September 21, 2023
In today's episode of can you believe the arena/entertainment district hype, we get more details about the proposed district. Kudos for the UNP TIF oversight board for asking the right sort of questions.
Budget direct Anthony Francisco: “20% is from public sources…and I’m good enough at math to know that 20% of a billion is 200 million, so that’s a sizable investment of public resources,”
"Out of the $800 million private funding, 60% will go towards housing, 10% to retail, 10% to office space and 20% to the arena, he continued."
Neighbors, don't be fooled by the $1 billion figure. 80% will go to private development. 60% housing shared is entirely independent of an arena. We don't need a TIF for stuff that can happen without an arena.
Let's focus on the $200 million price tag for the arena.
If most of the public funds would come from a TIF and be mostly used for an arena, then we are talking a $360 million arena project of which the public would contribute more than half (56%). Keep in mind the bulk of the risk will hit the city budget if net new revenues do not materialize as promised. (Perhaps this is Mr. Francisco's concern given our experience with the UNP TIF).
https://www.normantranscript.com/news/proposed-entertainment-district-intended-to-be-part-of-tif/article_bc00dbf8-573b-11ee-bbe5-1b7e49aac41b.html?fbclid=IwAR2o39BTaiwMzw2cMw3MxlQiOFkaU_KAd1mFNZ_7JabTAvKYGO6leeZbnQA
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