City Manager Al Coby has notified the Pensacola City Council in a memo dated today the Redevelopment Revenue Bonds, Series 2009 A & B will be marketed through December 8 with the sale to occur on or about December 9, 2009 and closing on December 21, 2009.
The bonds are $45,335,000 – $10.24 million Redevelopment Revenue Bonds Series 2009A; $35.095 million Redevelopment Revenue Bonds Series 2009B, which are Federally Taxable – Build America Bonds – Direct Payment). The total of the bonds is subject to change dependent on the actual sales of the bonds.
Popularity: 18% [?]
Rick,
I don’t care who or what is borrowing money as long as it is only a small portion of the deal, be it LTV or DTI, but when any borrower has to borrow to pay interest as in “$5 million is capitalized interest”, red flags do and should go up and my financially conservative analyzation meter tells me that maybe the borrower should re-evaluate borrowing (Danger Batman). The Leverage everything, we need it now mentality is the type of “gotta have it” blind consumerism “don’t care what it costs” “how much my payment be” idiocy that got the United States in hock up to our eyeballs in the first place. I am not taking sides here, I just look at debt as a form of cancer because it is very much like that disease. It kills. Isn’t there another way to get this thing built? My God, we just got a double whammy from our old city manager, one financial crisis at a time please? And maybe with prudent planning, we can pay for things from surplus cash and maybe finance 20% over 10-15 years?
This is a public-private development. But first let’s clarify – there is no $48 million going to the park from a bond issue. The bond aren’t $48 million, it’s $45,335,000
of which nearly $5 million is capitalized interest to get a better rate for the bonds.
The conceptual plan is the park – public and private. The maritime museum, outdoor amphitheater and Studer building are the first components of the private section – about $32 million investment. Contracts have been signed for these. Studer leases the land for his office and pays property taxes on the building once built.The other buildings have been estimated to have a total value of more than $100 million – all taxable, except for the multi-cultural museum. The stadium, huge outdoors parks, streets, other infrastructure, including environmental clean-up, and the parking for the visitors to the park are the public component – $39 million. So for a $39 million investment – City will get $132 million in investment, plus jobs, plus taxes.
Marty has trouble with facts. The link I’ve given is the latest.
Is phase I the ballpark and parking lot?
I’ve seen the “conceptual” . I’m talking about what will be built with the first 48 +- million
Jason
There is such a drawing- Marty did a mailing that shows a ball park and a parking lot.
If there is a drawing that only shows the stadium and a parking lot circulating around, I’d be curious to see where it came from. I wouldn’t put it past some of the park opponents to whip up some drawing to try to scare the public. But just because a drawing depicts something, that doesn’t make it true. I just drew a picture of myself picking up a car with one hand and drinking a coffee with the other, but I’m doing neither at this moment and will likely never do both together.
Anonymous,
Here is the latest conceptual plan – http://maritimepark.us/tasks/sites/Maritimepark/assets/File/Maritime_Park_Conceptual_Plan.pdf. It has the Maritime Museum, multi-use stadium, Studer office (which he pays to build), huge waterfront park with an outdoor amphitheater, a second Spring St. Park, two water gardens, UWF Maritime Research Facility, marina, plus 12 mixed-use developments. Quite a bit more than a ballpark and parking lot.
Where is the drawing you saw? Can you provide a link? Was the drawing for the complete CMP project or was it a partial or “phase 1″ drawing?
Maybe Jason or Rick can post the new plan . Be good to see .
The drawing I saw does not show a conference center, only the ballpark and parking lot.
hey bendixmike, ru implying anything tainted by the name pensacola is worthless? grow up, why doncha? actually the forecast is for the bond sales to go rather briskly. maybe u should inform your billionaire friends that the whole deal is a scam being run by a carpetbagger.
What investor in his right mind would buy these bond?
That would be fun!
You didn’t hear? The conference center and retail shops are being replaced by 40 foot tall statues of Rick Outzen and Quint Studer. Quint’s statue will have horns and a tail and Rick’s will dispense Corona Light and have a bottle opener under the big toe. Every word of that is true too!
it would be nice if they DID have to pay postage, but if you didn’t put a stamp on it, its should still be in your mailbox. It was NOT a prepaid postage mailer. At least mine wasn’t. Buy the stamp. Its worth them seeing your card without a signature in favor of a referendum.
I bet Dono will go away quietly in the next few weeks. I bet he won’t make it public how few of VALID signatures he actually gets.
I returned my card with a “NO” on the back. The beautiful thing is that they will have to pay the postage on it.
Here we go with the rumors again! There has been no bait and switch. The park will be built in multiple phases which is logical, to point fingers at Mr. Studer who has given away millions of his money to this community is illogical and ignorant of the facts.
Anonymous 4:16
Nope
Rick
Has there been a bait and switch really? Not sure what to believe.
So why are these bonds taxable? Isnt the City the one who is one the hook for them?
I’m lucky, your lucky, she’s lucky, WE’RE ALL LUCKY!
I missed the announcement that there will be no conference center and Mr. Studer will not be relocating his conferences here. Too bad
But lucky for us the ballpark and parking lot survived the cut.
any guesses on Marty’s progress of signatures? I’ve heard its not going too well in their quest for signatures. I returned my card in with a big F U on the back of it!
Go City! Glad to see they have stopped cowering and are proceeding according to the original plans. The only was to stop a bully (and Marty is above all else a bully) is to stand up to him and show no fear.
Only if Marty & company aren’t successful in obtaining the necessary signatures for their petition. And I truly hope they aren’t successful. Come January 1st, it will take fewer signatures to tank any project. Oh boy. Go new charter.