I would love to see a stadium in downtown, but I’m confused on the financing that I hope the Statesman and/or others closer to the project can help me with.
I’ve read the stadium costs $40M with various entities kicking in $9M upfront, leaving a balance of $31M.
CCDC would then borrow that $31M which would be repaid over 20 years by tax revenues from about $60M in private development, that is not very well defined at this point. My questions are:
1. How long do the developers/city think it will take to build out the $60M private portion? Seems awfully ambitious, and is Boise capable of supporting such a big plan?
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2. How many developers have expressed an interest in participating in this big build out? Anyone able to point to something more solid than architectural drawings?
3. What is the CCDC’s contingency plans to make loan payments if the $60M build out doesn’t happen as quickly as currently projected? Going back to the taxpayers for more money?
I would like to see more details regarding the $60M private development before I can buy in and support. No. 3 is my biggest concern.
Kevin Klein, Boise