Quote:
Originally Posted by old-fart
Ah... I thought the facility fee/ticket tax was supposed to pay back the $125M from the city. If not, who is fronting that other $125M (not the city, the ticket tax money)? No builder is going to build anything and say 'pay me back as you can over the course of the next 10 years'... (just quick math, but if you charge a $10 tax per ticket, to pay back the original $125M assuming 18,000 people and a sell out for every single event, you are looking at 695 events (hockey games, concerts, whatever) to pay back the $125M - not including any interest).
Plus they are still another $90M off ...
Seems like this is still a ways away.
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I was wondering that too, I would presume that Katz would require some sort of financing for that amount because if he wants all the revenues hes going to have to run the place.
The article posted that the hard deadline day of Oct.17th has been set.
So far the original $100M as well as the $40M cost overrun arent accounted for yet.
How the hell could there be a cost overrun? They havent even started building the goddamn thing yet and its already $40M over budget?....