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Old Posted Mar 27, 2022, 7:45 PM
rivernorthlurker rivernorthlurker is offline
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Join Date: Dec 2018
Location: Chicago
Posts: 1,068
The figure I've seen quotes is $6.5 billion over 20 years. Not sure the terms but discounted to present value dollars it's probably less but still massive and some of it unnecessary. There will definitely be some serious economic impact over that 20 years as well including taxes on property and entertainment/hospitality/vendors, so there's certainly some public price tag that makes 'sense' and could theoretically be net positive tax dollar wise. It's a deal that I think can be done with multiple parties co-operating, but a massive ask in a city and state not exactly known for it's prowess for honesty and deal-making.

I like to think the success of the Riverwalk and it's financing can serve as a good example although it was one on a smaller scale. The Riverwalk took a loooong time to coordinate and has been a huge success. My understanding is that the bonds that were sold to fund some of it are being paid off by a fraction of revenue from the vendors there - and it's coming in higher than expected. I would think/hope that that a combination of retail/hospitality/vendor/dining/bars with a special surcharge for the 'entertainment district' modeled after the Riverwalk could be a way to get some of the financing done. Does anyone know about if some surcharge like this on entertainment district revenue has been discussed,?

I think an entertainment district like 1Central is a megaproject that could garner the city national/international attention if done right on par with the success of Millenium Park.

Last edited by rivernorthlurker; Mar 27, 2022 at 9:51 PM.
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