The Mayor recently said that $42 million seemed “too high” with regards to citizen, but let’s not take his thought out of context:
(StarNews) To pay off the $42 million in debt, the city would need to initially increase the property tax rate by up to 3.5 cents per $100 of value, according to the resolution.
The Mayor also felt the previous deal that included funds from Flywheel/Trask was not good and the figure wasn’t anywhere near $42m. It seems like every time the deal moves it becomes worse for taxpayers as the Mayor keeps pushing the ball stadium further along. You can’t really have it both ways. If it was a bad deal at $17 million or $25 million, certainly it’s FAR worse now.
BUT, NO print or televised media is discussing the TOTAL COST. $42m, financed at 20-years, @4% interest = $61m,
Total cost at 30-years – $72m. Where does the REST of the money come from??? The city is leaving out at least $21m, minimum!
And “evidence that publicly financed stadiums generate significant economic development is shaky. . . .” according to the Economist. The city and StarNews have ignored ALL major studies showing that economic impacts barely exists and most of the time do not exist at all.
Insiders say the Wilmington deal is falling apart, but taxpayers are NOT comfortable with this loser. No leadership has yet risen to the occasion to say this isn’t needed and isn’t a taxpayer priority.
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