Quote:
Originally Posted by kevman
I was also under the impression that Katz had bought most of the land around the arena district when it was worthless knowing they'd cash in when redevelopment began. If that's the case there are no shortage of revenue streams for Katz from his arena deal.
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I think that was part of the deal itself (i.e. not him being shady)
The argument Katz made was you pay for the arena and ill pay for the redevelopment around it.
Which is hilarious because, again, what is the better money making venture, condos/office towers or an arena???
This is also why the City can point to the "spontaneous" growth around the arena as proof the arena is driving development - although it actually really isn't as most of it is being developed as per the agreement and on Spec.
The final nail in the coffin on this terrible deal is the City agreed to move most of its employees into one of the new towers by the arena (one owned by Katz) for insane rent prices while simultaneously having to pay the lease in their old building.
Again, details like this bother me so much. I would rather have the city come out and say "we gave them cash" than crap like this.