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Hey Rick

Think about this for a minute.
The city pays $3,5M into a fund over 20 years that Mandalay controls for all intent and purposes.
We give them $2.9M upfront for furniture

If cost over runs happen, WE put out $500,000 and Mandalay pays us back their half in $25,000 increments over 10 years.
And we pay for any hurricane damages separate from regular maintenance, and separate from capital maintenance.
$3.5M
$2.9M
$0.5M

$6.9M
So if there's cost over runs this year AND we get hit by a hurricane during or right after its completed we could be out an awful lot of money......

Vog

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