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Old 09-14-2017, 12:39 AM   #235
Conroy4Mayor
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Join Date: Aug 2015
Location: PL13
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Quote:
Originally Posted by dustygoon View Post
Why would CSEC go for repaying the 1/3 to city? They can go get a loan for that 1/3 in a heart beat and then own the whole damn thing.
CSEC doesn't want to own the arena because they'd have to pay property tax, which for commercial buildings runs about 2% of their assessed value.

So we're talking $8 million a year. This is the deal breaker.

CSEC wants the City to own the arena so they save the property tax. The City wants someone to pay the property tax to recoup the $200 million gift to the team, plus the land value, plus any infrastructure improvements.
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