Do it now or else! Well…..why don’t you take your or else and “shove it.” There are and will continue to be other deals that do not cost the tax payers 58 million dollars.
6) The best test for any deal is to reverse it. I can guarantee you Mandalay would not accept this deal if they were the ones spending 58 million to receive 10 million back in rent. The Mayor and Council would not sign the deal either if they were responsible instead of the tax payers……..Once again I will ask, “If this is so great, why doesn’t Mandalay just pay for it and end the controversy?”
7) My biggest concern is this: Mandalay can sell this team and leave. If the attendance does not make this profitable, they can leave Wilmington high and dry without a team. The stadium/palace then becomes an expensive place to grow “weeds.”
8) All the arguments the people in favor of this project claim, we have now. The Wilmington Sharks play great baseball and do not require 58 million dollars to be spent to provide this entertainment. UNC-W also plays great baseball. Wilmington has quality baseball top offer its population.
9) There is a very strong possibility the property where the city wants to build this stadium is highly polluted. It would make sense to require the land owner to provide testing to show how much pollution is present and what the cleanup will cost. Otherwise, the cost over runs starts early and could cost millions of extra dollars. This entire deal would be comical if there were not millions of real tax payer dollars at stake.
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