History teaches us that cost and benefit estimates provided by promoters of sports stadiums should never be taken at face value.
domain was registered by Kingston Accommodation Partners on April 11, 2006 for one year, expiring in April 2007. The proposed building would open in December 2007.
The LVEC Business Plan
says the $18 million dollars shown in the pie chart are not "Operating
Profits" but rather projected cash flow from operations that is needed to service a large debt. The plan redirects
50% ($3M) of city-wide development levies (those otherwise ear-marked
to the LVEC.
The Downtown BIA is only carrying the borrowing costs
on $3M in
The $2M in donations, if achieved, will not be available for other good causes.
The plan depends on $8M in doubtful grants that will factor in Kingston's ultimate tally.
The plan calls for raiding $3.3M from reserves which will need replenishing.
All these things are ultimately connected to property taxes.
: there is no pie-wedge for contingency and cost overruns.
... owned by the Springers...
... and other downtown land owners.