Quote:
Originally Posted by Bunk
Thoughtful post.
The question is, does an Arena/Stadium better enable redevelopment or potentially hamper it by virtue of a) additional money ($240m) required from a CRL to pay for the stadium AND remediation and other infrastructure costs, and b) taking up a significant amount of the land that's necessary to have high tax yields to pay back that debt?
Back of envelope, I can't see how the pro-forma adds up.
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From what was presented, it wasn't entirely clear as to whether the CRL would be used to finance the arena/stadium itself or the costs of remediation and bringing infrastructure in the WV up to par to allow for development. If the CRL funds are solely allocated to infrastructure improvement, then I think there's a better chance that the numbers will work. If be are using CRL funds to construct a realty tax exempt asset, then I agree that we will run into problems.
The assumption made is that a well executed district plan can attract increased retail, hotel, and possibly limited office investment to the WV. This would help offset the development land lost to stadium. I'd also hope to see the entertainment complex moved as close to the CP line as possible, freeing up riverfront lands for development.
These are all questions that are yet to be answered as we simply do not have the information yet. I'd be happy to draw up a pro forma, but there are too many wildcards at the moment. All I'm saying is that it's far too early to write off the concept.